Investor Letters
Letters through September 30, 2023
3 letters reporting on the period ending September 30, 2023, in each firm's own reckoning.
- EdgePoint Wealth Management Once in a lifetime? – 3rd quarter, 2023 EdgePoint Global Portfolio is positioning away from the crowded mega-cap technology trade, arguing that mid-cap companies trade at an unusually wide valuation discount to the largest U.S. stocks. The commentary links higher inflation and interest rates to pressure on expensive assets, while stressing diversified, undervalued growth ideas and internal co-investment alongside clients. 3rd quarter, 2023 —
- Lansing Street Advisors Q3 2023 Letter – Seven by Dave Matthews Lansing Street Advisors argues that S&P 500 leadership has become concentrated in a small group of technology stocks, leaving many investors overexposed to Apple and Tesla. It sees depressed bond valuations and higher coupons improving fixed income's appeal, while judging the broader equity market less stretched once technology is excluded. Q3 2023 AAPL $4.9TTSLA $1.5T
- Palm Harbour Capital Q3 2023 Letter Palm Harbour Capital sold Avid Technology after its private-equity takeover and exited Stora Enso over prolonged pulp-market and Chinese-demand concerns. It backs Telekom Austria's tower spin-off, sees OCI's fertilizer assets as undervalued, trimmed C. Uyemura and Verallia, and identifies Ocean Wilsons as a sum-of-the-parts opportunity amid a strategic review of Wilson Sons. third quarter 2023 0NFS 0R5R 4966 $2.2B
