Here’s What Makes GasLog (GLOP) a Great Investment Pick
Tourlite Capital Management, an investment management firm, released its first quarter 2023 investor letter, a copy of which can be downloaded here. Tourlite Fund, LP Founder Class gained 1.0% for the first quarter of 2023. The fund has returned 6.1% since inception in April 2022, versus the -7.8% return of the S&P 500 and the -11.6% of the Russell 2000 for the same period. 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, Tourlite Capital Management mentioned GasLog Partners LP (NYSE:GLOP) and explained its insights for the company. Founded in 2014, GasLog Partners LP (NYSE:GLOP) is a Greece-based limited partnership company with a $454.2 million market capitalization. GasLog Partners LP (NYSE:GLOP) delivered a 28.98% return since the beginning of the year, while its 12-month returns are up by 50.44%. The stock closed at $8.59 per share on June 23, 2023.
Here is what Tourlite Capital Management has to say about GasLog Partners LP (NYSE:GLOP) in its Q1 2023 investor letter:
"GasLog is a Master Limited Partnership (MLP) that received a buyout offer from its General Partner. This was a common theme last year as initial offers were often raised anywhere from 2040%. On April 6th, GasLog raised its offer from $7.70 to $8.65, a mere 12% increase. While precedents are in the ballpark of ~8x EBITDA, the current offer represents 5.2x 2023 estimates and 5.9x 2024 estimates. We believe the current offer remains significantly below fair value and expect a higher bid from its General Partner.
At the current price of $8.65, Tourlite plans to vote against the deal and recommends other shareholders to do the same. On April 19, 2023, we sent a letter to the Board of Directors of GasLog to express our view. The full letter can be found on tourlitecapital.com."
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Our calculations show that GasLog Partners LP (NYSE:GLOP) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. GasLog Partners LP (NYSE:GLOP) was in 9 hedge fund portfolios at the end of the first quarter of 2023, compared to 9 funds in the previous quarter. GasLog Partners LP (NYSE:GLOP) delivered a 4.00% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
