Horos Asset Management, an investment management firm, published its fourth quarter 2022 investor letter. A copy of the same can be downloaded here. During the fourth quarter, Horos Value Internacional fund gained 13.7% compared to the benchmark’s return of 0.8% while the yearly return of the fund was 4.9% compared to a 13.0% decline for the benchmark. On the other hand, Horos Value Iberia gained 12.1% in the quarter and fell -5.2% in 2022, compared to an 11.9% gain over the quarter and a 2% rise in the year for the benchmark. In addition, check the fund’s top five holdings to know its best picks in 2022.
Horos Asset Management highlighted stocks like AerCap Holdings N.V. (NYSE:AER) in the Q4 2022 investor letter. Headquartered in Dublin, Ireland, AerCap Holdings N.V. (NYSE:AER) is a flight equipment leasing company. On March 20, 2023, AerCap Holdings N.V. (NYSE:AER) stock closed at $51.77 per share. One-month return of AerCap Holdings N.V. (NYSE:AER) was -15.66%, and its shares lost 4.52% of their value over the last 52 weeks. AerCap Holdings N.V. (NYSE:AER) has a market capitalization of $12.335 billion.
Horos Asset Management made the following comment about AerCap Holdings N.V. (NYSE:AER) in its Q4 2022 investor letter:
“In the purely financials segment, companies in which we have invested for years stand out, such as AerCap Holdings N.V. (NYSE:AER) (aircraft leasing), Catalana Occidente (traditional and credit insurance) and S&U (financing for the purchase of second-hand vehicles and bridge financing for homebuyers). All three companies have top-level management teams, fully aligned with shareholders, with a constant focus on operational efficiency and a conservative approach to balance sheet management. In terms of capital allocation, we believe AerCap is a step above the other two (perhaps more conditioned by its historical culture), always seeking to maximize shareholder value and taking advantage of aggressive share buybacks when the circumstances are most suitable. Apart from this, all three companies trade at very attractive valuations, which certainly do not reflect the future earnings prospects and sustainable returns of their businesses. The investments that make up this “pure financials” group account for around 17% of our portfolio.
AerCap and Verallia were the positions we trimmed the most. In both cases, their share prices have performed very well in recent months, thanks to quarterly results that exceeded market expectations. We continue to see high upside in both companies, which is why, despite the partial sale, we hold them with a medium/high weighting within Horos Value Internacional.”
Jirat Teparaksa/Shutterstock.com
AerCap Holdings N.V. (NYSE:AER) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held AerCap Holdings N.V. (NYSE:AER) at the end of the fourth quarter which was 31 in the previous quarter.
We discussed AerCap Holdings N.V. (NYSE:AER) in another article and shared Horos Asset Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 11 Most Undervalued EV Stocks to Buy
- 15 Best Stocks Under $10 To Buy Now
- 10 Best Stocks to Buy According to Chris Hohn
Disclosure: None. This article is originally published at Insider Monkey.
