White Brook Capital Partners, an investment management firm, released its first quarter 2024 investor letter, a copy of which can be downloaded here. White Brook Capital Partners returned 3.26% compared to 9.96% for the S&P Midcap 400. In Q1, the AI sector boosted the S&P 500 and Nasdaq, continuing a previous trend. However, the release of competitive AI chips and shifting interest rate expectations have created uncertainty about the sector’s profitability and caused the momentum of the S&P 500 to decrease. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
White Brook Capital Partners featured stocks like B. Riley Financial, Inc. (NASDAQ:RILY) in the first quarter 2024 investor letter. Headquartered in Los Angeles, California, B. Riley Financial, Inc. (NASDAQ:RILY) is a financial company that provides investment banking and financial services. On April 12, 2024, B. Riley Financial, Inc. (NASDAQ:RILY) stock closed at $21.27 per share. One-month return of B. Riley Financial, Inc. (NASDAQ:RILY) was 23.95%, and its shares lost 28.34% of their value over the last 52 weeks. B. Riley Financial, Inc. (NASDAQ:RILY) has a market capitalization of $650.498 million.
White Brook Capital Partners stated the following regarding B. Riley Financial, Inc. (NASDAQ:RILY) in its first quarter 2024 investor letter:
“During the quarter, we sold Knight Swift Transportation (KNX) and B. Riley Financial, Inc. (NASDAQ:RILY). Riley has outperformed since our sale. I continue to believe the short thesis to be incorrect, and based on asset value alone, for there to be significant upside to the stock. But companies aren’t just assets, and the Company’s inability to file its financial statements on time because it focused on clearing itself of a few of the accusations made by short sellers reflected management and the board’s misplaced focus. The short strategy of flooding the zone with misinformation worked and is detracting from the source of its competitive advantage – management’s attention.”
A man in a suit flipping through a stack of financial documents on a trading desk.
B. Riley Financial, Inc. (NASDAQ:RILY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, B. Riley Financial, Inc. (NASDAQ:RILY) was held by 15 hedge fund portfolios, compared to 16 in the previous quarter, according to our database.
We previously discussed B. Riley Financial, Inc. (NASDAQ:RILY) in another article, where we shared White Brook Capital’s perspective on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
