Silver Beech Capital, a value-oriented investment management firm, released its inaugural first quarter 2023 investor letter. A copy of the same can be downloaded here. The recent banking sector decline had an impact on the fund’s first-quarter performance. However, the fund still returned 2.8% in the first quarter compared to a 5.3% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Silver Beech Capital highlighted stocks like U-Haul Holding Company (NYSE:UHAL) in the first quarter 2023 investor letter. Based in Reno, Nevada, U-Haul Holding Company (NYSE:UHAL) is a do-it-yourself moving and storage company. On April 27, 2023, U-Haul Holding Company (NYSE:UHAL) stock closed at $60.35 per share. One-month return of U-Haul Holding Company (NYSE:UHAL) was 1.17%, and its shares gained 12.70% of their value over the last 52 weeks. U-Haul Holding Company (NYSE:UHAL) has a market capitalization of $10.782 billion.
Silver Beech Capital made the following comment about U-Haul Holding Company (NYSE:UHAL) in its Q1 2023 investor letter:
“U-Haul Holding Company (NYSE:UHAL) is North America’s largest do-it-yourself moving company, one of the largest owners of self-storage real estate in the United States, and a high-quality business that has grown its market-leading position for decades by putting customers first. U-Haul is one of North America’s most recognizable brands and can be thought of as a royalty on consumer moving. All else equal, we prefer to invest with owner-operators as their economic incentives are aligned with shareholders. The Shoen family controls U-Haul with about 50% of the voting common stock. Joe Shoen is U-Haul’s CEO. Joe’s father, Leonard Shoen, founded U-Haul in 1945. We believe U-Haul’s intrinsic value is more than 40% greater than its March 31 share price.
U-Haul’s consumer moving products include truck, van, cargo trailer, moving box, self-storage real estate rentals, moving insurance, packing supplies, trailer accessories, and an online marketplace for moving labor. U-Haul also sells WebSelfStorage, a web-based platform for self-storage facility management that connects users to U-Haul’s network of 5,000+ owned, operated, or affiliated self-storage facilities. Our channel checks and scuttlebutt research inform our view that U-Haul’s moving products and services are second to none in customer experience and value proposition…”(Click here to read the full text)
U-Haul Holding Company (NYSE:UHAL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held U-Haul Holding Company (NYSE:UHAL) at the end of the fourth quarter which was 22 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.
