Laughing Water Capital, an investment management company, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, investment in the fund returned 3.2% bringing the yearly returns to 11.8%, net of all fees and expenses. The SP500TR and R2000 returned 11.7% and 14.0% during the quarter, respectively, bringing their year-to-date returns to 26.3% and 17.0%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Laughing Water Capital featured stocks such as APi Group Corporation (NYSE:APG) in the fourth quarter 2023 investor letter. Headquartered in New Brighton, Minnesota, APi Group Corporation (NYSE:APG) is a safety, specialty, and industrial services provider. On January 29, 2024, APi Group Corporation (NYSE:APG) stock closed at $32.33 per share. One-month return of APi Group Corporation (NYSE:APG) was -1.67%, and its shares gained 45.37% of their value over the last 52 weeks. APi Group Corporation (NYSE:APG) has a market capitalization of $7.872 billion.
Laughing Water Capital stated the following regarding APi Group Corporation (NYSE:APG) in its fourth quarter 2023 investor letter:
“APi Group Corporation (NYSE:APG) – APG, which is perhaps best thought of as our fire safety business, continues to execute on their plan to fully integrate their acquisition of European assets, grow organically, and widen margins. Additionally, the Company has paid down debt, which will allow them to restart their M&A engine, which has been a key contributor to past success as they operate in a fragmented industry where there are benefits to scale. Management and the Board have a lot of skin in the game, and are skilled capital allocators that are likely to find creative ways to drive business value with time. The Company’s services are statutorily mandated, and thus largely removed from the ebbs and flows of the macro economy. Management continues to shift their revenue mix toward recurring inspection and service work. With time, these factors should lead the market to recognize that the stock is worthy of a higher multiple, and I believe shares could comfortably double over the next few years.”
A team of engineers surveying a construction site in preparation for a new underground infrastructure.
APi Group Corporation (NYSE:APG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of third quarter which was 38 in the previous quarter.
We discussed APi Group Corporation (NYSE:APG) in another article and shared billionaire Andreas Halvorsen’s top stock picks. In addition, please check out our hedge fund investor letters Q4 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.
