Is it a Good Choice to Invest in Intertape Polymer (ITPOF)?

Turtle Creek Asset Management, an investment management firm, published its first-quarter 2022 investor letter – a copy of which can be downloaded here. For the first quarter of 2022, Aristotle Atlantic’s Large Cap Growth Composite posted a total return of -9.61% gross of fees (9.72% net of fees), underperforming the -9.04% total return of the Russell 1000 Growth Index. Try to spend some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Turtle Creek Asset Management mentioned Intertape Polymer Group Inc. (NYSE:ITPOF) and explained its insights for the company. Founded in 1981, Intertape Polymer Group Inc. (NYSE:ITPOF)is a Montreal, Canada-based packaging products and systems company with a $1.8 billion market capitalization. Intertape Polymer Group Inc. (NYSE:ITPOF) delivered a 51.57% return since the beginning of the year, while its 12-month returns are up by 33.03%. The stock closed at $31.43  per share on June 01, 2022.

Here is what Turtle Creek Asset Management has to say about Intertape Polymer Group Inc. (NYSE:ITPOF) in its Q1 2022 investor letter:

“The most recent acquisition example is a company that was only held in Turtle Creek Canadian Equity Fund (“TCCF”): Intertape Polymer Group Inc (NYSE:ITPOF). Prior to the take-over announcement, the shares were trading at $22.50 as compared to our Business Value of $39. At the beginning of March, it was announced that a private equity group was purchasing the company at $40.50. The share price rose immediately to just below the offer price and we sold all of our shares.”

Photo by Remy Gieling on Unsplash

Our calculations show that Intertape Polymer Group Inc. (NYSE:ITPOF) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Intertape Polymer Group Inc. (NYSE:ITPOF) delivered a 69.64% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.