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Merion Road Capital, an investment advisor, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Merion Road Small Cap Fund fell 1.6% compared to a 2.7% return for the Russell 2000 Index and 2.7% for the Barclay Hedge Fund Index. Furthermore, MRCM Long Only Large Cap returned 14% compared to a 7.4% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Merion Road Capital highlighted stocks like WESCO International, Inc. (NYSE:WCC) in the first quarter 2023 investor letter. WESCO International, Inc. (NYSE:WCC) is a supply chain solutions provider headquartered in Pittsburgh, Pennsylvania. On April 21, 2023, WESCO International, Inc. (NYSE:WCC) stock closed at $142.10 per share. One-month return of WESCO International, Inc. (NYSE:WCC) was 0.27%, and its shares gained 13.27% of their value over the last 52 weeks. WESCO International, Inc. (NYSE:WCC) has a market capitalization of $7.283 billion.
Merion Road Capital made the following comment about WESCO International, Inc. (NYSE:WCC) in its Q1 2023 investor letter:
"I started buying WESCO International, Inc. (NYSE:WCC) at the end of last year. I continued adding this year and have made it a mid-level position. WCC is a $23bn distributor of electrical, communications, and utility products. They completed the acquisition of Anixter in 2020, which doubled the size of the company and gave them exposure to higher-growth end markets. By all accounts, this acquisition has been a homerun. Cross-selling synergies initially targeted at $170mm hit over $700mm by end of 2022 and management is currently targeting $1.2bn. Similarly, cost savings set at $200mm within 3 years are expected to reach over $300mm in 2023.