Richie Capital Group LLC, an equity-focused investment management firm, published its fourth quarter 2020 investor letter – a copy of which can be downloaded here. A return of -11.5% was recorded by the fund’s Long Short Portfolio in the fourth quarter of 2020, below its Russell 3000 benchmark, and S&P 500 index that delivered a 14.7% and 11.7% return respectively in the same period. Meanwhile, Richie Capital Group’s Long Only Portfolio delivered a 16.9% return in the past quarter. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Richie Capital Group, in their Q4 2020 investor letter, mentioned PAR Technology Corporation (NYSE: PAR) and emphasized their views on the company. PAR Technology Corporation is a New Hartford, New York-based systems and service solutions provider that currently has a $1.4 billion market capitalization. Since the beginning of the year, PAR delivered a -0.37% return, while its 12-month gains are impressively up by 398.49%. As of March 29, 2021, the stock closed at $62.56 per share.
Here is what Richie Capital Group has to say about PAR Technology Corporation in their Q4 2020 investor letter:
“Par Technology (PAR – Up 55.4%) – Our cloud-based restaurant Point-of-Sale software provider is no longer “under the radar”. The stock more than doubled in 2020 and our portfolios performed even better as we grabbed additional shares at discount prices at the peak of the pandemic. The company was a net beneficiary of lockdowns during the year as restaurants focused on take-out and delivery service. Par enabled their customers to offer online ordering and seamlessly integrate with delivery platforms such as Uber Eats. Investors are taking note just as the company is ramping up their payment capabilities. We are also awaiting the announcement of the divestiture of their government defense business which will simplify the story and make the company attractive to a broader group of investors. The sale will provide the company with additional cash to pursue acquisitions.”
Our calculations show that PAR Technology Corporation (NYSE: PAR) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020, PAR Technology Corporation was in 19 hedge fund portfolios, compared to 12 funds in the third quarter. PAR delivered a -4.82% return in the past 3 months.