Rhizome Partners, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly net loss of 1.7% was delivered by the fund for the third quarter of 2021, versus the 0.6% gain of the S&P 500 index and 0.2% gain of the NAREIT index for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.
Rhizome Partners, in its Q3 2021 investor letter, mentioned Clipper Realty Inc. (NYSE: CLPR) and discussed its stance on the firm. Clipper Realty Inc. is a Brooklyn, New York-based residential property managers company with a $156.6 million market capitalization. CLPR delivered a 38.30% return since the beginning of the year, while its 12-month returns are up by 59.84%. The stock closed at $9.75 per share on November 24, 2021.
Here is what Rhizome Partners has to say about Clipper Realty Inc. in its Q3 2021 investor letter:
“In 2020, we started accumulating a position in Clipper Realty, which owns about 2.6 million square feet of multifamily housing in Manhattan and Brooklyn, 500 thousand square feet of office space in Downtown Brooklyn, and 114 thousand square feet of ground floor retail space in its multifamily buildings. My family was in the Chinese restaurant business on Long Island, New York, and despite working for almost a decade, we built very little wealth in the 1990s. In the early 2000s, my parents took out a home-equity loan and used it as a down payment toward a 50/50 investment with one of our relatives. We have since parlayed that equity into about a dozen properties in Queens, New York. Clipper Realty’s New York City residential real estate is certainly within my circle of competence. Over the years, I have personally listed apartments, interviewed tenants, fixed broken boilers during snowstorms, and debated with my family on the acquisition of new buildings.”
Based on our calculations, Clipper Realty Inc. (NYSE: CLPR) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. CLPR was in 7 hedge fund portfolios at the end of the third quarter of 2021, compared to 8 funds in the previous quarter. Clipper Realty Inc. (NYSE: CLPR) delivered a 23.11% return in the past 3 months.
Disclosure: None. This article is originally published at Insider Monkey.