O’keefe Stevens Advisory, an investment advisory firm, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund’s largest position, Nvidia (NVDA), experienced a 200% increase as AI became more widely used. Despite cautious comments from analysts and management, the market, particularly in technology, had an exceptional year. The firm anticipated a lower-than-average return year after analyzing several conference calls with similar themes. Setting a low bar can lead to better-than-expected results. In addition, please check the fund’s top five holdings to know its best picks in 2023.
O’keefe Stevens Advisory featured stocks such as Warrior Met Coal, Inc. (NYSE:HCC) in the fourth quarter 2023 investor letter. Headquartered in Brookwood, Alabama, Warrior Met Coal, Inc. (NYSE:HCC) produces and exports metallurgical coal. On January 26, 2024, Warrior Met Coal, Inc. (NYSE:HCC) stock closed at $64.82 per share. One-month return of Warrior Met Coal, Inc. (NYSE:HCC) was 6.31%, and its shares gained 72.62% of their value over the last 52 weeks. Warrior Met Coal, Inc. (NYSE:HCC) has a market capitalization of $3.372 billion.
O’keefe Stevens Advisory stated the following regarding Warrior Met Coal, Inc. (NYSE:HCC) in its fourth quarter 2023 investor letter:
“Warrior Met Coal, Inc. (NYSE:HCC) is the other commodity producer in the portfolio, and what a year 2023 was. It’s startling how two companies (EAF and HCC) having the same end market (steel)(EAF – electric arc furnace production)(HCC – blast oxygen furnace) could see their product prices and demand drivers move in opposite directions. If anything, the continued switch toward electric arc furnaces suggested that Graftech had more tailwinds over the past several years. Yet the business performance has been just the opposite. These investments take up substantial time and continually search for reasons why the stocks move lower daily, but also a mental drain; watching a stock move lower and lower wears one down over time.”
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Warrior Met Coal, Inc. (NYSE:HCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Warrior Met Coal, Inc. (NYSE:HCC) at the end of third quarter which was 21 in the previous quarter.
We discussed Warrior Met Coal, Inc. (NYSE:HCC) in another article and shared the list of cheap hot stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.
