Militia Capital, an asset management company, released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned 16% net of fees in the second quarter compared to a -15.5% return for the S&P 500. The fund gained 53% from its short positions and lost 24% from its long positions. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Militia Capital discussed stocks like Netflix, Inc. (NASDAQ:NFLX) in the second quarter investor letter. Headquartered in Los Gatos, California, Netflix, Inc. (NASDAQ:NFLX) is an entertainment services providing company. On September 13, 2022, Netflix, Inc. (NASDAQ:NFLX) stock closed at $218.13 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was -9.55% and its shares lost 62.58% of their value over the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $97.004 billion.
Here is what Militia Capital specifically said about Netflix, Inc. (NASDAQ:NFLX) in its Q2 2022 investor letter:
“A few investors asked me specifically about the Netflix, Inc. (NASDAQ:NFLX) bet. I broke even since I trimmed a lot at $650, bought more at $375, and then sold it all at $440 when the price spiked on news that Bill Ackman bought shares. I got lucky even if there was some skill. I couldn’t even fully explain my trades – a detailed explanation would be post hoc nonsense. The likely answer is that I subconsciously absorbed many market patterns and just dodged the bullet in time.
Last quarter Netflix guided to losing 2 million subscribers. This came out of nowhere. Not a single bear predicted anything like this. This is catastrophically bad if it means that Netflix will shrink from here. I don’t think so and I got long again. How could Netflix management know they are going to lose those subscribers in April unless it’s part of their plan to prevent account sharing, which wouldn’t really be such bad news. If Netflix either starts growing again, or if they have lots of untapped pricing power and maintain their subscriber base, shares will rapidly go to $300+. On the other hand, if they lose 2 million subscribers and guide to higher attrition, Netflix might drop another 50%…” (Click here to view the full text)
Netflix, Inc. (NASDAQ:NFLX) is in 19th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 95 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of the second quarter which was 109 in the previous quarter.
We discussed Netflix, Inc. (NASDAQ:NFLX) in another article and shared L1 Capital International’s views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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