Palm Harbour Capital, an investment management company, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund gained 9.7% gross of fees in the fourth quarter. The number appears in line with European benchmarks and better than global benchmarks. The fund ended the quarter with a full-year performance of -2.8% (-2.6% on a NAV basis, 29 December 2022). The fund’s return from inception to quarter end was 35.4%. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Palm Harbour Capital highlighted stocks like IHeartMedia, Inc. (NASDAQ:IHRT) in its Q4 2022 investor letter. Headquartered in San Antonio, Texas, IHeartMedia, Inc. (NASDAQ:IHRT) is a media and entertainment company. On February 16, 2023, IHeartMedia, Inc. (NASDAQ:IHRT) stock closed at $7.74 per share. One-month return of IHeartMedia, Inc. (NASDAQ:IHRT) was 9.01% and its shares lost 63.04% of their value over the last 52 weeks. IHeartMedia, Inc. (NASDAQ:IHRT) has a market capitalization of $942.438 million.
Palm Harbour Capital made the following comment about IHeartMedia, Inc. (NASDAQ:IHRT) in its Q4 2022 investor letter:
“The top detractor was IHeartMedia, Inc. (NASDAQ:IHRT) (-24.3% -45 bps), the American radio and podcasting company. The company is the highest levered business in our portfolio and has suffered on fears of an advertisement slowdown. Company insiders continue to buy stock in the market and the company as of yet, has not seen the drastic slow-down the market is predicting. With long debt maturities and a growing podcasting business, as well as likely interest from a major shareholder, we think the company can survive all but the harshest of recessions. If, on the other hand, there is even a couple years of moderate growth, the company could be worth many multiples of the current share price.”
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IHeartMedia, Inc. (NASDAQ:IHRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held IHeartMedia, Inc. (NASDAQ:IHRT) at the end of the third quarter, which was 20 in the previous quarter.
We discussed IHeartMedia, Inc. (NASDAQ:IHRT) in another article and shared the list of best stocks to buy according to Don Morgan’s Brigade Capital. 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.
