Long Cast Advisers, an investment management firm, released its fourth quarter 2023 investor letter, a copy of which can be downloaded here. While the major indices saw double-digit gains in certain situations, the cumulative returns of the fund for the 4Q23 quarter (which ended on December 31, 2023) were -8%. Cumulative net returns were +10% for the year. LCA has returned a total of 165% net of fees, or 13% CAGR, since its launch in November 2015 through the end of the third quarter of 2023. Examine the top 5 holdings of the fund for a brief understanding of their best picks for 2023.
Long Cast Advisers featured stocks such as Quest Resource Holding Corporation (NASDAQ:QRHC) in the fourth quarter 2023 investor letter. Headquartered in The Colony, Texas, Quest Resource Holding Corporation (NASDAQ:QRHC) provides waste and recycling services. On February 12, 2024, Quest Resource Holding Corporation (NASDAQ:QRHC) stock closed at $7.01 per share. One-month return of Quest Resource Holding Corporation (NASDAQ:QRHC) was -2.64%, and its shares lost 2.91% of their value over the last 52 weeks. Quest Resource Holding Corporation (NASDAQ:QRHC) has a market capitalization of $140.62 million.
Long Cast Advisers stated the following regarding Quest Resource Holding Corporation (NASDAQ:QRHC) in its fourth quarter 2023 investor letter:
“One of our longest-term holdings, Quest Resource Holding Corporation (NASDAQ:QRHC), has had a quiet quarter. Last year the company swallowed a series of acquisitions and carries a hefty debt load at high interest rates as a result. I’d initially expected that by year end they would refinance the debt, but it now appears perhaps before the end of 1Q24. The benefits from a refinancing would fall directly to the bottom line. We’ve owned this as the company evolved from “crawling to a walking” and I expect soon it will be set up for the long haul to “run” with the opportunity to blossom into something bigger.”
A mechanized oil-draining process in action, with workers surrounding the equipment.
Quest Resource Holding Corporation (NASDAQ:QRHC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Quest Resource Holding Corporation (NASDAQ:QRHC) at the end of third quarter which was 7 in the previous quarter.
We discussed Quest Resource Holding Corporation (NASDAQ:QRHC) in another article and shared the list of best recycling stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
