Liberty Park Capital Management, LLC, a financial management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund rose 14.60%, net of fees, in the second quarter compared to the Russell 2000 Index’s 5.18% return. Both the Liberty Park funds delivered excellent results in the quarter. The increase in the fund’s long positions contributed 15.28% on a weight-adjusted basis, while the increase in shorts detracted 0.96% on a weight-adjusted basis. Liberty Park Select Opportunities, LP’s value returned 19.46% net of fees in the second quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Liberty Park Capital highlighted stocks like Iteris, Inc. (NASDAQ:ITI) in the second quarter 2023 investor letter. Headquartered in Austin, Texas, Iteris, Inc. (NASDAQ:ITI) offers intelligent transportation systems technology solutions. On September 28, 2023, Iteris, Inc. (NASDAQ:ITI) stock closed at $4.22 per share. One-month return of Iteris, Inc. (NASDAQ:ITI) was -9.64%, and its shares gained 42.09% of their value over the last 52 weeks. Iteris, Inc. (NASDAQ:ITI) has a market capitalization of $180.37 million.
Liberty Park Capital made the following comment about Iteris, Inc. (NASDAQ:ITI) in its Q2 2023 investor letter:
“Iteris, Inc. (NASDAQ:ITI)’s 1Q:23 revenues were in-line with analyst estimates, but unexpected timing and staffing issues reduced EBITDA margins by nearly six percentage points (margins would have beaten estimates meaningfully without these issues). The issues now are behind the company and should reverse and provide a tailwind for margins for the rest of the year. ITI currently trades at 10x 2022 cash flow despite rapidly growing software and high-margin hardware businesses and a growing competitive moat in its smart mobility infrastructure management niche.”
A close up view of a hand holding a smartphone, using a ride sharing app. Editorial photo for a financial news article. 8k. –ar 16:9
Iteris, Inc. (NASDAQ:ITI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Iteris, Inc. (NASDAQ:ITI) at the end of second quarter which was 11 in the previous quarter.
We discussed Iteris, Inc. (NASDAQ:ITI) in another article and shared Liberty Park Capital’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
