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Miller Value Partners, an investment management firm, published its “Miller Income Strategy” fourth quarter 2021 investor letter – a copy of which can be downloaded here. The Miller Income Fund (Class I) returned 2.30% in the fourth quarter of 2021 versus 0.66% for its benchmark, the ICE BofA US High Yield Index. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
Miller Value Partners Income Strategy, in its Q4 2021 investor letter, mentioned The Chemours Company (NYSE: CC) and discussed its stance on the firm. The Chemours Company is a Wilmington, Delaware-based chemicals company with a $5.5 billion market capitalization. CC delivered a -2.55% return since the beginning of the year, while its 12-month returns are up by 138.16%. The stock closed at $33.81 per share on February 2, 2022.
Here is what Miller Value Partners Income Strategy has to say about The Chemours Company in its Q4 2021 investor letter:
"The Chemours Co (CC) rose 16.4% over the period after reporting Q3 revenue of $1.68Bn, +36% Y/Y and +4% ahead of consensus driven by 25% volume growth while pricing added +11%. Earnings Before Income, Taxes, Depreciation, and Amortization (EBITDA) of $372M rose +77% and beat estimates by 9% as higher top-line results more than offset incremental cost headwinds. Chemours raised FY21 guidance, including EBITDA of $1.3Bn-$1.34Bn (from $1.1Bn-$1.25Bn), Earnings Per Share (EPS) of $3.93-$4.13 (from $2.84-$3.56), and free cash flow (FCF) of at least $500M (from >$450M). Additionally, Chemours announced the closing of the previously announced sale of the Mining Solutions business for $520M."
Our calculations show that The Chemours Company (NYSE: CC) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. CC was in 38 hedge fund portfolios at the end of the third quarter of 2021, compared to 24 funds in the previous quarter. The Chemours Company (NYSE: CC) delivered a 37.93% return in the past 3 months.
In November 2021, we also shared another hedge fund’s views on CC in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.