Palm Valley Capital Management, an investment management firm, released its fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Palm Valley Capital Fund returned 3.86% compared to a 9.19% rise for the S&P SmallCap 600 Index and an 8.05% return for the Morningstar Small Cap Index. A large cash position led the fund to underperform its benchmark index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Palm Valley Capital highlighted stocks like Miller Industries, Inc. (NYSE:MLR) in its Q4 2022 investor letter. Headquartered in Ooltewah, Tennessee, Miller Industries, Inc. (NYSE:MLR) is a towing and recovery equipment manufacturer. On January 6, 2023, Miller Industries, Inc. (NYSE:MLR) stock closed at $27.44 per share. One-month return of Miller Industries, Inc. (NYSE:MLR) was 0.55%, and its shares lost 18.58% of their value over the last 52 weeks. Miller Industries, Inc. (NYSE:MLR) has a market capitalization of $313.274 million.
Palm Valley Capital made the following comment about Miller Industries, Inc. (NYSE:MLR) in its Q4 2022 investor letter:
“The three positions contributing most to the Fund’s fourth quarter performance were the Sprott Physical Silver Trust (ticker: PSLV), Oil Dri, and Miller Industries, Inc. (NYSE:MLR). Miller Industries, for example, will have raised its tow truck prices by nearly one-third from the beginning of 2021 through January 2023. Miller Industries, which has also pushed through significant pricing, has seen a partial recovery in margins this year.”
Miller Industries, Inc. (NYSE:MLR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Miller Industries, Inc. (NYSE:MLR) at the end of the third quarter which was 10 in the previous quarter.
We discussed Miller Industries, Inc. (NYSE:MLR) in another article and shared Palm Valley Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.