Silver Ring Value Partners, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. 2023 was a challenging year for the partnership concerning performance and returned -15.1% gross and -15.6% net compared to 25.9% for the Russell 3000 Index and 24.4% for the MSCI World Index. The firm is quite optimistic about the partnership’s promising long-term future. You can check the top 5 holdings of the fund to know its best picks in 2023.
Silver Ring Value Partners featured stocks such as O-I Glass, Inc. (NYSE:OI) in the fourth quarter 2023 investor letter. Headquartered in Perrysburg, Ohio, O-I Glass, Inc. (NYSE:OI) manufactures glass products for the food and beverage sectors. On February 15, 2024, O-I Glass, Inc. (NYSE:OI) stock closed at $16.86 per share. One-month return of O-I Glass, Inc. (NYSE:OI) was 14.85%, and its shares lost 23.85% of their value over the last 52 weeks. O-I Glass, Inc. (NYSE:OI) has a market capitalization of $2.591 billion.
Bonhoeffer Capital Management stated the following regarding O-I Glass, Inc. (NYSE:OI) in its fourth quarter 2023 investor letter:
“O-I Glass, Inc. (NYSE:OI): Reducing a position from a large to a small size is no trivial decision, and I didn’t take it lightly. OI became a large position after starting out as a medium position that appreciated following well-priced purchases in the depths of the COVID fears. Maintenance research is important, as is trying to debias myself as much as possible, especially on investments that I have owned for a long time.
With that in mind, I decided to do some additional digging and did a couple of research calls with former and current customers. What I learned was on the margin unfavorable relative to my prior thesis. What I thought would be a permanent increase in European margins, albeit not all the way to the current peak margins in that segment, appears to be wishful thinking on both my part and the management’s. My conversations suggested that there was no structural improvement in that business, and the increase was due to cyclical dynamics surrounding the natural gas price spike and the subsequent price increases…” (Click here to read the full text)
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O-I Glass, Inc. (NYSE:OI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held O-I Glass, Inc. (NYSE:OI) at the end of third quarter which was 26 in the previous quarter.
We discussed O-I Glass, Inc. (NYSE:OI) in another article and shared the list of best value stocks to buy: Abrams Capital 13F. 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.
