Tourlite Capital Management, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, Tourlite Fund Founder Class returned -2.8% compared to -4.9% return for the S&P 500 Index. Since its inception in April 2022, the fund returned 1.6% compared to a -20.2% return for the S&P 500 Index. Macroeconomic factors affected the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Tourlite Capital Management discussed stocks like Perimeter Solutions, SA (NYSE:PRM) in the Q3 2022 investor letter. Headquartered in Clayton, Missouri, Perimeter Solutions, SA (NYSE:PRM) operates as a firefighting products and lubricant additives manufacturer and distributor. On October 19, 2022, Perimeter Solutions, SA (NYSE:PRM) stock closed at $7.37 per share. One-month return of Perimeter Solutions, SA (NYSE:PRM) was -12.26% and year-to-date its shares lost 46.94% of their value. Perimeter Solutions, SA (NYSE:PRM) has a market capitalization of $1.199 billion.
Here is what Tourlite Capital Management specifically said about Perimeter Solutions, SA (NYSE:PRM) in its Q3 2022 investor letter:
“On August 5th, Perimeter Solutions, SA (NYSE:PRM), one of our largest long positions, reported earnings and its stock price declined ~10%. We believe the initial reaction was overdone due to a potential misunderstanding of the Fire Safety business, which experienced a decline in reported margin due to passing through higher input costs. A majority of PRM’s contracts are structured to pass through input costs, both rising and falling, and preserve EBITDA dollars. After recovering from its negative earnings reaction, the stock continued to sell off in September. Perimeter trades at an attractive ~8.5% 2023 free cash flow yield.”
Perimeter Solutions, SA (NYSE:PRM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Perimeter Solutions, SA (NYSE:PRM) at the end of the second quarter which was 24 in the previous quarter.
We discussed Perimeter Solutions, SA (NYSE:PRM) in another article and shared 10 little-known stocks billionaire Dan Loeb is buying. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Physical uranium was one of the strongest-performing assets in 2023, returning nearly 90%. The start of 2024 had been no different as uranium prices continued to climb, increasing to $106 per pound in late January. However, after reaching that height, uranium prices corrected and have been range bound between $85 to $90 per pound. At this writing, uranium was priced at $87.90 per pound (April 24, 2024).
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