Long Cast Advisers, LLC, a small-cap-focused investment manager, released its fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The cumulative net return of the fund for Q4 2022 increased by 5%, while for the full year, it was 12% down. The fund returned a cumulative 141% net of fees since inception in November 2015 through year-end 2022. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Long Cast Advisers highlighted stocks like Enovix Corporation (NASDAQ:ENVX) in the Q4 2022 investor letter. Headquartered in Fremont, California, Enovix Corporation (NASDAQ:ENVX) is a lithium-ion batteries manufacturer. On March 16, 2023, Enovix Corporation (NASDAQ:ENVX) stock closed at $10.87 per share. One-month return of Enovix Corporation (NASDAQ:ENVX) was 25.09%, and its shares lost 29.73% of their value over the last 52 weeks. Enovix Corporation (NASDAQ:ENVX) has a market capitalization of $1.715 billion.
Long Cast Advisers made the following comment about Enovix Corporation (NASDAQ:ENVX) in its Q4 2022 investor letter:
“Enovix Corporation (NASDAQ:ENVX) is what I’ll endearingly call a “shitco” meaning it’s pre-revenue / pre-profit but with a massive addressable market, so if it succeeds, the potential reward offsets the risks. I think there’s room in the portfolio for a few smaller investments like this, but if I am consistently wrong over time, I’ll change course (SNES and SANW also fall into this category, and so far I’ve been wrong about those, but like ENVX, they are small positions with long time horizons).
ENVX makes lithium batteries using silicon instead of graphene as the anode. Silicon as an anode offers many benefits – faster charging, longer charge periods and longer battery life – but it has a major drawback in that it swells when it charges, and this causes battery degradation and mechanical failure…” (Click here to read the full text)
Photo by Mika Baumeister on Unsplash
Enovix Corporation (NASDAQ:ENVX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Enovix Corporation (NASDAQ:ENVX) at the end of the fourth quarter which was 30 in the previous quarter.
We discussed Enovix Corporation (NASDAQ:ENVX) in another article and shared the list of best lithium and battery stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 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.
