Investor Letters
Letters through March 31, 2022
4 letters reporting on the period ending March 31, 2022, in each firm's own reckoning.
- Andrew Hill Investment Advisors The Client Letter Andrew Hill Investment Advisors maintained a defensive tilt through natural gas, healthcare, gold and short-duration fixed income while adding Tesla, Deere, Microsoft, Nvidia and Henry Schein. The firm reduced JPMorgan, Goldman Sachs and Nvidia, avoided most real estate and oil exposure, and argued that inflation, war-related supply shocks and tighter Federal Reserve policy would keep markets volatile. 1st Quarter 2022 AAPL $4.9TDE $179BMSFT $3.9T
- Palm Harbour Capital Letter 2022 Q1 | 281 KB Palm Harbour Capital sold Befesa and Wabtec, initiated Vår Energi, Wickes and Verallia, and shifted capital from crisis beneficiaries to indiscriminately sold holdings amid war-driven inflation. It argues that OCI, Bayer and Norwegian energy producers benefit from commodity conditions, while Wickes and Boa Vista offer undervalued growth and durable business advantages. first quarter 2022 0NFS BAYZF $48BDNIYY $4B
- Bireme Capital 1Q22 Quarterly Report Bireme Capital warns that tightening monetary and fiscal conditions, rising real yields and weakening corporate margins could trigger an equity-market crash. It increased Netflix to a 5% position after re-underwriting its subscriber setback, retained Cogeco as its largest position, and reinvested in Facebook on valuation grounds. 1Q22 NFLX $511BCGECF $317MFB
- Greenhaven Road Capital Q1 2022 Greenhaven Road Capital argues that valuation compression, rather than broken fundamentals, drove declines across KKR, PAR Technology, Elastic, Teladoc Health and Digital Turbine, and added to PAR and Teladoc. It also initiated a basket of U.S.-focused cannabis operators, betting that restrictive federal rules suppress valuations while state legalization and limited retail licenses support earnings. first quarter 2022 APPS $1.3BESTC $9.9BKKR $80B
