Horos Asset Management Invested in Back MBIA (MBI) Stock as Price Drops

Horos Asset Management, an investment management company, recently released its second quarter 2022 investor letter. A copy of the same can be downloaded here. Since its inception, in May 2018, Horos Value Internacional has returned 19.8% and Horos Value Iberia has returned 7.1%. For more information on the fund’s top picks in 2022, please check its top five holdings.

Horos Asset Management discussed stocks like MBIA Inc. (NYSE:MBI) in its Q2 2022 investor letter. Headquartered in Purchase, New York, MBIA Inc. (NYSE:MBI) is a financial service company. It has a market capitalization of $696.68 million. The stock of MBIA Inc. (NYSE:MBI) closed at $12.69 per share on August 19, 2022. One-month return of MBIA Inc. (NYSE:MBI) was 7.63% and its shares gained 4.88% of their value over the last 52 weeks.

Here is what Horos Asset Management specifically said about MBIA Inc. (NYSE:MBI):

“MBIA Inc. (NYSE:MBI) is a financial entity that we had recently held in our portfolio and that we added back during the second quarter following its stock price drop. We believe that the uncertainties associated with the restructuring of Puerto Rico’s debt are now residual and that the management team’s objective of selling the company may be closer to being achieved, so the margin of safety of the investment has improved.”

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Although Horos Asset Management invested in MBIA Inc. (NYSE:MBI), it is in not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held MBIA Inc. (NYSE:MBI) at the end of the first quarter which was 18 in the previous quarter.

We discussed MBIA Inc. (NYSE:MBI) in another article and shared Horos Asset Management’s views about the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.