Merion Road Small Cap Fund Benefited from CIRCOR International (CIR) in Q2

Merion Road Capital, an investment advisor, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Merion Road Small Cap Fund returned 5.2% compared to a 5.3% return for the Russell 2000 Index and 2.1% for the Barclay Hedge Fund Index. Furthermore, MRCM Long Only Large Cap returned 13.4% compared to an 8.7% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Merion Road Capital highlighted stocks like CIRCOR International, Inc. (NYSE:CIR) in the second quarter 2023 investor letter. Headquartered in Burlington, Massachusetts, CIRCOR International, Inc. (NYSE:CIR) designs, and manufactures differentiated technology products and sub-systems for the defense markets. On July 18, 2023, CIRCOR International, Inc. (NYSE:CIR) stock closed at $56.00 per share. One-month return of CIRCOR International, Inc. (NYSE:CIR) was 16.84%, and its shares gained 256.23% of their value over the last 52 weeks. CIRCOR International, Inc. (NYSE:CIR) has a market capitalization of $1.142 billion.

Merion Road Capital made the following comment about CIRCOR International, Inc. (NYSE:CIR) in its second quarter 2023 investor letter:

“The Merion Road Small Cap Fund returned 5% during the second quarter. We benefitted from building a mid-sized position in CIRCOR International, Inc. (NYSE:CIR) shortly before it announced that it would be acquired by KKR at a 55% premium. I owned CIR last year and had a poorly timed sale given macro-uncertainty and their outsized European exposure. Fortunately, I kept it on my radar and noticed that their financials proved more resilient than my expectations and their long-awaited sales process was gaining steam. I sold our stock after the initial deal announcement but repurchased some subsequently as a bidding war has emerged between KKR and Arcline. Though it seems like we may have seen the last offer, the door is still open for a competing bid and the cost for such optionality is low.”

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CIRCOR International, Inc. (NYSE:CIR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held CIRCOR International, Inc. (NYSE:CIR) at the end of first quarter which was 11 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.