Horos Asset Management, an investment management firm, published its third-quarter 2022 investor letter – a copy of which can be downloaded here. During the third quarter of the year, Horos Value Internacional fund fell -7.1% over the quarter (-7.7% YTD), compared to a -0.6% decline of its benchmark. Horos Value Iberia, on the other hand, was down by -12.9% over the period (-15.4% YTD), compared to -9.1% in its benchmark index. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, Horos Asset Management mentioned GAMCO Investors, Inc. (NYSE:GAMI) and explained its insights for the company. Founded in 1976, GAMCO Investors, Inc. (NYSE:GAMI) is a Rye, New York-based investment advice company with a $426.3 million market capitalization. GAMCO Investors, Inc. (NYSE:GAMI) delivered a -33.95% return since the beginning of the year, while its 12-month returns are down by -40.84%. The stock closed at $16.50 per share on November 22, 2022.
Here is what Horos Asset Management has to say about GAMCO Investors, Inc. (NYSE:GAMI) in its Q3 2022 investor letter:
“This quarter we sold our entire stake in Gamco Investors, despite its high upside potential. So, what happened? Basically, the asset management firm led by Mario Gabelli announced, surprisingly, its intention to stop trading on the NYSE market and start trading on the OTC market. A much more illiquid market due to the major operational constraints it poses for many investors. According to the official statement, the management team is making this strange move to save the costs incurred by the business in listing on the NYSE market. However, after speaking with them and trying to better understand the decision, we realized that it does not seem a very justified move and we see further problems ahead for the market to recognize the intrinsic value of this business. For this reason, especially in an environment of great investment opportunities, we decided to sell our position and use the proceeds in other more attractive companies.”
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Our calculations show that GAMCO Investors, Inc. (NYSE:GAMI) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. GAMCO Investors, Inc. (NYSE:GAMI) delivered a -22.13% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.