Letters by company
Five Point Holdings, LLC
4 letters discussing FPH. Everything written about it on this site is on its ticker page.
- O'Keefe Stevens Advisory Quarterly Investor Letter Q1 2025 O'Keefe Stevens Advisory argues that punitive reactions to earnings misses require tighter position sizing and create opportunities to add to businesses facing temporary setbacks. It defends Donnelley Financial’s software growth, remains bullish on Five Point Holdings, and initiated positions in BMW, Mercedes-Benz and Compass Minerals. Q1 2025 BMW CMP $934MDFIN $1.3B
- O'Keefe Stevens Advisory Quarterly Investor Letter Q4 2024 Beyond Inc. and Donnelley Financial Solutions are the 2025 top picks, based on expected easing of non-fundamental selling pressure, operational recovery and undervalued recurring-revenue opportunities. The portfolio retained Nvidia, sees small-cap inefficiency and shareholder sell-downs as fertile research areas, and made no new positions during the quarter. Q4 2024 DFIN $1.3BAER $23BFPH $643M
- O'Keefe Stevens Advisory Quarterly Investor Letter Q3 2024 O'Keefe Stevens sold Graftech after concluding that weak electrode pricing, damaged customer relationships and an unsustainable capital structure had invalidated its thesis. The portfolio retained Five Point and BGC, initiated Southwest Gas, and passed on Seaport Entertainment because its asset value was offset by cash burn and office-vacancy risks. Q3 2024 EAF $187MBGC $5.3BFPH $643M
- O'Keefe Stevens Advisory Quarterly Investor Letter Q1 2024 Graftech remains a core activist situation, with O'Keefe Stevens backing Nilesh Undavia for the board and arguing that shareholder accountability can improve a business facing operational setbacks. The portfolio initiated AerCap, retained BGC Group ahead of the FMX launch, and identified research opportunities in eXp Realty, Roku and Blackbaud. Q1 2024 EAF $187MBGC $5.3BBLKB $2.3B
