Miller Value Partners, an investment management company, released its “Income Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.07% net of fees versus a 7.04% return for the benchmark, ICE BofA US High Yield Index, and underperforming the S&P 500’s 11.69% gain. Year-to-date the fund was up 12.59% net of fees compared to 13.44% for the benchmark and 26.29% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Miller Value Partners Income Strategy featured stocks such as B. Riley Financial, Inc. (NASDAQ:RILY) in the fourth quarter 2023 investor letter. Headquartered in Los Angeles, California, B. Riley Financial, Inc. (NASDAQ:RILY) is a financial company that provides investment banking and financial services. On January 11, 2024, B. Riley Financial, Inc. (NASDAQ:RILY) stock closed at $22.82 per share. One-month return of B. Riley Financial, Inc. (NASDAQ:RILY) was 11.64%, and its shares lost 42.65% of their value over the last 52 weeks. B. Riley Financial, Inc. (NASDAQ:RILY) has a market capitalization of $697.902 million.
Miller Value Partners Income Strategy stated the following regarding B. Riley Financial, Inc. (NASDAQ:RILY) in its fourth quarter 2023 investor letter:
“B. Riley Financial, Inc. (NASDAQ:RILY) was the top detractor during the quarter. Investors were concerned that Brian Kahn, CEO of Franchise Group, for which B Riley recently helped orchestrate a management-led buyout with a $281MM investment, was named as a co-conspirator in securities fraud from his previous business relationship with Prophecy Asset Management, despite Kahn vehemently denying these allegations. Later in the quarter, management disclosed in its investor day presentation that it has a more than $200MM loan outstanding to Kahn in addition to its investment in Franchise Group’s buyout.”
A man in a suit flipping through a stack of financial documents on a trading desk.
B. Riley Financial, Inc. (NASDAQ:RILY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held B. Riley Financial, Inc. (NASDAQ:RILY) at the end of third quarter which was 14 in the previous quarter.
We discussed B. Riley Financial, Inc. (NASDAQ:RILY) in another article and shared stock picks from Bill Miller’s 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.
