Investment management company Maran Capital Management recently released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. Maran Partners Fund returned -0.2%, net of all fees and expenses in the quarter. The management is disappointed with the fund’s performance in the quarter. Year to date, the fund returned -25.4%, similar to broader indices. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Maran Capital discussed stocks like APi Group Corporation (NYSE:APG) in the Q3 2022 investor letter. Headquartered in New Brighton, Minnesota, APi Group Corporation (NYSE:APG) is a safety and specialty services provider that operates through Safety Services, Specialty Services, and Industrial Services segments. On November 2, 2022, APi Group Corporation (NYSE:APG) stock closed at $15.77 per share. One-month return of APi Group Corporation (NYSE:APG) was 9.29% and its shares lost 31.32% of their value over the last 52 weeks. APi Group Corporation (NYSE:APG) has a market capitalization of $3.687 billion.
Maran Capital made the following comment about APi Group Corporation (NYSE:APG) in its Q3 2022 investor letter:
“We have owned APi Group Corporation (NYSE:APG) shares for over two years, having initially purchased our position during the first half of 2020 (during Covid). Recent additional purchases moved it into our top five positions.
API Group is a holding company for a group of safety, engineering, and industrial services businesses operating globally, with roots dating back to 1926. The company is a market leader in a number of niche industries (fire safety, specialty contracting) and in many countries in which it operates. It has significant recurring revenue and is capital light. I believe that API’s management are good operators and capital allocators.
API Group had an interesting path to being a publicly traded US stock. Its life began as a UK-domiciled special purpose acquisition company (SPAC). Following the de-SPACing merger, shares were de-listed in the UK and began to trade on the OTC Marketplace “pink sheets” in the US. Combine this non-standard path to market, non-standard trading marketplace, and the Covid-related market decline, and it should come as no surprise that APG “broke” its listing price, ultimately trading as low as the mid-single digits…” (Click here to read the full text)
Photo by APi Group Corporation (NYSE:APG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of the second quarter which was 31 in the previous quarter.
We discussed APi Group Corporation (NYSE:APG) in another article and shared the best stocks to buy according to billionaire Andreas Halvorsen. In addition, please check out our hedge fund investor letters Q3 2022 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.