What Makes FTAI Infrastructure (FIP) an Attractive Opportunity?
Tourlite Capital Management, an investment management firm, released its fourth quarter 2023 investor letter, a copy of which can be downloaded here. Tourlite Fund, LP Founder Class returned 1.1% for Q4 2023 and 8.8% for the year. Since its inception in April 2022, the fund returned 14.3% compared to 8.4%, and 0.5% returns for the S&P 500 and Russell 2000 indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Tourlite Capital Management featured stocks such as FTAI Infrastructure Inc. (NASDAQ:FIP) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, FTAI Infrastructure Inc. (NASDAQ:FIP) offers infrastructure and equipment for transportation. On February 13, 2024, FTAI Infrastructure Inc. (NASDAQ:FIP) stock closed at $4.17 per share. One-month return of FTAI Infrastructure Inc. (NASDAQ:FIP) was 20.14%, and its shares gained 30.03% of their value over the last 52 weeks. FTAI Infrastructure Inc. (NASDAQ:FIP) has a market capitalization of $424.824 million.
Tourlite Capital Management made the following regarding FTAI Infrastructure Inc. (NASDAQ:FIP) in its fourth quarter 2023 investor letter:
"FTAI Infrastructure Inc. (NASDAQ:FIP) remains an attractive and overlooked opportunity. The priority this year will be to redeem the preferred stock, followed by the refinancing of the 10.5% holding company debt. With Jefferson Terminal steadily increasing throughput volumes from signed contracts, we anticipate the potential sale of Jefferson Terminal this year. The tax-free proceeds from this sale would go towards redeeming the preferred, marking the initial step in unlocking the value embedded in the Transtar asset, which we believe exceeds the current market cap of FIP."
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FTAI Infrastructure Inc. (NASDAQ:FIP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held FTAI Infrastructure Inc. (NASDAQ:FIP) at the end of third quarter which was 15 in the previous quarter.
We discussed FTAI Infrastructure Inc. (NASDAQ:FIP) in another article and shared Tourlite Capital's views on the company in the previous quarter. 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.
