Miller Value Partners recently released its Q2 2021 Investor Letter, a copy of which you can download here. The Miller Opportunity Trust Class I gained 4.18%, underperforming its benchmark, the S&P 500 Index which returned 8.55% in the same quarter. You should check out Miller Value Partners’ top 5 stock picks for investors to buy right now, which could be the biggest winners of this year.
In the Q2 2021 Investor Letter, the fund highlighted a few stocks and Grayscale Bitcoin Trust (NYSE:GBTC) is one of them. Grayscale Bitcoin Trust (NYSE:GBTC) is a financial vehicle enabling investors to trade shares in trusts that hold large pools of Bitcoin. In the last three months, Grayscale Bitcoin Trust (NYSE:GBTC) stock gained 25%. Here is what the fund said:
“Grayscale Bitcoin Trust (GBTC) reversed a large portion of the gains seen in the first quarter, declining -41.48% during the second quarter. A pullback is normal after such a strong move in the first quarter (up 103%) but a number of headlines assisted in the decline. Tesla reversed course in the period, removing Bitcoin as a payment option citing environmental concerns as the reason for the change of heart. China reiterated their crypto-mining bans from 2013 and 2017 that bar financial and payment institutions from providing any services related to cryptocurrency transactions. China also imposed new restrictions on energy-intensive mining ordering cryptocurrency miners to shut down their operations. The cryptocurrency did not move higher despite El Salvador passing a new law that makes bitcoin legal tender in the country.”
Our calculations showed that Grayscale Bitcoin Trust (NYSE:GBTC) isn’t ranked among the 30 most popular stocks among hedge funds.
The top 10 stocks among hedge funds returned 231.2% between 2015 and 2020, and outperformed the S&P 500 Index ETFs by more than 126 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Here you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.
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Disclosure: None. This article is originally published at Insider Monkey.
