Broyhill Asset Management, a boutique investment firm, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The past two years were mirror images of each other for equity investors. Global stocks increased by 22% in 2022 after declining by 18% the year before. The fourth quarter saw exceptionally high portfolio activity. Although Broyhill’s fully invested managed funds underperformed year-over-year broader equities benchmarks, they avoided problems during the falls in 2021 and 2022, and their relative performance is still well above any longer-term horizon. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Broyhill Asset Management featured stocks such as Nintendo Co., Ltd. (OTC:NTDOY) in the fourth quarter 2023 investor letter. Headquartered in Kyoto, Japan, Nintendo Co., Ltd. (OTC:NTDOY) develops, manufactures, and sells home entertainment products. On February 16, 2024, Nintendo Co., Ltd. (OTC:NTDOY) stock closed at $14.30 per share. One-month return of Nintendo Co., Ltd. (OTC:NTDOY) was 4.08%, and its shares gained 40.75% of their value over the last 52 weeks. Nintendo Co., Ltd. (OTC:NTDOY) has a market capitalization of $68.892 billion.
Broyhill Asset Management stated the following regarding Nintendo Co., Ltd. (OTC:NTDOY) in its fourth quarter 2023 investor letter:
“Nintendo Co., Ltd. (OTC:NTDOY) surged 26% in the final three months of the year as we continued to build our position in the stock. We outlined our admiration for Japan’s most creative culture in a recent interview with Value Investor Insight (VII). At the time, we speculated that Nintendo’s fresh focus on monetizing its iconic IP represented a long overdue inflection point in management’s strategic thinking that was materially underappreciated and undervalued by the consensus. Those suspicions proved timely. When the company reported better-than-expected sales and profit for its fiscal second quarter, it also raised forecasts for the year, compliments of a continued bump from The Super Mario Bros. Movie and its flagship Zelda franchise. More importantly, our thesis appears to be playing out as the business model transitions from manufacturing video games to more broadly capitalizing on the enduring value of its many franchises. Following the earnings release, Nintendo announced the development of an action movie based on its Legend of Zelda franchise.1 Creator Shigeru Miyamoto’s first post about the project was quickly viewed nearly 30 million times. Shares continued their ascent subsequent to year-end after CNBC reported the expected launch of the Switch 2 console this year.”
A computer technician working on a video game console with a gaming headset.
Nintendo Co., Ltd. (OTC:NTDOY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Nintendo Co., Ltd. (OTC:NTDOY) was held by 1 hedge fund portfolios, compared to 1 in the previous quarter, according to our database. 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.
