Here’s Why White Brook Capital Exited Itron (ITRI)
White Brook Capital Partners, an investment management firm, released its first-quarter investor letter. The same can be downloaded here. In the first quarter, the fund underperformed and was down 2.33% compared to the Midcap 400 Index’s 3.81% and the S&P 500 Index’s 7.49% returns. In January and February, the portfolio performed well, however, it suffered banking sector declines later. In addition, please check the fund’s top five holdings to know its best picks in 2023.
White Brook Capital highlighted stocks like Itron, Inc. (NASDAQ:ITRI) in the first quarter 2023 investor letter. Headquartered in Liberty Lake, Washington, Itron, Inc. (NASDAQ:ITRI) is a technology and service company. On April 21, 2023, Itron, Inc. (NASDAQ:ITRI) stock closed at $52.37 per share. One-month return of Itron, Inc. (NASDAQ:ITRI) was 2.05%, and its shares gained 10.86% of their value over the last 52 weeks. Itron, Inc. (NASDAQ:ITRI) has a market capitalization of $2.378 billion.
White Brook Capital made the following comment about Itron, Inc. (NASDAQ:ITRI) in its Q1 2023 investor letter:
"During the quarter, the Firm exited its position in Itron, Inc. (NASDAQ:ITRI) as it became clearer that despite growth and a better business model, the Company suffered from a management-agency problem that, despite solid end-market dynamics, would result in poorer than-expected free cash flow. This exit was years ahead of expectations, and while it was a moderately profitable investment, the early exit was a surprise and a disappointment."
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Itron, Inc. (NASDAQ:ITRI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Itron, Inc. (NASDAQ:ITRI) at the end of the fourth quarter which was 18 in the previous quarter.
We discussed Itron, Inc. (NASDAQ:ITRI) in another article and shared White Brook Capital's views on the company in the previous quarter. 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.
