Liberty Park Capital Management, LLC, a financial management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund rose 14.60%, net of fees, in the second quarter compared to the Russell 2000 Index’s 5.18% return. Both the Liberty Park funds delivered excellent results in the quarter. The increase in the fund’s long positions contributed 15.28% on a weight-adjusted basis, while the increase in shorts detracted 0.96% on a weight-adjusted basis. Liberty Park Select Opportunities, LP’s value returned 19.46% net of fees in the second quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Liberty Park Capital highlighted stocks like Newpark Resources, Inc. (NYSE:NR) in the second quarter 2023 investor letter. Headquartered in The Woodlands, Texas, Newpark Resources, Inc. (NYSE:NR) products, rentals, and services to the oil and gas exploration and production industry. On September 28, 2023, Newpark Resources, Inc. (NYSE:NR) stock closed at $7.11 per share. One-month return of Newpark Resources, Inc. (NYSE:NR) was 15.99%, and its shares gained 182.14% of their value over the last 52 weeks. Newpark Resources, Inc. (NYSE:NR) has a market capitalization of $617.24 million.
Liberty Park Capital made the following comment about Newpark Resources, Inc. (NYSE:NR) in its Q2 2023 investor letter:
“Newpark Resources, Inc. (NYSE:NR) should see significant earnings growth from its DURA-BASE® composite mat over the next decade. Combine that earnings growth with the potential for multiple expansion as the legacy oilfield fluids business is divested or shuttered and you have a company that could be worth multiples of its current value in the next few years.
Today, Newpark has two operating segments: Fluids and Industrial.
The industrial business primarily derives its revenues from the rental and sale of worksite access matting systems (aka DURA-BASE®). These engineered thermoplastic mats are designed to lock together to form a structurally-sound work surface that provides protection for workers and equipment. Composite mats are displacing legacy work surface technologies like timber. Traditional timber ground protection mats only last up to three years, are prone to rotting, contain splinters and nails, do not lock together, and weigh 3x as much per square foot covered. Composite mats can be laid faster with less people and equipment, conform to the ground, can be cleaned after use, and can be infinitely recycled once they reach the end of their 12-year life. Worksite mats are used by over twenty different industries, but the industry driving the growth is power transmission…” (Click here to read the full text)
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Newpark Resources, Inc. (NYSE:NR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Newpark Resources, Inc. (NYSE:NR) at the end of second quarter which was 13 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.
