Here’s Why Liberty Park Capital’s Short Position in Powell Industries (POWL) Detracted

Liberty Park Capital Management, LLC, a financial management company, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund returned -2.29% net of fees, in the third quarter compared to a 5.10% decline in the Russell 2000 Index.  On a weight-adjusted basis, the 6.70% decline in the fund’s long holdings deducted 6.22%, while the 7.27% decline in its short positions added 3.67% to its returns. Liberty ParkSelect Opportunities decreased by 11.57%, net of fees, in the third quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Liberty Park Capital Management highlighted stocks like Powell Industries, Inc. (NASDAQ:POWL) in the third quarter 2023 investor letter. Headquartered in Houston, Texas, Powell Industries, Inc. (NASDAQ:POWL) designs and manufactures custom-engineered equipment and systems. On December 15, 2023, Powell Industries, Inc. (NASDAQ:POWL) stock closed at $90.27 per share. One-month return of Powell Industries, Inc. (NASDAQ:POWL) was 6.49%, and its shares gained 142.73% of their value over the last 52 weeks. Powell Industries, Inc. (NASDAQ:POWL) has a market capitalization of $1.08 billion.

Liberty Park Capital Management made the following comment about Powell Industries, Inc. (NASDAQ:POWL) in its Q3 2023 investor letter:

Powell Industries, Inc. (NASDAQ:POWL) reported another quarter of better-than-expected earnings and bookings. The company is benefiting from record demand for large industrial projects. Investors are assigning a record multiple for POWL shares despite management communicating that orders have likely peaked.”

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Powell Industries, Inc. (NASDAQ:POWL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Powell Industries, Inc. (NASDAQ:POWL) at the end of third quarter which was 14 in the previous quarter.

We discussed Powell Industries, Inc. (NASDAQ:POWL) in another article and shared Liberty Park Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 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.