Investor Letters
Letters through June 30, 2022
3 letters reporting on the period ending June 30, 2022, in each firm's own reckoning.
- Andrew Hill Investment Advisors The Client Letter AHIA kept cash balances high, shortened fixed-income exposure and underweighted equities while beginning to add stocks and bonds, with Alphabet the largest addition. The firm favors technology, healthcare, renewable energy and banking holdings, and reduced Tesla to establish Enphase amid concerns over the Twitter distraction. second quarter of 2022 —
- Palm Harbour Capital Letter 2022 Q2 | 260 KB Palm Harbour Capital trimmed crisis beneficiaries and added to businesses sold indiscriminately amid inflation and recession fears. It makes detailed cases for Verallia’s pricing power and energy hedges, and Motor Oil Hellas’s complex refinery economics, renewables expansion and capacity to benefit from a refining upcycle. second quarter 2022 0ABH 0NFS DTNOF $2B
- Bireme Capital 2Q22 FV Quarterly Report Bireme Capital argues inflation will force tighter policy, compress corporate profits and prolong pressure on risk assets, while its short book targets speculative companies. It keeps HCA as a major holding on its scale, cash generation and buybacks, covered Affirm, and remains short fuboTV, GameStop and MicroStrategy. 2Q22 HCA $96BAFRM $25BFUBO $962M
