Blue Tower Asset Management, an asset management company, released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned 13.78% net in the first quarter exceeding the broad market index’s gain so far this year. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Blue Tower Asset Management featured stocks like Berry Global Group, Inc. (NYSE:BERY) in its Q1 2024 investor letter. Headquartered in Evansville, Indiana, Berry Global Group, Inc. (NYSE:BERY) manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets. On April 24, 2024, Berry Global Group, Inc. (NYSE:BERY) stock closed at $56.91 per share. One-month return of Berry Global Group, Inc. (NYSE:BERY) was -5.90%, and its shares gained 0.46% of their value over the last 52 weeks. Berry Global Group, Inc. (NYSE:BERY) has a market capitalization of $6.597 billion.
Blue Tower Asset Management stated the following regarding Berry Global Group, Inc. (NYSE:BERY) in its first quarter 2024 investor letter:
“On the other extreme are the “boring” companies. These companies are boring not because their products or services are necessarily boring. Rather, this refers to them being a stable, defensible company with limited potential upside. On average, these companies tend to be undervalued and give superior returns when compared with “lottery ticket” stocks. Companies that produce consumer staples that are insensitive to the market cycle are an example of these boring, low volatility companies. Low volatility stock returns tend to be higher than high volatility stock returns even though we would expect the opposite from the efficient market hypothesis6. An example of a company that fits this model from our portfolio is the plastics manufacturer, Berry Global Group, Inc. (NYSE:BERY). Berry is the low-cost producer of plastic packaging in the United States. As the dominant, mature company in a slow-growth industry, there is relatively little chance of a dramatic short-term growth in the company’s stock. However, the company trades at a very cheap valuation and has been steadily profitable and growing over the past decade. With our expectations for its forward rate of return, we believe Berry makes a great contribution to the portfolio even if it may be “boring”.”
A team of factory workers packaging items in a modern factory.
Berry Global Group, Inc. (NYSE:BERY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Berry Global Group, Inc. (NYSE:BERY) was held by 43 hedge fund portfolios, compared to 40 in the previous quarter, according to our database.
We previously discussed Berry Global Group, Inc. (NYSE:BERY) in another article, where we shared the list of best materials stocks to buy in 2024. In addition, please check out our hedge fund investor letters Q1 2024 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.