Upslope Capital Management, an investment management firm, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The third quarter was challenging, and the fund returned -4.7% net, compared to -2.5% return for the S&P Midcap 400 ETF (MDY) and -0.1% return for the HFRX Equity Hedge Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Upslope Capital discussed stocks like Ball Corporation (NYSE:BALL) in the Q3 2022 investor letter. Headquartered in Westminster, Colorado, Ball Corporation (NYSE:BALL) is an aluminum packaging products supplier. On October 18, 2022, Ball Corporation (NYSE:BALL) stock closed at $50.13 per share. One-month return of Ball Corporation (NYSE:BALL) was -6.99% and its shares lost 45.85% of their value over the last 52 weeks. Ball Corporation (NYSE:BALL) has a market capitalization of $15.756 billion.
Here is what Upslope Capital specifically said about Ball Corporation (NYSE:BALL) in its Q3 2022 investor letter:
“Ball Corporation (NYSE:BALL) is the largest global producer of beverage cans. I promptly exited our position following disappointing Q2 earnings. Upon entering the position, I noted the risk that the bev-can market had potentially over expanded in recent years. I believed the risk was manageable and unlikely to play out. Unfortunately, I was wrong: either the industry has indeed overextended itself or Ball is uniquely facing challenges. Neither is good for Ball shareholders. I would not normally let “one bad quarter” scare me out of a position. However, the messaging from Ball – CEO seemingly choking up while announcing results and layoffs, combined with a sharp cutback in capital returns (something BALL shareholders had long been accustomed to) – was crystal clear: this is not likely just a one or two quarter problem.”
Pixabay/Public Domain
Ball Corporation (NYSE:BALL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Ball Corporation (NYSE:BALL) at the end of the second quarter which was 37 in the previous quarter.
We discussed Ball Corporation (NYSE:BALL) in another article and shared Artisan Partners’ 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.
Suggested Articles:
- 14 Best Midcap Stocks To Buy Now
- 10 Best Weight Loss Stocks To Invest In
- 11 Best Dividend Aristocrats With High Yields
Disclosure: None. This article is originally published at Insider Monkey.