Laughing Water Capital, an investment management company, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, investment in the fund returned 13.8%, net of all fees and expenses, compared to the SP500TR and the R2000 returns of 8.7% and 5.2%, respectively. The fund’s return so far in 2023 was 22.4% compared to benchmarks’ 16.9% and 8.1% returns, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Laughing Water Capital highlighted stocks like Hilton Grand Vacations Inc. (NYSE:HGV) in the second quarter 2023 investor letter. Headquartered in Orlando, Florida, Hilton Grand Vacations Inc. (NYSE:HGV) is a timeshare company that manages vacation ownership resorts. On July 28, 2023, Hilton Grand Vacations Inc. (NYSE:HGV) stock closed at $45.91 per share. One-month return of Hilton Grand Vacations Inc. (NYSE:HGV) was -0.35%, and its shares gained 10.31% of their value over the last 52 weeks. Hilton Grand Vacations Inc. (NYSE:HGV) has a market capitalization of $5.115 billion.
Laughing Water Capital made the following comment about Hilton Grand Vacations Inc. (NYSE:HGV) in its second quarter 2023 investor letter:
“Hilton Grand Vacations Inc. (NYSE:HGV) – HGV, our time share business, is continuing to make progress with its integration of unbranded time share operator Diamond Resorts, which was purchased ~ 2 years ago. Being associated with a major brand is a huge competitive advantage in the time share world, because brand recognition and the affiliated hotel network drive down customer acquisition costs. Of particular note, my thesis that HGV will become a share cannibal is intact, as in May the company authorized a new $500M repurchase plan. This plan will likely begin when the previous $500M plan – announced in May of 2022 – is completed. That could be as soon as this quarter depending on how aggressive the company is.”
Credit: Park Hotels & Resorts
Hilton Grand Vacations Inc. (NYSE:HGV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Hilton Grand Vacations Inc. (NYSE:HGV) at the end of first quarter which was 29 in the previous quarter.
We discussed Hilton Grand Vacations Inc. (NYSE:HGV) in another article and shared Laughing Water Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
