Investor Letters
Letters through June 30, 2023
7 letters reporting on the period ending June 30, 2023, in each firm's own reckoning.
- Broyhill Asset Management The Broyhill Letter 2023.Q2 Broyhill Asset Management added Charles Schwab, Nintendo, British American Tobacco and PayPal, exited First Horizon and Altria, and rebalanced tobacco exposure toward Philip Morris and British American Tobacco. The firm argues that AI-led market concentration, tightening credit and weakening consumer conditions leave equities exposed, while depressed valuations create opportunities in resilient businesses. second quarter 2023 BAYRY $49BBTI $130BBUD $157B
- Nixon Capital Opportunistic Value Commentary June 2023, Second Quarter Nixon Capital argues that rapid Federal Reserve tightening has damaged lending, IPO activity, banks, commercial real estate and housing while creating mispriced investments. The portfolio added two auto-industry investments and maintains sizable exposure to spin-offs, with eight pending separations under review amid narrow AI-driven large-cap leadership. Second Quarter 2023 —
- Muhlenkamp & Company Quarterly Letter, July 2023 Muhlenkamp & Company became modestly more optimistic on recession risk as homebuilding, regional-bank stability and inventory normalization offset inverted-curve and commercial-real-estate risks. The firm added several attractively priced companies while retaining substantial cash and expects the Federal Reserve to keep rates steady while shrinking its balance sheet. second quarter 2023 —
- EdgePoint Wealth Management Differentiated by our foundation - 2nd quarter, 2023 EdgePoint Wealth Management attributes its long-term approach to peer-relative compensation, concentrated portfolios and employee ownership. The firm argues that benchmark-based incentives encourage index-like portfolios, while a limited decision load and private ownership support patient underwriting. 2nd quarter, 2023 —
- Lansing Street Advisors Q2 2023 Letter – Rocky Mountain Way Lansing Street Advisors argues that bearish positioning, money-market inflows and renewed technology buying reflect persistent herd behavior. It examines the concentration of the Nasdaq 100 and S&P 500, government-led manufacturing investment, structurally higher rates, and the demographic shift toward southern U.S. states. Q2 2023 —
- Troy Asset Management Investment Report No.77 July 2023 Troy’s multi-asset strategy favours short-dated government bonds, US TIPS and liquidity while waiting for zero-rate-era asset valuations to reset. It owns Microsoft and Alphabet at more reasonable valuations, avoids Nvidia and other expensive AI beneficiaries, and expects tighter monetary policy to expose recession risks. 6 months 2023 NVDA $5.2TCSCO $433BERIC $31B
- Palm Harbour Capital Q2 2023 Letter Palm Harbour Capital added Lottomatica and three special situations, sold MTU Aero Engines and iHeartMedia, and retained a portfolio of discounted cash-generative securities. It expects strategic actions at IGT and RHI Magnesita, and a higher offer for Treasure ASA, to help unlock value. second quarter of 2023 LOTMY $6.1B086280 $11B0NFS
