Argosy Investors, an investment management company, recently released its second-quarter 2022 investor letter. A copy of the same can be downloaded here. Year to date, the fund returned -25.4% in select accounts compared to -20% for the S&P 500. The main reason for the fund’s underperformance was the poor performance of its most significant holdings. For more information on the fund’s top picks in 2022, please check its top five holdings.
Argosy Investors discussed stocks like Dream Finders Homes, Inc. (NASDAQ:DFH). Dream Finders Homes, Inc. (NASDAQ:DFH) is a US-based homebuilding company headquartered in Jacksonville, Florida. The stock of Dream Finders Homes, Inc. (NASDAQ:DFH) closed at $12.52 per share on August 18, 2022. In one month, the stock returned -6.01% and its shares lost 42.65% of their value over the last 52 weeks. Dream Finders Homes, Inc. (NASDAQ:DFH) has a market capitalization of $1.161 billion.
Here is what Argosy Investors specifically said about Dream Finders Homes, Inc. (NASDAQ:DFH):
“Dream Finders Homes, Inc. (NASDAQ:DFH) is a major addition to this infamous list of poor performers. Clearly interest rates have risen and with some people concerned about recession, home builders have fallen significantly, and DFH is no exception. It now trades for ~5.5x 2022 earnings and 6x 2023 earnings. While I do not know how severe the future could be, I believe DFH will be cash-generative during even poor economic times and that in general, the homebuilding industry is healthier financially than in the 2005-2007 period. The only reason I believe this business isn’t valued more highly is that the management team owns nearly 75% of shares and the business is still relatively new to investors and they have not seen how the business performs through a crisis. To be fair, I have not either, but management is very adamant about their land-light strategy providing advantages similar to those that NVR enjoys. I believe them, and I will continue to hold and may purchase more shares in the future.”
Dream Finders Homes, Inc. (NASDAQ:DFH) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Dream Finders Homes, Inc. (NASDAQ:DFH) was held by 5 hedge fund portfolios at the end of the first quarter, which was 9 in the previous quarter.
We discussed Dream Finders Homes, Inc. (NASDAQ:DFH) in another article and shared Argosy Investors’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
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