Bonhoeffer Capital Management, an investment management firm, released its first quarter 2023 investor letter, a copy of which can be downloaded here. In its first quarter letter, the fund mentioned its main country exposures are South Korea, the United States, the United Kingdom, South Africa, the Philippines, and Latin America. Notably, the fund has significant industry exposures in telecom/media, real estate/infrastructure, and consumer products. The fund is targeting sectors within the chemicals, leasing, distributors, housing, and specialty finance sectors. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q1 2023 investor letter, Bonhoeffer Capital Management mentioned United Rentals, Inc. (NYSE:URI) and explained its insights for the company. Founded in 1997, United Rentals, Inc. (NYSE:URI) is a Stamford, Connecticut-based equipment rental company with a $27.7 billion market capitalization. United Rentals, Inc. (NYSE:URI) delivered a 13.78% return since the beginning of the year, while its 12-month returns are up by 62.87%. The stock closed at $404.38 per share on June 23, 2023.
Here is what Bonhoeffer Capital Management has to say about United Rentals, Inc. (NYSE:URI) in its Q1 2023 investor letter:
“URI’s growth had been driven by earnings growth which has increased by 18% per year over the past 10 years. Its buybacks have added about 3% per year and its multiple has contracted about 1% per year. Its total return has been 23% per year over the past 10 years. Over this period of time, URI’s RoE has increased from 9% to 33%, and the business has become a better business. One uncertainty for URI is the extent of future acquisitions, since acquisitions have driven 50% of the growth.”
Our calculations show that United Rentals, Inc. (NYSE:URI) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. United Rentals, Inc. (NYSE:URI) was in 54 hedge fund portfolios at the end of the first quarter of 2023, compared to 53 funds in the previous quarter. United Rentals, Inc. (NYSE:URI) delivered a 9.06% return in the past 3 months.
Earlier this year, we also discussed United Rentals, Inc. (NYSE:URI) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.
Source : Yahoo!Finance
