Alphyn Capital Management, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. The fund’s Master Account returned -14.7% net in Q2 2022 vs -16.1% for the S&P500. As of June 30, 2022, the top ten positions comprised approximately 69% of the portfolio, and the portfolio held approximately 3.50% in cash. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Alphyn Capital mentioned Exor N.V. (NYSE:EXXRF) and explained its insights for the company. Founded in 1927, Exor N.V. (NYSE:EXXRF) is a Amsterdam, Netherlands-based holding company with a $15.5 billion market capitalization. Exor N.V. (NYSE:EXXRF) delivered a -24.46% return since the beginning of the year, while its 12-month returns are down by -21.70%. The stock closed at $67.55 per share on August 08, 2022.
Here is what Alphyn Capital has to say about Exor N.V. (NYSE:EXXRF) in its Q2 2022 investor letter:
“At its investor day meeting in November of 2021, Exor announced an investment focus on three sectors, Healthcare “non-cyclical with structural tailwinds,” Luxury, “a highly resilient sector with demographic tailwinds,” and Technology “under-represented in our portfolio and has substantial growth potential.” It is encouraging to see Exor has made its first significant investments in the healthcare space. €67 million to purchase 45% of Lifenet Healthcare, which manages hospitals and outpatient clinics in Italy, and €833 million for 10% of Institut Mérieux, a large family-controlled healthcare holding company with substantial public and private operations in diagnostics, food safety, contract research, and immunotherapies. I expect to see Exor continue to diversify its exposure away from cyclical vehicle manufacturing order time. Exor will soon have €9 billion of cash to deploy from the sale of PartnerRe (this actually closed soon after quarter end), just as valuations have come down. In fact the longer we remain in a drawdown or recession, the better the opportunities Exor will have to make attractive investments. Morevoer industry heavyweights Ajay Banga, formerly CEO of Mastercard, and Axel Dumas, CEO of Hermès International have joined as Chair and board member, respectively. Exor appears to be the beneficiary of both good timing, and good counsel.”
Our calculations show that Exor N.V. (NYSE:EXXRF) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Exor N.V. (NYSE:EXXRF) delivered a 0.16% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.
