Old West Investment Management, Llc, an investment management company, published its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The stock market ended 2023 on a positive note, with the S&P up 11% in the fourth quarter and 24% overall. The Russell 2000 Small Cap Index rose 17%. At the end of the year, many individual investors displayed a bullish sentiment, seemingly ignoring numerous risks both at home and around the globe. In 2023, the Old West portfolios failed to meet their benchmarks, marking the first time in the past four years that the fund underperformed. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Old West Investment Management featured stocks such as U-Haul Holding Company (NYSE:UHAL) in the fourth quarter 2023 investor letter. Headquartered in Reno, Nevada, U-Haul Holding Company (NYSE:UHAL) is a do-it-yourself moving and storage operator. On January 29, 2024, U-Haul Holding Company (NYSE:UHAL) stock closed at $67.93 per share. One-month return of U-Haul Holding Company (NYSE:UHAL) was -4.47%, and its shares lost 1.34% of their value over the last 52 weeks. U-Haul Holding Company (NYSE:UHAL) has a market capitalization of $12.905 billion.
Old West Investment Management stated the following regarding U-Haul Holding Company (NYSE:UHAL) in its fourth quarter 2023 investor letter:
“A real sweet spot for our investment style is discovering companies run by owner/managers, CEOs with huge ownership stakes in their company. It’s hard to find a better example of this then Joe Shoen, CEO and Chairman of U-Haul Holding Company (NYSE:UHAL). Shoen owns 55% of the company, with his stake valued at nearly $6 Billion, and his total annual compensation is $1 million. He clearly has more to gain from a higher stock price than his paycheck.
UHAL is based in Reno, Nevada, and is North America’s largest “do-it-yourself” moving and storage operator. UHAL is synonymous with self-moving and is four times larger than its biggest competitor, Penske Truck Leasing. UHAL was founded in 1945 by Shoen’s father as a trailer rental company and began renting trucks in 1959. In 1973 they began their network of U-HAUL managed retail stores where they rent trucks and trailers, self-storage units and moving supplies like boxes and tape. UHAL has 23,000 locations in North America of which 2,200 are company-owned and over 21,000 are independent franchised dealers. UHAL’s rental fleet consists of 192,000 trucks, 138,000 trailers and 44,000 towing devices…” (Click here to read the full text)
A row of self-storage units in a self-storage complex, showing the affordability and security offered by the company.
U-Haul Holding Company (NYSE:UHAL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held U-Haul Holding Company (NYSE:UHAL) at the end of third quarter which was 28 in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
