Investment management firm Voss Capital has released its investor letter for the third quarter of 2022. A copy of the same can be downloaded here. Boss Capital funds Boss Value Fund LP and Boss Value Offshore Fund Limited returned +1.7% and +1.3% respectively in the third quarter, while the Russell 2000 Index returned -2.2% and -4.6%. . For the Russell 2000 Value Index, the return for the S&P 500 Index is -4.9%. Plus, check out the fund’s top 5 holdings to discover our best picks for 2022.
Voss Capital highlighted stocks such as Griffon Corporation (NYSE:GFF) in its Q3 2022 investor letter. Headquartered in New York, NY, Griffon Corporation (NYSE:GFF) offers consumer, professional and homebuilder products. On December 7, 2022, Griffon Corporation (NYSE: GFF) stock closed at $34.74 per share. His one-month return for Gryphon Corporation (NYSE:GFF) was 2.54% for him, and the stock has lost 27.96% in value over the past 52 weeks. Griffon Corporation (NYSE:GFF) has a market capitalization of $1,982 million.
Voss Capital made the following comments about Griffon Corporation (NYSE:GFF) in its Q3 2022 investor letter:
“Griffon Corporation (NYSE:GFF) still maintains oversized long positions in about 20% of its funds.
Their consumer and professional products (tools) segment, CPP, is expected to continue this year as retailer overstocks, generally poor weather during the peak gardening season, and input costs topping the roof. continues to betray We assume his CPP valuation for a single sale is only $950 million. This is a 50% discount on the cumulative total paid to various businesses since 2010.
More importantly, GFF’s more valuable garage door segment continues to perform surprisingly well. Still growing 47%, his EBITDA for the full year 2022 is more than 100% above expectations at the start of the year. No demand collapse. And in contrast to the strong skepticism and resistance we’ve heard throughout the year, HBP’s EBITDA margin is 31% and continues to climb. Initial guidance in 2023 on “gradual EBITDA decline” suggesting recent HBP EBITDA gains are relatively sustainable should ease concerns of potential acquirers and We believe it will greatly increase your chances of getting a favorable rating…” (Click here to read the full story)
Copyright: Kurhan / 123RF Stock Photo
Gryphon Corporation (NYSE:GFF) isn’t on the list of the 30 most popular hedge funds. According to our database, 26 hedge fund portfolios held Griffon Corporation (NYSE:GFF) at the end of the third quarter, compared with 21 last quarter.
In another article, we covered Griffon Corporation (NYSE:GFF) and shared the best stocks to buy under $50. Additionally, for investor letters from hedge funds and other key investors, please visit our Hedge Fund Investor Letters for Q3 2022 page.
Disclosure: None. This article was originally published on Insider Monkey.