Miller Value Partners, an investment management company, released its “Income Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -7.34% net of fees compared to a -0.68% return for the ICE BofA US High Yield Index. Also, the fund underperformed the S&P 500 Index which returned -4.88% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Miller Value Partners discussed stocks like Alliance Resource Partners, L.P. (NASDAQ:ARLP) in its Q3 2022 investor letter. Headquartered in Tulsa, Oklahoma, Alliance Resource Partners, L.P. (NASDAQ:ARLP) produces and markets steam coal for utility and industrial users. On October 20, 2022, Alliance Resource Partners, L.P. (NASDAQ:ARLP) stock closed at $22.65 per share. One-month return of Alliance Resource Partners, L.P. (NASDAQ:ARLP) was 5.45% and its shares gained 94.75% of their value over the last 52 weeks. Alliance Resource Partners, L.P. (NASDAQ:ARLP) has a market capitalization of $2.881 billion.
Miller Value Partners made the following comment about Alliance Resource Partners, L.P. (NASDAQ:ARLP) in its Q3 2022 investor letter:
“Alliance Resource Partners, L.P. (NASDAQ:ARLP)was the top contributor for the quarter, rising 28.0%2. Alliance reported 2Q22 revenue of $616.5MM, +70.1% year over year (Y/Y) and +33.8% sequentially, ahead of consensus of $542.4MM, and earnings per unit (EPU) of $1.23, +261.8% Y/Y, ahead of analyst expectations for EPU of $0.95. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter came in at $266.3MM, or a margin of 43.2%, +565bps Y/Y, as the company sold 8.93MM tons (+13.9% Y/Y) of coal at an average price of $59.33/ton (+43.3% Y/Y). Management provided full-year 2022 (FY22) guidance for coal sales of 35.5-37.0MM tons, at an average price of $59-63/ton, and raised guidance for capex to now come in at $230-250MM, compared to previous guidance for capex of $220-240MM. The company also raised its quarterly distribution by 14.3% to $0.40/unit, implying an annualized yield of 7.1%.”
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Alliance Resource Partners, L.P. (NASDAQ:ARLP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Alliance Resource Partners, L.P. (NASDAQ:ARLP) at the end of the second quarter, which was 5 in the previous quarter.
We discussed Alliance Resource Partners, L.P. (NASDAQ:ARLP) in another article and shared Miller Value Partners’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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