In the third quarter, San Francisco-based No Street decreased its holdings in Chart Industries by 565,000 shares, resulting in a net position change of $79.7 million. Despite the sale, the firm still holds 375,000 shares of GTLS valued at $75.1 million. This move accounted for 7.1% of the fund’s reportable assets under management at quarter-end. No Street GP LP reported a significant reduction in its position in Chart Industries, with the top holdings post-filing including APP, CVNA, UBER, WIX, and COOP. Chart Industries saw an increase in share price to $203.54, outperforming the S&P 500.

No Street GP’s reduction in Chart Industries reflects a shift in opportunity cost for long-term investors. The company reported record third-quarter orders, strong adjusted operating income, and a $6 billion backlog. However, GAAP results were impacted by a termination fee associated with previously terminated merger talks with Flowserve. With a pending acquisition by Baker Hughes, Chart stock’s upside potential may be limited. Investors may find better risk-reward opportunities in companies with more growth potential and less deal uncertainty.

Read more at Nasdaq: Why One Fund Cut $80 Million in Chart Industries Stock Ahead of Baker Hughes Buyout