Bernzott Capital Advisors recently released its Q1 2020 Investor Letter, a copy of which you can download below. The fund posted a return of -32.76% (net) for the quarter, outperforming its benchmark, the Russell 2000 Value Index which returned -35.66% in the same quarter. You should check out Bernzott Capital Advisors top 5 stock picks for investors to buy right now, which could be the biggest winners of the stock market crash. There weren’t a lot of funds who could deliver these kinds of returns without shorting the market or using aggressive put options.
In the said letter, Bernzott Capital Advisors highlighted a few stocks and Playags Inc. (NYSE:AGS) is one of them. Playags designs and supplies gaming products and services for the gaming industry. Year-to-date, AGS stock lost 72.6% and on May 13th it had a closing price of $3.34. Its market cap is of $118 million. Here is what Bernzott Capital Advisors said:
"PlayAGS: AGS, is a designer and manufacturer of Electronic Gaming Machines (EGMs), table products and interactive games. With its customers casino venues shuttered indefinitely, concerns about customers and the future similar to those adduced above with CNK surfaced, and a solvency concern emerged. We sold in early April."
In Q3 2019, the number of bullish hedge fund positions on AGS stock increased by about 33% from the previous quarter (see the chart here).
Disclosure: None. This article is originally published at Insider Monkey.