Investment management company Tourlite Capital Management released its second quarter investor letter, which can be downloaded here. This is the first letter by the fund, since its inception. In the second quarter, the fund returned 4.5% and the S&P 500 Index declined by -16.1%. You can check the top 5 holdings of the fund to know about its best picks in 2022.
In the letter, Tourlite Capital Management discussed its investment strategy and market outlooks. The letter mentioned its various stocks in the portfolio like ironSource Ltd. (NYSE:IS). IronSource Ltd. (NYSE:IS) is a software company that provides platforms for app developers, headquartered in Tel Aviv-Yafo, Israel, and has a market capitalization of $3.939 billion. The stock of ironSource Ltd. (NYSE:IS) closed at $3.85 per share on August 1, 2022. On a monthly time frame, the return of ironSource Ltd. (NYSE:IS) rose to 59.09% whereas the shares lost – 56.30% of their value over the last 52 weeks.
Here is what Tourlite Capital Management discussed about ironSource Ltd. (NYSE:IS) in its Q2 2022 investor letter:
“IronSource Ltd. (NYSE:IS) provides software solutions to help mobile app developers acquire users, increase engagement, and grow revenues. Sonic, the core product, is appealing to mobile game developers as it allows for a high return on advertising spend for developers to acquire users and for advertisers wanting in app ads for those users. On July 13th, ironSource announced it was going to be acquired in an all-stock deal by Unity Software (U). The deal valued ironSource shares at $4.33, a 94% premium.
Prior to the announcement, ironSource’s share price declined ~75% since its 2021 SPAC merger. However, ironSource has exceeded its guidance issued when it went public and is profitable and cash flow positive. In our opinion, ironSource “bit the bullet” in the second quarter when they lowered their guidance for the remainder of the year. We saw margins bottoming out in the second quarter and an uptick in the back half of 2022 as the integration of their acquisitions progresses. For a business growing revenue >25% and cash flow at a higher rate, we believed its pre-deal valuation (~4.5% free cash flow yield) was attractive as the business continues to scale.”
IronSource Ltd. (NYSE:IS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. Our records show that 36 hedge funds held ironSource Ltd. (NYSE:IS) at the end of the first quarter of 2022, jumped from 24 in the previous quarter. IronSource Ltd. (NYSE:IS) shares lost -5.17% of their value over the last 3 months.
You can find another article on ironSource Ltd. (NYSE:IS) that we published in June. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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