Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 17.6% net of fees compared to the S&P 500’s 11.7% return. The portfolio’s outperformance can be attributed to a three-factor model, where interaction, selection, and allocation effects all played a significant role. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Patient Capital Management featured stocks such as Coinbase Global, Inc. (NASDAQ:COIN) in the fourth quarter 2023 investor letter. Headquartered in Wilmington, Delaware, Coinbase Global, Inc. (NASDAQ:COIN) offers financial infrastructure and technology for the crypto economy. On January 30, 2024, Coinbase Global, Inc. (NASDAQ:COIN) stock closed at $130.82 per share. One-month return of Coinbase Global, Inc. (NASDAQ:COIN) was -14.07%, and its shares gained 99.12% of their value over the last 52 weeks. Coinbase Global, Inc. (NASDAQ:COIN) has a market capitalization of $31.298 billion.
Patient Capital Management stated the following regarding Coinbase Global, Inc. (NASDAQ:COIN) in its fourth quarter 2023 investor letter:
“Coinbase Global, Inc. (NASDAQ:COIN) climbed an incredible 131.7% in the quarter outpacing the 57% gain in bitcoin over the same period as investors became excited about the potential approval of a Bitcoin ETF in the new year. Coinbase continues to stand out as the lead survivor in an industry of fading and failing leaders. Cost savings initiatives taken earlier in the year have resulted in three quarters of positive EBITDA leading to expectations for “meaningful positive adjusted EBITDA” for the full year 2023. We continue to believe COIN has the potential to be the platform for crypto with $5B in liquidity providing the ability to invest and weather any crypto winters.”
A shot of someone securely accepting crypto assets as payment, showcasing the company’s payment solutions.
Coinbase Global, Inc. (NASDAQ:COIN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Coinbase Global, Inc. (NASDAQ:COIN) at the end of third quarter which was 27 in the previous quarter.
We discussed Coinbase Global, Inc. (NASDAQ:COIN) in another article and shared the list of stocks with at least 30% annual growth rates to consider for a growth stock portfolio. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
