TravelCenters of America (TA) Jumped on Acquisition Announcement
Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” first-quarter 2023 investor letter, a copy of which can be downloaded here. In the first quarter, the fund was flat on a net basis (-0.06%) compared to R2000V’s decline of -0.7% and R2500V’s rise of +1.4%. Financials was the leading contributor towards the fund’s relative performance in the quarter with positive stock selection while Health Care and Information Technology detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Bernzott Capital Advisors US Small Cap Value Fund highlighted stocks like TravelCenters of America Inc. (NASDAQ:TA) in the first quarter 2023 investor letter. Headquartered in Westlake, Ohio, TravelCenters of America Inc. (NASDAQ:TA) operates and franchises travel centers and convenience stores. On April 24, 2023, TravelCenters of America Inc. (NASDAQ:TA) stock closed at $86.70 per share. One-month return of TravelCenters of America Inc. (NASDAQ:TA) was 0.74%, and its shares gained 137.40% of their value over the last 52 weeks. TravelCenters of America Inc. (NASDAQ:TA) has a market capitalization of $1.309 billion.
Bernzott Capital Advisors US Small Cap Value made the following comment about TravelCenters of America Inc. (NASDAQ:TA) in its Q1 2023 investor letter:
"Consumer Discretionary contributed positively due to the 80.6% gain in TravelCenters of America Inc. (NASDAQ:TA). We initiated the position early in the quarter, finding appeal in enhanced earnings power from internal management initiatives such as upgraded IT systems, better execution in the non-fuel part of the business, and franchising opportunities for capital-light expansion. The stock jumped in February when BP agreed to acquire the company for cash at a significant premium."
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TravelCenters of America Inc. (NASDAQ:TA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held TravelCenters of America Inc. (NASDAQ:TA) at the end of the fourth quarter which was 19 in the previous quarter.
We discussed TravelCenters of America Inc. (NASDAQ:TA) in another article and shared the list of high growth retail stocks that are profitable. In addition, please check out our hedge fund investor letters Q1 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.
