Middle Coast Investing, an investment advisor firm, released its third-quarter investor letter. A copy of the letter can be downloaded here. It was a frustrating quarter for the firm. The portfolio appreciated in the quarter but lagged the main indices and closer benchmarks. The portfolio’s price to earnings for the trailing 12 months (TTM) was 19.7. Cash and equivalents accounted for 17.1% of the portfolio at the end of the quarter, with an estimated average yield of 3%. This compares to 13.4% of the portfolio and a 3.9% yield at the end of Q2. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Middle Coast Investing highlighted stocks like ABM Industries Incorporated (NYSE:ABM) in the third quarter 2024 investor letter. ABM Industries Incorporated (NYSE:ABM) is a company that offers integrated facility, infrastructure, and mobility solutions. The one-month return of ABM Industries Incorporated (NYSE:ABM) was 4.75%, and its shares gained 21.89% of their value over the last 52 weeks. On October 7, 2024, ABM Industries Incorporated (NYSE:ABM) stock closed at $52.29 per share with a market capitalization of $3.283 billion.

Middle Coast Investing stated the following regarding ABM Industries Incorporated (NYSE:ABM) in its Q3 2024 investor letter:

"ABM Industries Incorporated (NYSE:ABM) – ABM stands for American Building Maintenance. This company is primarily a janitorial company – schools, businesses, and airports outsource their janitorial services by hiring ABM. ABM also offers parking lot maintenance, facility engineering, and provides airport services (passenger assistance, logistics, catering).

Alexey Y. Petrov/Shutterstock.com