GreenWood Investors, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. The fund’s fourth-quarter performance was impacted along with most other stocks, -12.3% for the Global Micro Fund and -10.9% for the euro-denominated Luxembourg Global Fund. Both funds were up 13.0% and 24.2% respectively for the year, highlighting the impact of our unhedged currency position that we believe is transitory. These returns frustratingly compare poorly to the MSCI ACWI benchmark returns of +6.0% in the quarter and +18.2% YTD (+16.6% and +27.2% respectively in euro-denominations). Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
Greenwood Investors, in its Q4 2021 investor letter, mentioned CatchMark Timber Trust, Inc. (NYSE:CTT) and discussed its stance on the firm. Founded in 2005, CatchMark Timber Trust, Inc. (NYSE:CTT) is an Atlanta, Georgia-based real estate investment trust company with a $404.6 million market capitalization, and is currently spearheaded by its CEO, Brian Davis. CatchMark Timber Trust, Inc. (NYSE:CTT) delivered a -5.86% return since the beginning of the year, while its 12-month returns are down by -21.31%. The stock closed at $8.20 per share on March 18, 2022.
Here is what Greenwood Investors has to say about CatchMark Timber Trust, Inc. (NYSE:CTT) in its Q4 2021 investor letter:
“The Covinestment I fund, driven by CTT, was -2.8% in the quarter, but up 79.3% in the year net of all fees and expenses. We’ve decided to keep Covinestment II performance confidential until we publicly unveil the fund’s target. Our perception is that the market has still under-appreciated many pivotal announcements we’ve been waiting for on both companies, and we view these misperceptions as wonderful opportunities for future performance. We believe 2022 will be pivotal transformation years for both, and I’ve poured a healthy
I’ve taken these lessons to heart at the same time CTT’s board has had thoughtful and deliberative discussions about how the management will cement the transformation of the business model. I’ve been impressed by the level of balance both the board and executives have had when approaching the diverse stakeholders within the organization. They are simultaneously focused on continuous customer service improvement, while continuing the good work to improve labor relations. That has perhaps been the most quiet revolution at CTT over the past few years, and we are excited to see a new incentive system continue to improve employee engagement and morale. That work, we believe, will help ensure sustained growth that will end up rewarding the shareholders. On top of that, the clean balance sheet of the business has enabled the business to take advantage of the current volatility-induced environment to announce a share repurchase program, only earlier today. portion of my time this winter into ensuring we over-deliver.”
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Our calculations show that CatchMark Timber Trust, Inc. (NYSE:CTT) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. CatchMark Timber Trust, Inc. (NYSE:CTT) was in 17 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 9 funds in the previous quarter. CatchMark Timber Trust, Inc. (NYSE:CTT) delivered a -1.09% return in the past 3 months.
In February 2022, we published an article that includes CatchMark Timber Trust, Inc. (NYSE:CTT) in the 5 Undervalued Stocks Hedge Funds Are Talking About. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
