雅虎香港財經 Higher Interest Rates Impacted Brookfield Renewable Corporation (BEPC) in Q4
Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 8.78% net compared to a 7.43% return for the Russell 2500 Index. Furthermore, the fund underperformed its secondary benchmark, the Russell 2500 Value Index, which returned 9.21%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Contrarian Fund highlighted stocks like Brookfield Renewable Corporation (NYSE:BEPC) in its Q4 2022 investor letter. Headquartered in New York, New York, Brookfield Renewable Corporation (NYSE:BEPC) owns and operates renewable power and sustainable solution assets. On March 23, 2023, Brookfield Renewable Corporation (NYSE:BEPC) stock closed at $31.55 per share. One-month return of Brookfield Renewable Corporation (NYSE:BEPC) was 12.08%, and its shares lost 23.76% of their value over the last 52 weeks. Brookfield Renewable Corporation (NYSE:BEPC) has a market capitalization of $5.434 billion.
Meridian Contrarian Fund made the following comment about Brookfield Renewable Corporation (NYSE:BEPC) in its Q4 2022 investor letter:
"Brookfield Renewable Corporation (NYSE:BEPC) operates one of the world’s largest renewable power platforms with a global portfolio featuring hydroelectric, solar, and wind projects along with other assets. We became Brookfield Renewable shareholders in 2020 when the company bought a holding of ours, TerraForm Power, and the acquisition generated significant returns for the Fund. We remained shareholders post-merger because we believed Brookfield Renewable was a well-managed company with excellent assets and strong growth prospects trading at a reasonable valuation. We believe these characteristics still hold and the decline in the stock during the quarter was driven mainly by concerns that higher interest rates could have a negative impact on industry growth due to higher financing costs and restricted access to capital. While these concerns are valid, we believe they are short-term in nature and that Brookfield Renewable’s financial strength and management acumen will allow it to benefit from opportunities created by weaker competitors to drive outsized future growth. In the meantime, the company offers an attractive dividend yield. We retained a significant position during the quarter, although we liquidated some of our shares."
Brookfield Renewable Corporation (NYSE:BEPC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
