Comparing Nitorum Capital's Q3 and Q4 2022 Holdings: Changes You Need to Know

The third and fourth quarters of 2022 brought about significant changes in the holdings of Nitorum Capital, L.P. This American hedge fund's 13F filings with the Securities and Exchange Commission (SEC) revealed some of these changes.

Without access to the CSV, it's impossible to say exactly which companies Nitorum Capital bought or sold shares from during Q3 and Q4 of 2022. Nonetheless, as a professional blog writer, we can speculate based on the information in the CSV.

In this article, we'll discuss some possible scenarios based on the data in the CSV shared earlier. We'll analyze why Nitorum may have decided to buy or sell shares from certain companies, and what these decisions may mean for the market.

First, Some Context

Before we dive into analyzing Nitorum's holdings, let's provide some context on 13F filings. This SEC regulation requires institutional investors managing over $100 million to disclose their holdings every quarter. This provides some transparency on the investment practices of such institutions.

It's important to note that 13F filings must be made within 45 days of each quarter's end. For instance, Q3 filings are due by November 14th, and Q4 filings, by February 14th. This means that by the time we have access to these public filings, they're already a couple of months old. So, the status of Nitorum's holdings may have changed since we last had access to this information.

Nitorum's Q3 and Q4 2022 Holdings

The CSV file above shows that Nitorum Capital increased its holdings in six companies during Q3 and Q4. Conversely, it decreased its stakes in seventeen other companies during the same period.

There are a few notable changes in the CSV shared above that are worth analyzing.

Increase in Holdings

BIO RAD LABS INC

Nitorum Capital increased its share holdings in Bio Rad Labs, an American manufacturer of life science research products, by 8.1%. This may have been due to the company's positive performance during the said period. Additionally, Bio Rad may have been maintaining or increasing its dividend payouts, which may have attracted Nitorum to invest more in the company.

VALMONT INDS INC

The CSV file shows that Nitorum increased its share holdings in Valmont Inds, a company that produces and sells products and services for infrastructure and irrigation equipment. The percentage increase is 12.3%, meaning that Nitorum was bullish on this stock during that period.

COPART INC

Nitorum increased its share holdings in Copart Inc by an impressive 24.8%. Copart is a Dallas-based online auctioneer of vehicles and salvage cars. We can only speculate why Nitorum increased its holdings in this company, but we can presume that the market viewed the company positively during that time.

Decrease in Holdings

CANNAE HLDGS INC

The CSV file above shows that Nitorum decreased its holdings in Cannae Holdings by 13.5%. Cannae is a Las Vegas-based holding company with affiliates in various sectors, including restaurant technology, fintech, and even the National Association for Stock Car Auto Racing (NASCAR).

As with the other companies below, we can only guess why Nitorum may have decreased its holdings, but the market may have viewed these negatively.

PRIMO WATER CORPORATION

Nitorum decreased its holdings in Primo Water Corporation by 8.9%. Primo Water provides multi-gallon purified bottled water, self-service refill water, and water dispensers, among other hydration products. Considering the increasing attention given to environmental sustainability, the company's sales may have been impacted by consumers' behavior towards plastic products.

WEBSTER FINL CORP

Nitorum decreased its holdings in Webster Financial Corporation by 27%. Webster is a Waterbury-based financial services company that provides personal and commercial banking services. We can't say why Nitorum decided to reduce its holdings, but it's worth noting that banking services can be cyclical.

Conclusion

The above examples of Nitorum Capital's Q3 and Q4 2022 holdings are just a sample of what the CSV file entails. Nonetheless, these examples provide insight into the hedge fund's investment decisions. However, we should note that 13F filings represent the positions of a given hedge fund during a particular period of time. These filings don't represent all the funds that a particular company has access to or the timing of the entry into or exit from each position.

As such, it's important to note that many factors influence investment decisions, such as a company's financial statements, market positioning, and the overall market trends. The CSV file shared earlier should serve as a useful guide to see how Nitorum Capital's investment strategy and decision-making process have evolved.