Greenhaven Road Capital, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 17% in the first quarter. Even though fears of runaway inflation waned in the quarter, investors’ concerns relating to the macroeconomic factors weren’t fully eliminated. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Greenhaven Road Capital highlighted stocks like APi Group Corporation (NYSE:APG) in the first quarter 2023 investor letter. Headquartered in New Brighton, Minnesota, APi Group Corporation (NYSE:APG) is a safety, specialty, and industrial services provider. On May 19, 2023, APi Group Corporation (NYSE:APG) stock closed at $23.08 per share. One-month return of APi Group Corporation (NYSE:APG) was 4.25%, and its shares gained 28.36% of their value over the last 52 weeks. APi Group Corporation (NYSE:APG) has a market capitalization of $5.429 billion.
Greenhaven Road Capital made the following comment about APi Group Corporation (NYSE:APG) in its Q1 2023 investor letter:
“APi Group Corporation (NYSE:APG) – API Group has two business lines: Safety Services and Specialty Services. Specialty Services is an okay business. Their end customers are primarily telecom and utilities, and API Group will handle services such as: electric and gas utility maintenance, water line and sewer installation, and underground electrical/fiber optic cable installation. These are mission critical projects from large stable customers – with a significant backlog. The company has indicated a desire to sell this business and focus on their crown jewel, Safety Services, which is focused on fire safety systems. The inspection and maintenance of these systems is statutory; it is required by law, thus non-discretionary, with enforcement typically coming from the fire marshal. The cost of losing the use of a facility is massive compared to the expense paid to API Group for maintaining compliance. An asset light, profitable, legally mandated business that has consistently grown organically is an excellent business, hence our long position. API is in the process of digesting a large acquisition and currently has an elevated debt load, but I believe they will successfully navigate the transition and reward shareholders along the way.”
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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, 31 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of the fourth quarter which was 35 in the previous quarter.
We discussed APi Group Corporation (NYSE:APG) in another article and shared ClearBridge SMID Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
