Investment management company LVS Advisory, a New York City-based full-service investment firm, recently released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The defensive portfolio of the fund gained 0.6% (net of all fees and expenses) in the first quarter compared to the 4.2% gain for its benchmark the High-Yield Bond Index. On the other hand, its Growth Portfolio gained 8.1% in the quarter compared to 7.5% for its benchmark, S&P 500 Total Return Index. For more information on the fund’s top picks in 2023, please check its top five holdings.
LVS Advisory highlighted stocks like Avid Technology, Inc. (NASDAQ:AVID) in the first quarter 2023 investor letter. Headquartered in Burlington, Massachusetts, Avid Technology, Inc. (NASDAQ:AVID) develops and supports technology solutions for the media and entertainment industry. On April 13, 2023, Avid Technology, Inc. (NASDAQ:AVID) stock closed at $33.11 per share. One-month return of Avid Technology, Inc. (NASDAQ:AVID) was 15.41%, and its shares lost 8.66% of their value over the last 52 weeks. Avid Technology, Inc. (NASDAQ:AVID) has a market capitalization of $1.449 billion.
LVS Advisory made the following comment about Avid Technology, Inc. (NASDAQ:AVID) in its Q1 2023 investor letter:
“We invested in Avid Technology, Inc. (NASDAQ:AVID) in early 2021 and I outlined our investment thesis here. Avid is the leading provider of technology solutions for creating professional audio and video entertainment content (Hollywood movies, studio albums, etc.). Our investment thesis was that Avid is the ‘arms dealer’ to the streaming war and would benefit to the extent that Netflix, Disney, HBO, and others ramp up spending on content. Our view today is that the streaming war is over and Netflix won. Most of the major streaming platforms have announced plans to contain spending growth which could limit Avid’s growth in the coming years. Furthermore, Avid’s stock price has performed well and currently sports a valuation at the high end of its historical range. Our investment in Avid was successful and while we continue to admire the company, we feel that there are better investments that we can make elsewhere among the companies we follow.”
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Avid Technology, Inc. (NASDAQ:AVID) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Avid Technology, Inc. (NASDAQ:AVID) at the end of the fourth quarter which was 15 in the previous quarter.
We discussed Avid Technology, Inc. (NASDAQ:AVID) in another article and shared the list of best gaming stocks to buy. 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.
