1 Main Capital, a boutique investment firm, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 12.2% net of fees and expenses while its yearly return was -18%. Since its inception, its annualized return was 18.6% compared to 8.4% for the S&P 500 Index and 3.6% for the Russell 2000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
1 Main Capital highlighted stocks like APi Group Corporation (NYSE:APG) in the Q4 2022 investor letter. Headquartered in New Brighton, Minnesota, APi Group Corporation (NYSE:APG) is a safety, specialty, and industrial services provider. On January 24, 2023, APi Group Corporation (NYSE:APG) stock closed at $20.80 per share. One-month return of APi Group Corporation (NYSE:APG) was 13.04%, and its shares lost 4.98% of their value over the last 52 weeks. APi Group Corporation (NYSE:APG) has a market capitalization of $4.865 billion.
1 Main Capital made the following comment about APi Group Corporation (NYSE:APG) in its Q4 2022 investor letter:
“APi Group Corporation (NYSE:APG) is leading provider of Safety Services (70% of sales) and Specialty Services (30 % of sales) for businesses globally that came public in 2019 when it was acquired by a Martin Franklin SPAC. Franklin, who oversaw a 5,000x return at Jarden in the 15 years leading up to its 2016 sale for $13 billion, is one of the few SPAC sponsors who has consistently delivered strong results for investors.
In Safety Services, 65% of segment revenue comes from fire safety, where the company designs, fabricates, installs maintains, and upgrades fire detection and suppression systems. A significant portion of these revenues are covered by statutory or insurance requirements to have systems inspected annually. Typically, every $1 of inspection revenue drives $3-4 of incremental repair & upgrade revenues.
The remaining 35% of Safety Services segment revenues come from security systems (installation and maintenance of access control, surveillance, alarm systems), and a small focus on HVAC systems…” (Click here to read the full text)
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APi Group Corporation (NYSE:APG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of the third quarter which was 29 in the previous quarter.
We discussed APi Group Corporation (NYSE:APG) in another article and shared Tourlite Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.
