Here’s Why GFL Environmental (GFL) Rose in Q2
Investment management company Ave Maria recently released its “Ave Maria Focused Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 9.86% compared to the S&P MidCap 400 Growth Index’s 8.74% return. Year-to-date the fund returned 23.96% compared to the 10.46% return for the index. You can check the top 5 holdings of the fund to know its best picks in 2023.
Ave Maria Focused Fund highlighted stocks like GFL Environmental Inc. (NYSE:GFL) in the second quarter 2023 investor letter. Headquartered in Vaughan, Canada, GFL Environmental Inc. (NYSE:GFL) offers non-hazardous solid waste management and environmental services. On September 19, 2023, GFL Environmental Inc. (NYSE:GFL) stock closed at $33.59 per share. One-month return of GFL Environmental Inc. (NYSE:GFL) was 0.18%, and its shares gained 20.22% of their value over the last 52 weeks. GFL Environmental Inc. (NYSE:GFL) has a market capitalization of $12.4 billion.
Ave Maria Focused Fund made the following comment about GFL Environmental Inc. (NYSE:GFL) in its Q2 2023 investor letter:
"GFL Environmental Inc. (NYSE:GFL) is the fifth-largest position and was up 32.8% YTD. GFL has closed two of three announced transactions for the divesture of non-core assets. The closing of the third transaction is expected imminently, which will allow the company to deleverage as planned. The operational performance of GFL continues to be impressive since its IPO in 2020."
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GFL Environmental Inc. (NYSE:GFL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held GFL Environmental Inc. (NYSE:GFL) at the end of second quarter which was 21 in the previous quarter.
We discussed GFL Environmental Inc. (NYSE:GFL) in another article and shared the list of oversold Canadian stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
