Kinsman Oak Capital Partners, a boutique investment firm, released its “Kinsman Oak Equity Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The investors were expecting cooler inflation data and a subsequent pause in the Fed’s rate-hiking cycle in the first quarter. Then, suddenly the market experienced multiple regional bank failures. During the quarter, equity performance experienced a distinct sector rotation towards higher beta sectors. Technology and consumer discretionary largely outperformed defensives such as healthcare and utilities. The firm is expecting near-term volatility in the market. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Kinsman Oak Capital Partners highlighted stocks like Activision Blizzard, Inc. (NASDAQ:ATVI) in the first quarter 2023 investor letter. Headquartered in Santa Monica, California, Activision Blizzard, Inc. (NASDAQ:ATVI) develops and publishes entertainment content and services. On June 14, 2023, Activision Blizzard, Inc. (NASDAQ:ATVI) stock closed at $81.23 per share. One-month return of Activision Blizzard, Inc. (NASDAQ:ATVI) was 3.89%, and its shares gained 9.87% of their value over the last 52 weeks. Activision Blizzard, Inc. (NASDAQ:ATVI) has a market capitalization of $63.86 billion.
Kinsman Oak Capital Partners made the following comment about Activision Blizzard, Inc. (NASDAQ:ATVI) in its first quarter 2023 investor letter:
“We closed our long position in Activision Blizzard, Inc. (NASDAQ:ATVI) on the last trading day of the quarter. We initiated the position in November 2021 and, despite crystalizing a gain on the investment, we are admittedly a little frustrated with how this has played out. In January 2022, Microsoft (MSFT) agreed to acquire the company for $95/share, but regulators are determined to block the transaction, and appear increasingly activist, in our opinion.”
Photo by Fábio Silva on Unsplash
Activision Blizzard, Inc. (NASDAQ:ATVI) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 128 hedge fund portfolios held Activision Blizzard, Inc. (NASDAQ:ATVI) at the end of first quarter 2023 which was 129 in the previous quarter.
We discussed Activision Blizzard, Inc. (NASDAQ:ATVI) in another article and shared stock picks from Warren Buffett’s latest portfolio. 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.
