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Nordstern Capital, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The firm believes that a long-term mindset and short-term cash flows will help to sustain in the current environment of risk and potential black swans. You can check the top 5 holdings of the fund to know its best picks in 2023.
Nordstern Capital highlighted stocks like Algoma Steel Group Inc. (NASDAQ:ASTL) in the first quarter 2023 investor letter. Headquartered in Sault Ste. Marie, Canada, Algoma Steel Group Inc. (NASDAQ:ASTL) produces and sells steel products. On June 8, 2023, Algoma Steel Group Inc. (NASDAQ:ASTL) stock closed at $7.80 per share. One-month return of Algoma Steel Group Inc. (NASDAQ:ASTL) was 9.55%, and its shares lost 9.30% of their value over the last 52 weeks. Algoma Steel Group Inc. (NASDAQ:ASTL) has a market capitalization of $815.708 million.
Nordstern Capital made the following comment about Algoma Steel Group Inc. (NASDAQ:ASTL) in its Q1 2023 investor letter:
“Algoma Steel Group Inc. (NASDAQ:ASTL): (ASTL, share price increased + 28% in 1Q 2023)
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Algoma Steel Group Inc. (NASDAQ:ASTL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Algoma Steel Group Inc. (NASDAQ:ASTL) at the end of first quarter 2023 which was 34 in the previous quarter.
We discussed Algoma Steel Group Inc. (NASDAQ:ASTL) in another article and shared the list of best small-cap value stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.