Alluvial Capital Management, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. Alluvial Fund declined 9.9% in the second quarter and is down 16.5% year-to-date. By contrast, the Russell Microcap Index lost 19.0% this quarter and has fallen 25.1% in 2022. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Alluvial Capital Management mentioned P10, Inc. (NYSE:PX) and explained its insights for the company. Founded in 1992, P10, Inc. (NYSE:PX) is a Dallas, Texas-based capital market company with a $1.3 billion market capitalization. P10, Inc. (NYSE:PX) delivered a -16.38% return since the beginning of the year, while its 12-month returns are up by 6.27%. The stock closed at $11.69 per share on July 27, 2022.
Here is what Alluvial Capital Management has to say about P10, Inc. (NYSE:PX) in its Q2 2022 investor letter:
“In June, I attended the P10 shareholder meeting in Dallas. Co-CEO Robert Alpert presided and did a fine job providing an overview of the company’s initiatives and fielding questions from the handful of investors in attendance. I asked if P10 were considering how to add permanent capital vehicles to its assets under management, and the answer was an enthusiastic “Yes.” So I was pleased to see the company announce a large indirect investment in Crossroads Impact Corp. Crossroads will serve as a growing source of permanent capital for P10’s impact investing platform, Enhanced Capital. The upshot is additional high-margin, recurring revenue for P10.
P10 has traded down this year in sympathy with other alternative asset managers. However, the firm continues to grow its base of contractually guaranteed fee revenue. A murkier economic outlook makes fund-raising more challenging, but it will not permanently dampen P10’s prospects. Shares are worth at least $18 (50% upside from here) and more if the company can execute on acquisition opportunities.”
Our calculations show that P10, Inc. (NYSE:PX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. P10, Inc. (NYSE:PX) was in 13 hedge fund portfolios at the end of the second quarter of 2022, compared to 18 funds in the previous quarter. P10, Inc. (NYSE:PX) delivered a -3.31% return in the past 3 months.
In April 2022, we also shared another hedge fund’s views on P10, Inc. (NYSE:PX) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.