Alphyn Capital Management, an investment management firm, released its second-quarter 2023 investor letter. The same can be downloaded here. The goal of the firm is to balance and avoid dependence on any single position by ensuring sufficient allocation that results in successful investments that can meaningfully contribute to overall returns. The firm withholds the performance report until the next quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Alphyn Capital Management highlighted stocks like Wayfair Inc. (NYSE:W) in the second quarter 2023 investor letter. Headquartered in Boston, Massachusetts, Wayfair Inc. (NYSE:W) engages in e-commerce business. On July 5, 2023, Wayfair Inc. (NYSE:W) stock closed at $63.85 per share. One-month return of Wayfair Inc. (NYSE:W) was 20.59%, and its shares gained 10.20% of their value over the last 52 weeks. Wayfair Inc. (NYSE:W) has a market capitalization of $7.3 billion.
Alphyn Capital Management made the following comment about Wayfair Inc. (NYSE:W) in its second quarter 2023 investor letter:
“Wayfair Inc. (NYSE:W) has endured a tough couple of years, resulting in the stock being out of favor with investors, presenting the opportunity to earn premiums from covered call options. I profitably exited calls sold in Q1 and re-initiated a position following the earnings announcement. The market seemed unmoved by Wayfair’s claim of market share gains, given headline revenue declines of 7.3% for the quarter. However, a business update in June, in which the company disclosed rising order volumes, precipitated a stock price rally, forcing me to close out the calls. Longer term, Wayfair’s scaled presence in online furniture, comprehensive product offering, and prior investments in supply chain infrastructure is well-positioned to capitalize on the industry’s increasing shift to online. Assuming management maintains its recent focus on cost control, Wayfair is on track to return to profitability and reach its target margin of 30%.”
Wayfair Inc. (NYSE:W) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Wayfair Inc. (NYSE:W) at the end of first quarter 2023 which was 32 in the previous quarter.
We discussed Wayfair Inc. (NYSE:W) in another article and shared Alphyn Capital Management’s views on the company in the last 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.
