McIntyre Partnerships, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. McIntyre Partnerships’ returns for YE 2023 were around 48% gross and 38% net. This is compared to a 15% return on the Russell 2000 Value index, which includes dividends. Its five-year return CAGR is 21% net, with 16% net returns since inception, compared to the Russell 2000 Value’s 10% and 6%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
McIntyre Partnerships featured stocks such as Garrett Motion Inc. (NASDAQ:GTX) in the fourth quarter 2023 investor letter. Headquartered in Rolle, Switzerland, Garrett Motion Inc. (NASDAQ:GTX) designs and manufactures turbocharger and electric-boosting technologies. On January 29, 2024, Garrett Motion Inc. (NASDAQ:GTX) stock closed at $8.84 per share. One-month return of Garrett Motion Inc. (NASDAQ:GTX) was -6.75%, and its shares gained 10.50% of their value over the last 52 weeks. Garrett Motion Inc. (NASDAQ:GTX) has a market capitalization of $2.143 billion.
McIntyre Partnerships stated the following regarding Garrett Motion Inc. (NASDAQ:GTX) in its fourth quarter 2023 investor letter:
“In addition, two long-held investments, Garrett Motion Inc. (NASDAQ:GTX) and MSGE/SPHR, had positive news during the year and were significant contributors to our overall gains. GTX announced a substantial one-time preferred dividend along with the conversion of the preferred shares, which we primarily owned, while simultaneously repurchasing roughly a quarter of the overall shares outstanding from the controlling shareholders. I view both events favorably and discuss GTX later in the letter.
At quarter end, our exposures are 102% long, 6% short, and 96% net. Our five largest positions are SHC, OSW, GTX, record labels, and STHO/SAFE, and account for roughly 80% of assets.
I have written on GTX many times previously, and I will not bore partners with a rehash. Instead, I want to focus on the significant slowdown in battery electric vehicles (BEV) growth…” (Click here to read the full text)
A close up of an engine piston with a commercial turbocharger attached.
Garrett Motion Inc. (NASDAQ:GTX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Garrett Motion Inc. (NASDAQ:GTX) at the end of third quarter which was 35 in the previous quarter.
We discussed Garrett Motion Inc. (NASDAQ:GTX) in another article and shared the list of best value stocks picked by Seth Klarman to buy heading into 2024. In addition, please check out our hedge fund investor letters Q4 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.