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The mass portion was excerpted from this money letter.
Curreen Capital: All positions super than 5% of the fund
Advantage Solutions (ADV)
Advantage Solutions entireness with brands and stores to delude products finished stores. The consort is digit of the maximal managers of in-store distribution programs in the U.S. (for example, would you same to essay this newborn sort of: cheese/chips/dip/etc.) Advantage Solutions was a SPAC-merger rank in Oct 2020. Advantage Solutions is a top reddened playing that earns broad returns on capital. It has a meaning debt load, though the debt lacks heavy covenants and does not become cod for individual years. Advantage Solutions uses its liberated modify line to move debt and take small competitors. The consort currently trades at an captivating upside-to-downside ratio.
Credit Acceptance (CACC)
Credit Acceptance is a subprime machine lender, sanctioning subprime borrowers to take vehicles from utilised automobile dealerships. The playing has profitably gained deal in a super and arduous mart for more than digit decades. Management allocates liberated modify line to ontogeny the playing and repurchasing shares at captivating prices. Credit Acceptance currently trades at an captivating upside-to-downside ratio.
Enhabit (EHAB)
Enhabit provides aid and hospice services in patients’ homes. The consort serves patients awninged by Medicare, Medicare Advantage, clannish Insurance and Medicaid – with reimbursement rates declining in that order, from the higher levels paying by Medicare to the modify levels paying by Medicaid. Enhabit was spun discover of Encompass Health in July 2022. Historically, the playing attained broad returns on top and grew both organically and finished acquisitions. The consort has struggled since the spinoff, with declining revenues and higher costs, which crowd it to repeatedly essay concordat comfort from its lenders. Enhabit currently trades at an captivating upside-to-downside ratio.
Frontdoor (FTDR)
Frontdoor sells bag assist plans to homeowners. The consort contracts with HVAC and another contractors and dispatches them when customers hit problems with digit of their field bag appliances and systems (furnace, expose conditioning, refrigerator, electrical system, etc). Frontdoor spun discover of ServiceMaster in Oct 2018. Frontdoor serves most 2% of U.S. homes, and uses its liberated modify line to take organically, clear downbound debt, purchase shares, and more fresh – to start an app that connects assist experts with customers on a recording chat. Frontdoor currently trades at an captivating upside-to-downside ratio.
GetBusy (OTCPK:GETBF)
GetBusy provides online writing mercantilism systems-primarily for accountants. GetBusy spun discover of Reckon in August 2017, and has continuing to take since then. GetBusy does not take money, finance finished higher expenses to take its existing businesses and attempting to start newborn products. The inexplicit businesses are juicy and sustainable in the U.K. and U.S.
Nilörn Group (NILB:SS)
Nilorn designs and delivers tags and labels for dweller covering brands. The consort combines just-in-time conveying with calibre organisation that crapper elevate the customer’s products in the eyes of the modify consumer. Management uses liberated modify line to take the playing and clear a dividend. The company’s returns on top are most 30%. Nilorn currently trades at an captivating upside-to-downside ratio.
VF Corp (VFC)
VF Corp manages clothing brands, including Dickies, The North Face, Supreme, Timberland, and Vans. Under its preceding CEO, the company’s slummy top portion (including overpaying for Supreme and maintaining a too-high dividend after moving discover Kontoor) unnatural it to disrupt its help of using immoderateness liberated modify line to take beatific brands and control them well. The consort has today revilement its dividend (twice) to a commonsensible take and brought on a newborn CEO who has a road achievement of successfully motion around businesses. I conceive that the consort has beatific brands, the skills to control them well, and a direction aggroup that is righting the ship. VF Corp currently trades at an captivating upside-to-downside ratio.
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DISCLAIMER The aggregation contained herein regarding Curreen Capital Partners, LP (the “Fund”) is private and copyrighted and is witting exclusive for ingest by the recipient. The aggregation and opinions spoken herein are as of the fellow attending in this touchable only, are not complete, are person to modify without preceding notice, and do not allow touchable aggregation regarding the Fund, including limited aggregation relating to an assets in the Fund and attendant essential venture disclosures. This writing is not witting to be, nor should it be construed or utilised as an substance to sell, or a collection of some substance to take some interests in the Fund. If some substance is made, it shall be pursuant to a expressed Private Placement Memorandum embattled by or on behalf of the Fund which contains careful aggregation concerning the assets cost and the risks, fees and expenses related with an assets in the Fund. An assets in the Fund is wondering and haw refer material assets and another risks. Such risks haw include, without limitation, venture of inauspicious or unexpected mart developments, venture of counterparty or issuer default, and venture of illiquidity. The action results of the Fund crapper be volatile. No state is prefabricated that the General Partner’s or the Fund’s venture direction impact or assets objectives module or are probable to be achieved or flourishing or that the Fund or some assets module attain some acquire or module not uphold losses. Unless otherwise stated, the action aggregation contained herein is for the Fund and is gain of a 1.50% period asset-based direction gift and a 20% period profit-based action allocation. As with some inclose fund, the time action of the Fund is no communication of forthcoming results. Actual returns for apiece investor in the Fund haw dissent cod to the timing of investments. 2013 – 2023 returns were embattled supported on audited business statements, and 2024 action aggregation contained herein has not still been independently audited or verified. While the accumulation contained herein has been embattled from aggregation that Curreen Capital GP, LLC, the generalized relation of the Fund (the “General Partner”), believes to be reliable, the General Partner does not endorse the quality or completeness of much information. |
Editor’s Note: The unofficial bullets for this article were chosen by Seeking Alpha editors.
Editor’s Note: This article discusses digit or more securities that do not change on a field U.S. exchange. Please be alive of the risks related with these stocks.
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