Joshua VargheseAmericold RealtyCOLDTOP PICKOct 09, 2019

They're in the refrigerator warehouse business, which offers a moat. The stock has sunk the past year, once a pandemic darling. People are buying less in the grocery stores due to inflation, maybe shifting from fresh food to pantry food. Also, there's the effect of weight-loss drugs. COLD's occupancy levels are down. COLD is near a bottom and NAV. Lots of upside here.

It's actually a REIT. The chart isn't one you want to see, and has caught a lot of investors off guard. Demand and pricing growth were there through the pandemic. Not a lot of these facilities, hard assets to replicate. Overcorrected, so probably some upside for a contrarian play. He wouldn't worry about the long-term fundamentals of the business.

Instead, he's been adding to MI.UN. 

Trades at 20x this year FFO estimate at a 3% dividend. It's the #2 in cold storage

In industrial real estate, a great space, but also in a protected niche--refrigerated warehouses. Difficult to build these, so this limits competition. They benefit from growing demand for fresh food and ready to eat food. Fine managers. Valus will rise in this space, and there'll be a secular re-rating as investors recognize COLD's niche. High growth ahead. (Analysts’ price target is $40.06)