Should You Exit Air Transport Services Group (ATSG)?
Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” second-quarter 2023 investor letter, a copy of which can be downloaded here. In the second quarter, the portfolio gained +1.7% (net) lagging behind R2000V’s +3.2% gain and R2500V’s +4.4% increase. In the quarter, quality factors were under pressure. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Bernzott Capital Advisors highlighted stocks like Air Transport Services Group, Inc. (NASDAQ:ATSG) in the second quarter 2023 investor letter. Headquartered in Wilmington, Ohio, Air Transport Services Group, Inc. (NASDAQ:ATSG) is an aircraft leasing, and air cargo transportation and related services provider. On July 20, 2023, Air Transport Services Group, Inc. (NASDAQ:ATSG) stock closed at $20.15 per share. One-month return of Air Transport Services Group, Inc. (NASDAQ:ATSG) was 8.22%, and its shares lost 31.25% of their value over the last 52 weeks. Air Transport Services Group, Inc. (NASDAQ:ATSG) has a market capitalization of $1.466 billion.
Bernzott Capital Advisors made the following comment about Air Transport Services Group, Inc. (NASDAQ:ATSG) in its second quarter 2023 investor letter:
"Air Transport Services Group, Inc. (NASDAQ:ATSG): The company’s elevated capital spending plans through next year extend its heavy capex cycle and will impede a free cash flow recovery. As a result, we exited the position."
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Air Transport Services Group, Inc. (NASDAQ:ATSG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Air Transport Services Group, Inc. (NASDAQ:ATSG) at the end of first quarter which was 20 in the previous quarter.
We discussed Air Transport Services Group, Inc. (NASDAQ:ATSG) in another article and shared Bernzott Capital Advisors' views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
