McIntyre Capital Management, a private investment company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 35% gross and 28% net in the first quarter, compared to the Russell 2000 Value’s decline including dividends of -1%. The year started with a strong market but bank failures and rising cyclical risks pulled back the performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
McIntyre Partnership highlighted stocks like Sotera Health Company (NASDAQ:SHC) in the first quarter 2023 investor letter. Headquartered in Broadview Heights, Ohio, Sotera Health Company (NASDAQ:SHC) provides sterilization products and lab testing solutions. On May 26, 2023, Sotera Health Company (NASDAQ:SHC) stock closed at $14.32 per share. One-month return of Sotera Health Company (NASDAQ:SHC) was -12.74%, and its shares lost 32.26% of their value over the last 52 weeks. Sotera Health Company (NASDAQ:SHC) has a market capitalization of $4.046 billion.
McIntyre Partnership made the following comment about Sotera Health Company (NASDAQ:SHC) in its Q1 2023 investor letter:
“2023 started off strongly for the market, only to see a pullback later in the quarter in response to bank failures and rising cyclical risks. In January, most major indices rallied sharply, and our benchmark, the Russell 2000 Value, gained over 10% in the month, only to reverse course entirely in March and end the quarter down 1%. Thankfully, the fund managed to keep up early on and hold onto our gains. I attribute this largely to the idiosyncratic, catalyst driven nature of our holdings. In early January, Sotera Health Company (NASDAQ:SHC) announced the settlement of substantially all of its outstanding Illinois litigation, which drove shares up 100%. As the market is still digesting SHC’s legal situation, the shares have been range bound since, neither participating in the market’s rally into mid-quarter, nor falling as the market corrected in March. In response to the rally, I have adjusted our position size, but SHC remains the fund’s largest position and I plan to maintain a sizeable investment for the foreseeable future.”
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Sotera Health Company (NASDAQ:SHC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Sotera Health Company (NASDAQ:SHC) at the end of the first quarter 2023 which was 21 in the previous quarter.
We discussed Sotera Health Company (NASDAQ:SHC) in another article and shared Meridian Funds’ 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.
