Investment management company Bireme Capital recently released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund returned 21.3% net of fees underperforming the S&P 500’s 26.2%. The fund was up 448% net since inception in 2016 vs the S&P at 161%, an annual outperformance of 11.7%. Last year was the second calendar year in a row that the fund underperformed the S&P 500, and the first since 2019. Nonetheless, the firm is particularly proud of last year’s returns because 2023 was an extraordinarily tough year for the relative performance of active value managers. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Bireme Capital featured stocks such as C3.ai, Inc. (NYSE:AI) in the fourth quarter 2023 investor letter. Headquartered in Redwood City, California, C3.ai, Inc. (NYSE:AI) is an enterprise artificial intelligence (AI) software company. On February 6, 2024, C3.ai, Inc. (NYSE:AI) stock closed at $26.01 per share. One-month return of C3.ai, Inc. (NYSE:AI) was -8.86%, and its shares lost 0.69% of their value over the last 52 weeks. C3.ai, Inc. (NYSE:AI) has a market capitalization of $3.118 billion.
Bireme Capital stated the following regarding C3.ai, Inc. (NYSE:AI) in its fourth quarter 2023 investor letter:
“Our final new short position is in a company called C3.ai, Inc. (NYSE:AI). Originally named “C3 Energy,” C3.ai has changed its name multiple times based on whatever hot new trend they were supposedly capitalizing on. The “energy” theme was about smart grid and cap-and-trade. Then the firm changed its name to “C3 IoT” to attempt to capitalize on the Internet of Things buzz. After that trend fizzled out, the moniker was altered once more, with the company capturing the “AI” ticker in December 2020 – a savvy move if it wants to sell stock to credulous investors, but irrelevant to its business prospects. As Kerrisdale put it, the company is a “minor, cash burning consulting and services business masquerading as a software company.”
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C3.ai, Inc. (NYSE:AI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held C3.ai, Inc. (NYSE:AI) at the end of third quarter which was 23 in the previous quarter.
We discussed C3.ai, Inc. (NYSE:AI) in another article and shared the list of best artificial intelligence stocks to buy for 2024 according to financial media. 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.
