White Brook Capital Partners, an investment management firm, released its third-quarter 2022 investor letter. The same can be downloaded here. Year to date, the fund performed in line with the indexes and returned -21.75% net compared to a -21.52% return for the S&P 400 Index and a -23.87% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
White Brook Capital discussed stocks like KAR Auction Services, Inc. (NYSE:KAR) in the Q3 2022 investor letter. Headquartered in Carmel, Indiana, KAR Auction Services, Inc. (NYSE:KAR) is a used vehicle auction services and vehicle remarketing services provider. On October 21, 2022, KAR Auction Services, Inc. (NYSE:KAR) stock closed at $13.50 per share. One-month return of KAR Auction Services, Inc. (NYSE:KAR) was 12.54% and its shares lost 11.92% of their value over the last 52 weeks. KAR Auction Services, Inc. (NYSE:KAR) has a market capitalization of $1.565 billion.
White Brook Capital made the following comment about KAR Auction Services, Inc. (NYSE:KAR) in its Q3 2022 investor letter:
“KAR Auction Services, Inc. (NYSE:KAR). KAR Auction Services suffered as car dealerships sold whatever used cars were available rather than optimizing their assortment during the supply chain crises. While higher interest rates are an impediment to auto transactions at ever higher prices, KAR can be expected to benefit due to two main factors:
a.New cars becoming more available for lease and purchase leading to a higher volume of used car trade ins. Currently new cars are experiencing some decline in prices visible at the subsegment level even as they continue to command above MSRP in the premium segment. I believe we’re in inning 1 or 2 of additional supply leading to lower prices and more transactions – finally becoming a tailwind.
b.Higher interest rates have a significant impact on the wide population of auto dealers who use fleet financing to finance their lots. Because of the payments that need to be made, these dealers are incentivized to sell cars as quickly as possible. Cars that don’t sell at a particular location, with the higher opportunity cost of keeping those cars, are more likely to be wholesaled to find another, more appropriate dealership using the wholesale providers like KAR.”
KAR Auction Services, Inc. (NYSE:KAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held KAR Auction Services, Inc. (NYSE:KAR) at the end of the second quarter which was 22 in the previous quarter.
We discussed KAR Auction Services, Inc. (NYSE:KAR) in another article and shared the list of best-used car stocks to buy in 2022. 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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