LRT Capital Management, an investment management firm, released its October 2022 investor letter. A copy of the same can be downloaded here. The results in October were excellent, and its LRT Economic Moat strategy returned 7.38%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
LRT Capital discussed stocks like Public Storage (NYSE:PSA) in the investor letter. Headquartered in Glendale, California, Public Storage (NYSE:PSA) is an REIT that operates self-storage facilities. On November 17, 2022, Public Storage (NYSE:PSA) stock closed at $289.38 per share. One-month return of Public Storage (NYSE:PSA) was -1.27%, and its shares lost 13.84% of their value over the last 52 weeks. Public Storage (NYSE:PSA) has a market capitalization of $50.967 billion.
LRT Capital made the following comment about Public Storage (NYSE:PSA) in its October investor letter:
“Public Storage (NYSE:PSA) is the largest self-storage REITs. The company acquires and develops self-storage facilities and currently owns or manages over 2,7000 properties and is extremely well diversified across the United States. The company was founded in 1972 and IPOed in 1980. We have long admired the company’s ability to grow and maintain high occupancy. We purchased our position after a recent pullback in the company’s share price. We also hold a small position in Extra Space Storage Inc. (EXR), for the same reasons.
The business is largely recession proof with predictable revenues that grow every year due to rent increases, operating efficiencies and new sites. Typical reasons for using a self-storage facility include deaths, divorces, downsizing as well as birth and marriages – things that happen all the time, regardless of the economy. The company can continue to grow through consolidation as the self-storage market is still dominated by mom-n-pop operators. By acquiring underperforming assets and improving operations the company creates incremental shareholder value.…” (Click here to read the full text)
Public Storage (NYSE:PSA) is in not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Public Storage (NYSE:PSA) at the end of the third quarter which was 33 in the previous quarter.
We discussed Public Storage (NYSE:PSA) in another article and shared the list of boring stocks that make money. 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.