5 Stocks to Buy According to Mark T. Gallogly’s Centerbridge Partners

Page 5 of 5

1. Garrett Motion Inc. (NASDAQ:GTXAP)

Centerbridge Partners’ Stake Value: $544,223,000
Percentage of Centerbridge Partners’ 13F Portfolio: 48.12%
Number of Hedge Fund Holders: 23

Garrett Motion Inc. (NASDAQ:GTXAP) and its subsidiaries develop, manufacture, and distribute turbocharger and electric-boosting technologies to original equipment manufacturers of light and commercial vehicles globally. Garrett Motion Inc. (NASDAQ:GTXAP) shares have offered investors 5.72% in returns over the course of the past twelve months.

Centerbridge Partners added Garrett Motion Inc. (NASDAQ:GTXAP) to its portfolio in the fourth quarter of 2021. In the second quarter of 2022, the hedge fund owned more than 66.21 million shares in the firm that are valued at over $544.22 million, representing 48.12% of the portfolio of the hedge fund.

Chuck Royce’s Royce & Associates held a substantial stake in Garrett Motion Inc. (NASDAQ:GTXAP) at the end of the third quarter of 2022, worth $7.48 million.

Alluvial Capital Management, an investment advisory firm, mentioned Garrett Motion Inc. (NASDAQ:GTXAP) in its Q3 2022 investor letter. Here is what the fund said:

“Garrett Motion Inc. (NASDAQ:GTX) has elected to begin paying cash dividends on its convertible preferred shares. Doing so prevents dividends in arrears from further accruing and is a wise use of the company’s free cash flow. I believe the choice to initiate a cash dividend is a tacit admission by the company that the necessary conditions for converting the preferred shares will not be met soon. This is a mild short-term negative, as the complex capital structure will remain in place for now. On the other hand, I am thrilled for us to earn a 9% yield as the company uses its free cash flow to buy back cheap stock and wait for the automotive cycle to turn.”

Follow Garrett Motion Inc. (NYSE:GTX)

You can also take a peek at 8 Stocks to Buy According to Alexander Captain’s Cat Rock Capital and 10 Stocks to Buy According to James Morrow’s Callodine Capital Management

Page 5 of 5