Investment management company Ave Maria recently released its “Ave Maria Focused Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 12.84% compared to the S&P MidCap 400 Growth Index’s 5.05% return and the S&P 500 Index’s 7.50% return. The fund’s top holdings, as mentioned in the 2022 Annual Letter, continued strong operational performance in the first quarter. You can check the top 5 holdings of the fund to know its best picks in 2023.
Ave Maria Focused Fund highlighted stocks like GFL Environmental Inc. (NYSE:GFL) in the first quarter 2023 investor letter. Headquartered in Vaughan, Canada, GFL Environmental Inc. (NYSE:GFL) is a waste management and environmental services company. On June 7, 2023, GFL Environmental Inc. (NYSE:GFL) stock closed at $36.71 per share. One-month return of GFL Environmental Inc. (NYSE:GFL) was -2.42%, and its shares gained 20.24% of their value over the last 52 weeks. GFL Environmental Inc. (NYSE:GFL) has a market capitalization of $13.766 billion.
Ave Maria Focused Fund made the following comment about GFL Environmental Inc. (NYSE:GFL) in its Q1 2023 investor letter:
“The strong operational performance of the Fund’s top holdings noted in the 2022 Annual Letter continued in the first quarter. Additionally, several of the catalysts for improved investor sentiment mentioned in the same letter came to fruition. The catalysts include: GFL Environmental Inc. (NYSE:GFL) announcing the divestiture of some non-core assets, and eDreams’ reported earnings reflecting the continued transformation from a transaction-based business model to a subscription-based business model. The stock prices of GFL and eDreams were up during the quarter, 18% and 46% respectively. Overall, the combination of strong operating performance and improving investor sentiment led to outperformance versus the Fund’s index.”
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GFL Environmental Inc. (NYSE:GFL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held GFL Environmental Inc. (NYSE:GFL) at the end of first quarter 2023 which was 30 in the previous quarter.
We discussed GFL Environmental Inc. (NYSE:GFL) in another article and shared Ave Maria Focused Fund’s views on the company in the previous quarter. 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.