Bernzott Capital Sold ATI Physical Therapy (ATIP) Due to its Poor Execution During the Pandemic

Bernzott Capital Advisors, an investment management company, released its “US Small Cap Value Strategy’’ second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, on a net basis, the fund fell -17.73%, more than the R2000V’s decline of -15.28% and R2500V’s decline of -15.39%. Industrials and healthcare sectors contributed positively to the fund’s relative performance, whereas transportation, materials, and financials sectors hurt the fund’s performance.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Bernzott Capital Advisors discussed stocks like ATI Physical Therapy, Inc. (NYSE:ATIP) in the second quarter investor letter. Based in Bolingbrook, Illinois, ATI Physical Therapy, Inc. (NYSE:ATIP) is a physical therapy services provider. On September 8, 2022, ATI Physical Therapy, Inc. (NYSE:ATIP) stock closed at $1.1500 per share. One-month return of ATI Physical Therapy, Inc. (NYSE:ATIP) was 20.38% and its shares lost 71.46% of their value over the last 52 weeks. ATI Physical Therapy, Inc. (NYSE:ATIP) has a market capitalization of $238.221 million.

Here is what Bernzott Capital Advisors specifically said about ATI Physical Therapy, Inc. (NYSE:ATIP) in its Q2 2022 investor letter:

“ATI Physical Therapy, Inc. (NYSE:ATIP): Poor execution during the pandemic resulted in elevated labor costs and lower patient visitation rates. Thus, profit growth will likely continue to be impaired despite an otherwise attractive backdrop for the physical therapy industry.”

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ATI Physical Therapy, Inc. (NYSE:ATIP) is not on the list of  30 Most Popular Stocks Among Hedge Funds. As per our database, ATI Physical Therapy, Inc. (NYSE:ATIP) was held by 13 hedge fund portfolios at the end of the second quarter, which was 18 in the previous quarter.

We discussed ATI Physical Therapy, Inc. (NYSE:ATIP) in another article and shared Bernzott Capital Advisors’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

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