Greenhaven Road Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined in the third quarter, bringing the year-to-date returns to approximately -59%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Greenhaven Road Capital highlighted stocks like APi Group Corporation (NYSE:APG) in its third-quarter investor letter. Headquartered in New Brighton, Minnesota, APi Group Corporation (NYSE:APG) operates through Safety Services, Specialty Services, and Industrial Services segments. On November 25, 2022, APi Group Corporation (NYSE:APG) stock closed at $18.79 per share. One-month return of APi Group Corporation (NYSE:APG) was 15.70% and its shares lost 20.31% of their value over the last 52 weeks. APi Group Corporation (NYSE:APG) has a market capitalization of $4.395 billion.
Greenhaven Road Capital made the following comment about APi Group Corporation (NYSE:APG) in its Q3 2022 investor letter:
“The majority of APi Group Corporation (NYSE:APG)’s business relates to fire safety, specifically the inspection, maintenance, and repair of fire safety systems. Such systems are a non-discretionary purchase, tying into the “forced buyers” theme of our last letter. If you are a landlord and want to have people in your building, having a functioning fire suppression system is a requirement.
Since APi Group’s focus is on the inspection and repair of existing fire suppression systems, not new installation, they are not beholden to new commercial construction. The company has a history of 7% organic growth in the fire suppression business and also has a specialty contracting business serving telecom and utility companies building large products for natural gas distribution, potable water distribution, and 5G rollout. Currently, the overall company has a record-high $3.2B project backlog. While some of this would likely be burned off in a weaker economy, it is highly unlikely that revenue is falling off a cliff given the statutory nature of the majority of their revenue, history of organic growth, and this backlog…” (Click here to read the full text)
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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, 35 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of the third quarter, which was 29 in the previous quarter.
We discussed APi Group Corporation (NYSE:APG) in another article and shared Maran Capital’s views on the company. 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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Disclosure: None. This article is originally published at Insider Monkey.
