Palm Harbour Capital, an investment management company, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund gained 9.7% gross of fees in the fourth quarter. The number appears in line with European benchmarks and better than global benchmarks. The fund ended the quarter with a full-year performance of -2.8% (-2.6% on a NAV basis, 29 December 2022). The fund’s return from inception to quarter end was 35.4%. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Palm Harbour Capital highlighted stocks like International Game Technology PLC (NYSE:IGT) in its Q4 2022 investor letter. Headquartered in London, the United Kingdom, International Game Technology PLC (NYSE:IGT) is a gaming technology products and services provider. On February 16, 2023, International Game Technology PLC (NYSE:IGT) stock closed at $26.89 per share. One-month return of International Game Technology PLC (NYSE:IGT) was 9.35% and its shares lost 10.13% of their value over the last 52 weeks. International Game Technology PLC (NYSE:IGT) has a market capitalization of $5.359 billion.
Palm Harbour Capital made the following comment about International Game Technology PLC (NYSE:IGT) in its Q4 2022 investor letter:
“The second largest contributor was International Game Technology PLC (NYSE:IGT) (+32.3% +141 bps), the Italian-American lottery and gaming machine technology provider, which we introduced in our first quarter 2020 letter. The Company posted a sales increase of 8% and profit contribution from all operating segments, primarily driven by global gaming. Although the margin was 2% lower versus the second quarter of 2022, it remained above the last 15 quarters average. Market concerns about the debt level should abate on improved operating performance and as the already announced disposals reduced leverage to 3.1x. It is worth noting that management hit their 2025 leverage target more than two years in advance, while returning $224 million to shareholders through mid-October 2022. Management confirmed the upper half of their fiscal year 2022 guidance which combined with an improved credit profile drove the share price higher. We still find the steady cashflows and low valuation very compelling.”
Photo by Erik Mclean on Unsplash
International Game Technology PLC (NYSE:IGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held International Game Technology PLC (NYSE:IGT) at the end of the third quarter, which was 34 in the previous quarter.
We discussed International Game Technology PLC (NYSE:IGT) in another article and shared the list of best Las Vegas stocks to buy. 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.
