Investor Letters
Letters through March 31, 2024
6 letters reporting on the period ending March 31, 2024, in each firm's own reckoning.
- Lansing Street Advisors Q1 2024 Letter – R.O.C.K. in the USA U.S. economic resilience rests on productivity gains, entrepreneurship, immigration-driven business formation and infrastructure spending, despite geopolitical tensions and elevated valuations. Lansing Street Advisors argues that abundant money-market cash and limited leverage distinguish the market from a traditional bubble, while persistently high interest rates pose the central risk. Q1 2024 —
- Andrew Hill Investment Advisors 2024 Q1 Client Letter Andrew Hill Investment Advisors added to EQT and retained Oneok for a potential commodity rebound, while keeping portfolios overweight equities and concentrating on AI beneficiaries including Nvidia, Microsoft, Dell, Constellation Energy and NextEra. The firm favors investment-grade bond ladders and argues that passive-fund flows can push share prices away from business fundamentals. 1st Quarter of 2024 CEG $95BDELL $368BEQT $33B
- Alluvial Capital Management First Quarter 2024 Letter to Limited Partners Alluvial Fund sold its entire P10 position after missed margin targets, limited acquisition progress and management turnover eroded its risk-adjusted case. It bought McBride and Scandic Hotels, added Mexican holdings Grupo Herdez and Corporativo Fragua, and closed to new limited partners as it prepares a tangible-assets-focused fund. First Quarter 2024 0RD7 CGSBF $42BFTLF $85M
- 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 $230MBGC $5.3BBLKB $2B
- Palm Harbour Capital Letter 2024 Q1 Palm Harbour Capital bought Piraeus Port Authority, citing its cash generation, capacity expansion and recovery potential as trade routes normalize. The fund argues that IGT’s Everi merger creates additional risks but retains substantial value potential, while maintaining conviction in several discounted cash-rich holdings. Q1 2024 GHTI 0NV0 9824 $910M
- Greenhaven Road Capital Q1 2024 Greenhaven Road Capital concentrates its case on PAR Technology’s restaurant software rollout and acquisitions, arguing that Burger King, Wendy’s and overseas expansion can turn contracted recurring revenue and new products into cash generation. It also backs Cellebrite, KKR, Burford and IWG on durable demand, while exiting Sphere after its venue-opening thesis matured. first quarter 2024 PAR $611MANY $33MBUR $772M
