Laughing Water Capital, an investment management company, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, investment in the fund returned 13.8%, net of all fees and expenses, compared to the SP500TR and the R2000 returns of 8.7% and 5.2%, respectively. The fund’s return so far in 2023 was 22.4% compared to benchmarks’ 16.9% and 8.1% returns, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Laughing Water Capital highlighted stocks like APi Group Corporation (NYSE:APG) in the second quarter 2023 investor letter. Headquartered in New Brighton, Minnesota, APi Group Corporation (NYSE:APG) is a safety, specialty, and industrial services provider. On July 27, 2023, APi Group Corporation (NYSE:APG) stock closed at $28.16 per share. One-month return of APi Group Corporation (NYSE:APG) was 3.30%, and its shares gained 59.01% of their value over the last 52 weeks. APi Group Corporation (NYSE:APG) has a market capitalization of $6.624 billion.
Laughing Water Capital made the following comment about APi Group Corporation (NYSE:APG) in its second quarter 2023 investor letter:
“APi Group Corporation (NYSE:APG) – APG, which can be thought of as our fire safety business, continues to execute on their plan. Most notably, they are growing statutorily required, recurring, inspection work at a double-digit pace, widening margins, and paying down debt. Primary end markets of data centers, health care, and other mission critical facilities remain strong, and contrary to many investor assumptions, APG has limited exposure to new construction. The company benefits from scale in an industry where much of the competition is Mom and Pop, and should continue to take market share in the years to come. Eventually I believe shares will re-rate significantly higher as the stink of being a former SPAC wears off, last year’s acquisition of Chubb is fully integrated, and management proves they can deploy capital into high return opportunities. Additional value may be created by a separation of the company’s Safety Services business and Specialty Services business.”
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APi Group Corporation (NYSE:APG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of first quarter which was 31 in the previous quarter.
We discussed APi Group Corporation (NYSE:APG) in another article and shared Bernzott Capital Advisors’ insights on the company. 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.
