Bronte Capital, an investment management company, released its “Amalthea Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 4.92% in March compared to a 3.90% gain for the MSCI ACWI (in $A). In the quarter, Amalthea Fund gained 7.55% versus a 9.23% gain for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Bronte Amalthea Fund highlighted stocks like SVB Financial Group (OTC:SIVBQ) in the first quarter 2023 investor letter. Headquartered in Santa Clara, California, SVB Financial Group (OTC:SIVBQ) is a diversified financial services company. On June 28, 2023, SVB Financial Group (OTC:SIVBQ) stock closed at $0.5680 per share. One-month return of SVB Financial Group (OTC:SIVBQ) was 47.53%, and its shares lost 99.86% of their value over the last 52 weeks. SVB Financial Group (OTC:SIVBQ) has a market capitalization of $33.626 million.
Bronte Amalthea Fund made the following comment about SVB Financial Group (OTC:SIVBQ) in its first quarter 2023 investor letter:
“SVB Financial Group (OTC:SIVBQ) is a sad story. It is by far the best bank that we have ever seen fail. Indeed, it was the merits of Silicon Valley Bank that caused massive deposit inflows and a terrible investment decision that led to the failure.
This deserves an explanation. Silicon Valley Bank was a large bank with very few (34) branches. The bank did business by being very nice to high-growth start-ups and their venture capital (VC) investors.
Banks tend to treat start-ups terribly. Getting credit cards for your staff for instance is hard. Getting a bank to take seriously a tech start-up run by a bunch of pimply 22-year-olds funded by a VC firm, but with no revenue and no business experience is—well—tricky.
But if you banked with Silicon Valley those problems disappeared. You gave them your deposits and they would happily integrate with your systems, offer you decent service and try to solve your problems. A bank that even tries to solve your problems is—for the most part—a bank that deserves your business…” (Click here to read the full text)
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SVB Financial Group (OTC:SIVBQ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 4 hedge fund portfolios held SVB Financial Group (OTC:SIVBQ) at the end of first quarter 2023 which was 45 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.
