Long Cast Advisers, an investment management firm, released its fourth quarter 2023 investor letter, a copy of which can be downloaded here. While the major indices saw double-digit gains in certain situations, the cumulative returns of the fund for the 4Q23 quarter (which ended on December 31, 2023) were -8%. Cumulative net returns were +10% for the year. LCA has returned a total of 165% net of fees, or 13% CAGR, since its launch in November 2015 through the end of the third quarter of 2023. Examine the top 5 holdings of the fund for a brief understanding of their best picks for 2023.
Long Cast Advisers featured stocks such as CoreCard Corporation (NYSE:CCRD) in the fourth quarter 2023 investor letter. Headquartered in Norcross, Georgia, CoreCard Corporation (NYSE:CCRD) provides technology solutions and processing services to the financial technology and services industry. On February 12, 2024, CoreCard Corporation (NYSE:CCRD) stock closed at $13.03 per share. One-month return of CoreCard Corporation (NYSE:CCRD) was 7.07%, and its shares lost 62.70% of their value over the last 52 weeks. CoreCard Corporation (NYSE:CCRD) has a market capitalization of $109.978 million.
Long Cast Advisers stated the following regarding CoreCard Corporation (NYSE:CCRD) in its fourth quarter 2023 investor letter:
“Towards the ends of the year, you received an email from me explaining why I’ve substantially added to CoreCard Corporation (NYSE:CCRD) despite the slide in the stock price. I’ve appended a copy of that email at the end of this letter. (TLDR: The market is valuing this as if Goldman revenues are going away. They aren’t going away, at least for the next two years, if at all).
Concurrently as I sit writing this, Apple has issued a news release about the card quoting the most senior executives responsible for the Apple Card program at Apple and Goldman, including this from Goldman: “We are committed to continuing to deliver an excellent experience for Apple Card customers.” Not a comment one would expect from a stilted partner…” (Click here to read the full text)
A financial specialist working on a digital platform managing accounts receivable & loan transactions.
CoreCard Corporation (NYSE:CCRD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held CoreCard Corporation (NYSE:CCRD) at the end of third quarter which was 8 in the previous quarter.
We discussed CoreCard Corporation (NYSE:CCRD) in another article and shared Weitz Investment Management’s views on the company in the previous quarter. 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.
