Here’s Why Evermore Global Value Fund Invested in DHT Holdings (DHT)
Evermore Global Value Fund, managed by Evermore Global Advisors, an investment advisor, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 8.27%, outperforming the MSCI All Country ex U.S. Index that returned 6.87% for the same period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Evermore Global Value Fund highlighted stocks like DHT Holdings, Inc. (NYSE:DHT) in the first quarter 2023 investor letter. Headquartered in Hamilton, Bermuda, DHT Holdings, Inc. (NYSE:DHT) owns and operates crude oil tankers. On June 12, 2023, DHT Holdings, Inc. (NYSE:DHT) stock closed at $8.28 per share. One-month return of DHT Holdings, Inc. (NYSE:DHT) was 0.49%, and its shares gained 46.03% of their value over the last 52 weeks. DHT Holdings, Inc. (NYSE:DHT) has a market capitalization of $1.35 billion.
Evermore Global Value Fund made the following comment about DHT Holdings, Inc. (NYSE:DHT) in its first quarter 2023 investor letter:
"The Fund ended the quarter with two new positions – DHT Holdings, Inc. (NYSE:DHT) and Stainless Tankers ASA (STST NO; Norway). Below please find a summary of our investment in DHT Holdings.
Starting this past January, we initiated our investment in DHT Holdings, Inc. (DHT US), a $1.7 billion market cap, crude tanker operator primarily focused on the larger sized tanker vessels called Very Large Crude Carriers (“VLCC”). Founded in 2005, DHT is one of the leading global crude tanker operators with a fleet of 23 VLCCs which has a total carrying capacity of 7.2 million DWT.
We have been closely monitoring DHT since the Fund’s first in-depth foray into the shipping sector in late 2015 / early 2016. Over the years, we have observed DHT’s various milestones including Frontline’s all-share offer for DHT in 2016 (the Fund previously owned Frontline). DHT ultimately rejected Frontline’s offer and instead DHT acquired 11 VLCCs from BW Group in 2017. As part of the transaction, BW Group became a significant holder with a 33.5% stake at that time and BW Group continues to own almost 16% of DHT today. BW Group is the family-controlled holding company for the Sohmen-Pao family, who is well-regarded operator and savvy investor in the maritime industry. It should be noted that the BW Group is also an anchor shareholder in another Fund investment, Cadeler, the offshore wind installation vessel operator…” (Click here to read the full text)
Kanok Sulaiman/Shutterstock.com
DHT Holdings, Inc. (NYSE:DHT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held DHT Holdings, Inc. (NYSE:DHT) at the end of first quarter 2023 which was 25 in the previous quarter.
We discussed DHT Holdings, Inc. (NYSE:DHT) in another article and shared the list of oil tanker stocks that pay dividends. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
