Alluvial Capital Management, an investment advisory firm, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. Macroeconomic concerns affected the fund’s quarterly performance and it declined by 2.2%, in line with the benchmark indexes. However, the fund outperformed its benchmark indexes by 7% annually since inception in 2017. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alluvial Capital discussed stocks like P10, Inc. (NYSE:PX) in the Q3 2022 investor letter. Headquartered in Dallas, Texas, P10, Inc. (NYSE:PX) provides multi-asset class private market solutions. On October 27, 2022, P10, Inc. (NYSE:PX) stock closed at $10.62 per share. One-month return of P10, Inc. (NYSE:PX) was 0.95% and its shares lost 15.04% of their value over the last 52 weeks. P10, Inc. (NYSE:PX) has a market capitalization of $1.245 billion.
Alluvial Capital made the following comment about P10, Inc. (NYSE:PX) in its Q3 2022 investor letter:
“Alluvial’s largest holding remains P10, Inc. (NYSE:PX), owner of a diversified set of alternative assets managers. Second quarter earnings were strong and saw continued organic growth in assets under management. Shortly following the earnings report, P10 announced an acquisition that will grow assets under management and be accretive to free cash flow per share, in a deal that closed just days ago in mid-October.
P10 has purchased Western Technology Investment, a manager of venture debt funds. Founded in 1980, WTI has provided nearly $8 billion in debt commitments to venture companies largely in the technology and life sciences sectors. Building on this track record, WTI is expected to launch a new fund in 2024. P10 purchased Western Technology Investment for $97 million in cash plus the equivalent of $40 million in P10 stock, representing a multiple of 11x WTI’s pre-tax cash flow. The deal also includes an earn-out provision if WTI’s earnings achieve certain thresholds.
This transaction will benefit P10 by growing fee-paying assets under management to at least $19.9 billion, as well as increasing both the average fee rate on and average duration of assets under management, resulting in annualized revenues climbing to $200 million. Given these improvements, adjusted for the additional debt and higher interest rates, I now estimate P10’s annualized free cash flow at 84 cents per share. If WTI hits the high end of its earn-out range, that free cash flow would increase to 91 cents per share. Currently priced around $10.30, P10 shares change hands for just 12.3x forward-looking free cash flow, less if the WTI investment works out well. Increases in AUM from P10’s existing strategies will further depress that multiple…” (Click here to read the full text)
Investments, Finance
P10, Inc. (NYSE:PX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 5 hedge fund portfolios held P10, Inc. (NYSE:PX) at the end of the second quarter which was 13 in the previous quarter.
We discussed P10, Inc. (NYSE:PX) in another article and shared Alluvial Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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