Turtle Creek Asset Management, an investment management company, released its fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. Turtle Creek had a rather difficult year that culminated in the fourth quarter. Even though the firm ended the year in the black, it was far behind the indices. This was a complete reversal from 2023. In 2024, Turtle Creek’s portfolio business value increased by 14%, compared to a muted 3% increase in 2023. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Turtle Creek Asset Management emphasized stocks such as Berry Global Group, Inc. (NYSE:BERY). Headquartered in Evansville, Indiana, Berry Global Group, Inc. (NYSE:BERY) manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets. On March 24, 2025, Berry Global Group, Inc. (NYSE:BERY) stock closed at $68.85 per share. One-month return of Berry Global Group, Inc. (NYSE:BERY) was -5.11%, and its shares gained 26.62% of their value over the last 52 weeks. Berry Global Group, Inc. (NYSE:BERY) has a market capitalization of $7.973 billion.
Turtle Creek Asset Management stated the following regarding Berry Global Group, Inc. (NYSE:BERY) in its Q4 2024 investor letter:
“Two other companies that contributed positively to the flagship fund’s returns during 2024 happened to be the two most disappointing for us in terms of decisions taken by boards: Discover Financial and Berry Global Group, Inc. (NYSE:BERY) .
Berry Global, a company we have owned for seven years, was the source of the one notable corporate event the portfolio experienced during the quarter. Berry completed a previously announced spin-off of a part of the business into a separate publicly traded company. Berry then announced a merger with another publicly listed packaging company – Amcor. While combining the two companies makes sense from a synergy standpoint, much like the Discover Financial merger with Capital One, we don’t believe Berry’s shareholders received their fair share of the combined company. Rather than continue to pursue an independent strategy that would have maximized long term value creation, the Berry board accepted poor merger terms hoping to achieve a higher traded share price in the shorter term…” (Click here to read the full text)
A team of factory workers packaging items in a modern factory.
Berry Global Group, Inc. (NYSE:BERY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Berry Global Group, Inc. (NYSE:BERY) at the end of the fourth quarter which was 31 in the previous quarter. While we acknowledge the potential of Berry Global Group, Inc. (NYSE:BERY) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In addition, please check out our hedge fund investor letters Q4 2024 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.