Hayden Capital, a value-oriented investment firm, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -4.8% net in Q2 compared to an 8.7% return for the S&P 500 Index and a 6.3% return for the MSCI World Index. Year-to-date, the fund delivered 15.7% compared to 16.9% and 14.2%, respectively, for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Hayden Capital highlighted stocks like Sea Limited (NYSE:SE) in the second quarter 2023 investor letter. Headquartered in Singapore, Sea Limited (NYSE:SE) is an internet and mobile platform company that engages in digital entertainment, e-commerce, and digital financial service businesses. On September 1, 2023, Sea Limited (NYSE:SE) stock closed at $38.52 per share. One-month return of Sea Limited (NYSE:SE) was -35.20%, and its shares lost 35.73% of their value over the last 52 weeks. Sea Limited (NYSE:SE) has a market capitalization of $21.909 billion.
Hayden Capital made the following comment about Sea Limited (NYSE:SE) in its second quarter 2023 investor letter:
“Sea Limited (NYSE:SE): It’s been a tough stretch for SE’s stock price, as the company continues to adapt its strategy over the past year.
Two years ago, the company was growing its top-line at triple-digits, and every business was seemingly firing on all cylinders. But as market conditions changed and countries reopened from Covid, this put the brakes on all of Sea’s business lines. I’ve talked about these events extensively in prior letters, so partners can review the historical context here (please see our Q3 2022 and Q1 2023 letters).
But as mentioned in our prior letters, I believe Sea’s team has done a remarkable job of stabilizing the business. The company has gone from losing ~-$900M a quarter (Q2 2022) a year ago, to now making ~+$300M per quarter (Q2 2023)22…” (Click here to read the full text)
Sea Limited (NYSE:SE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held Sea Limited (NYSE:SE) at the end of second quarter which was 65 in the previous quarter.
We discussed Sea Limited (NYSE:SE) in another article and shared the list of best 52-week low stocks to buy. 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.
