Tourlite Capital: “APG is a Great Business with Sticky Recurring Revenue”

Tourlite Capital Management, an investment management firm, released its first quarter 2023 investor letter, a copy of which can be downloaded here. Tourlite Fund, LP Founder Class gained 1.0% for the first quarter of 2023. The fund has returned 6.1% since inception in April 2022, versus the -7.8% return of the S&P 500 and the -11.6% of the Russell 2000 for the same period. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.

In its Q1 2023 investor letter, Tourlite Capital Management mentioned APi Group Corporation (NYSE:APG) and explained its insights for the company. Founded in 1926, APi Group Corporation (NYSE:APG) is a New Brighton, Minnesota-based construction engineering company with a $5.9 billion market capitalization. APi Group Corporation (NYSE:APG) delivered a 35.33% return since the beginning of the year, while its 12-month returns are up by 60.51%. The stock closed at $25.70 per share on June 22, 2023.

Here is what Tourlite Capital Management has to say about APi Group Corporation (NYSE:APG) in its Q1 2023 investor letter:

“APi is currently the fund’s largest position. We have briefly discussed the business in our prior letter. We believe APi is a great business with sticky recurring revenue, significant opportunities for margin expansion, and highly aligned management.”

Photo by ThisisEngineering RAEng on Unsplash

Our calculations show that APi Group Corporation (NYSE:APG) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. APi Group Corporation (NYSE:APG) was in 41 hedge fund portfolios at the end of the first quarter of 2023, compared to 31 funds in the previous quarter. APi Group Corporation (NYSE:APG) delivered a 20.76% return in the past 3 months.

Earlier this year, we also discussed APi Group Corporation (NYSE:APG) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.

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Disclosure: None. This article is originally published at Insider Monkey.