5 Most Profitable New Stocks Today

In this piece, we will take a look at the five most profitable new stocks today. For more stocks, head on over to 15 Most Profitable New Stocks Today.

5. Enact Holdings, Inc. (NASDAQ:ACT)

Trailing Twelve Month Net Income: $704 million

Number of Hedge Fund Holders in Q3 2022: 15

Enact Holdings, Inc. (NASDAQ:ACT) is an insurance company that primarily writes insurance for mortgages. The firm is based in Raleigh, North Carolina.

Enact Holdings, Inc. (NASDAQ:ACT) came across some good news in February 2023, as S&P Global Ratings upgraded its issuer ratings to BBB+ from BBB-. Insider Monkey took a look at 920 hedge fund holdings for last year’s third quarter and found out that 15 had invested in the firm.

Enact Holdings, Inc. (NASDAQ:ACT)’s largest investor is Matthew Barrett’s Glendon Capital Management which owns 1.2 million shares that are worth $31 million.

4. Tricon Residential Inc. (NYSE:TCN)

Trailing Twelve Month Net Income: $886 million

Number of Hedge Fund Holders in Q3 2022: 13

Tricon Residential Inc. (NYSE:TCN) is a Canadian rental company based in Toronto. The firm offers single and multi family rental homes across the U.S. and Canada.

Tricon Residential Inc. (NYSE:TCN) is the first single family renter in the U.S. that operates under what it calls a Bill of Rights. This includes giving tenants the right to purchase their home if the firm decides to sell it, among others. 13 of the 920 hedge funds polled by Insider Monkey in Q3 2022 had held a stake in the firm.

As of Q4 2022, Tricon Residential Inc. (NYSE:TCN)’s largest investor is Dimitry Balyasny’s Balyasny Asset Management which owns 2.8 million shares that are worth $22 million.

3. GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Trailing Twelve Month Net Income: $1.4 billion

Number of Hedge Fund Holders in Q3 2022: 25

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) is an American foundry that is one of the few of its kind with chipmaking facilities on U.S. soil. The firm is based in Malta, New York.

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) scored a big win in February 2023 when it signed an agreement with General Motors to dedicate capacity solely to the car maker’s supply chain. Insider Monkey took a look at 920 hedge fund holdings for the third quarter of last year and determined that 25 had invested in the chipmaker.

David Goel and Paul Ferri’s Matrix Capital Management is GLOBALFOUNDRIES Inc. (NASDAQ:GFS)’s largest hedge fund shareholder. It owns 18.4 million shares that are worth $996 million.

2. ZIM Integrated Shipping Services Ltd. (NYSE:ZIM)

Trailing Twelve Month Net Income: $5.9 billion

Number of Hedge Fund Holders in Q3 2022: 15

ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) is an Israeli shipping company with more than a hundred ships in its fleet. The firm is based in Haifa.

Barclays came with some bad news for ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) in February 2023 as the bank cut its share price target to $15 from $26.5 and downgraded the shares to Underweight from Equal Weight citing oversupply in the container market. 15 of the 920 hedge funds part of Insider Monkey’s Q3 2022 study had bought a stake in the firm.

ZIM Integrated Shipping Services Ltd. (NYSE:ZIM)’s largest investor is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital which owns 3.2 million shares that are worth $55 million.

1. Corebridge Financial, Inc. (NYSE:CRBG)

Trailing Twelve Month Net Income: $8.1 billion

Number of Hedge Fund Holders in Q3 2022: 30

Corebridge Financial, Inc. (NYSE:CRBG) is the only company that IPO’ed in 2022 to make it on our list, and that too on the top spot. It is a financial services firm that provides insurance and retirement products.

Corebridge Financial, Inc. (NYSE:CRBG)’s latest fiscal year results revealed in February 2023 saw the firm post $8.1 billion in net income to mark an 11% annual growth despite the tough macroeconomic environment. Insider Monkey’s September quarter survey of 920 hedge funds revealed that 30 had invested in the firm.

Disclosure: None. You can also take a peek at 15 Biggest Insurance Companies in the World and 15 Fastest Growing Countries in Asia.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Follow Insider Monkey on Twitter