Investor Letters
Letters through June 30, 2024
12 letters reporting on the period ending June 30, 2024, in each firm's own reckoning.
- EdgePoint Wealth Management This time’s different…right? EdgePoint Wealth Management argues that artificial-intelligence enthusiasm resembles the internet bubble, where genuine technological change did not prevent severe valuation risk. It identifies Qualcomm, Applied Materials, MinebeaMitsumi, Alfa Laval and Brookfield Asset Management as underappreciated ways to benefit from semiconductor demand, data-centre cooling and power needs without paying explicitly for an A.I. thesis. 2nd quarter, 2024 ALFVY $24BAMAT $404BGLW $136B
- EdgePoint Wealth Management Calling a foul on benchmarks – 2nd quarter, 2024 EdgePoint argues that benchmark-linked incentives encourage closet indexing and can misalign managers with clients’ long-term goals. The firm rejects debt-weighted fixed-income indexes, citing their concentration in heavy borrowers, and builds diversified credit portfolios around businesses whose repayment capacity it believes is improving. 2nd quarter, 2024 —
- Lansing Street Advisors Q2 2024 Letter – Sweet Emotion U.S. equities are argued to remain supported by resilient technology earnings and the economics of American creative destruction, despite geopolitical conflict, high rates and recession signals. Lansing Street Advisors rejects direct comparisons with the dot-com bubble and argues that rate cuts could ease pressure on government borrowing, commercial real estate, housing and private equity. Q2 2024 —
- Andrew Hill Investment Advisors 2024.Q2 Client Letter Andrew Hill Investment Advisors increased Apple exposure ahead of its AI product rollout and added Duke Energy, Highwoods Properties and American Superconductor. The firm argues that AI demand supports Nvidia, Microsoft, Arista Networks and Constellation Energy, while it seeks to expand healthcare exposure through Eli Lilly, Vertex Pharmaceuticals, Intuitive Surgical and Johnson & Johnson. second quarter of 2024 AAPL $4.9TANET $272BCEG $95B
- GreenWood Investors First Half 2024 Letter GreenWood Investors centered its coinvestment work on Leonardo, MEI Pharma and CTT, emphasizing board-level engagement, capital allocation and operational transformation. It added to Rentokil and Compagnie de L’Odet amid election-driven volatility, while seeking further collaborative governance opportunities with owner-minded managers. First Half 2024 CTTOF $862M0JW9 FINMF $30B
- Troy Asset Management Investment Report No.81 July 2024 Troy’s Multi-Asset Strategy retained its long-term positioning rather than trading around the UK election or prospective Trump presidency, arguing that expected political outcomes are usually already priced. It warns that narrow AI-led equity leadership, fiscal expansion and geopolitical risks leave markets vulnerable, while favouring assets less exposed to domestic UK regulation. first half of 2024 —
- Alluvial Capital Management Second Quarter 2024 Letter to Limited Partners Alluvial Fund retained Net Lease Office Properties as its largest position, arguing that asset sales and debt reduction should narrow its steep valuation discount. The fund added conviction to McBride’s turnaround and Talen Energy’s asset-sale strategy, while exiting Harbor Diversified after its arbitration claim failed and financial statements required restatement. Second Quarter 2024 HRBR $129MMCB $401MNLOP $142M
- Patient Capital Management Quarterly Market Review 2Q 2024 U.S. equities rebounded from April’s pullback as mega-cap technology companies extended their market dominance and concentration within the S&P 500. Patient Capital Management points to sticky rate expectations, narrowing large-cap leadership, weak small-caps and divergent sector and asset-class conditions. 2Q 2024 —
- O'Keefe Stevens Advisory Quarterly Investor Letter Q2 2024 O'Keefe Stevens initiated Alibaba and Perrigo, arguing that Alibaba's cash generation and China market position outweigh geopolitical and competitive risks, while Perrigo can recover from infant-formula disruption through a relaunch, cost savings and Opill. Qualcomm and Corning were retained as AI beneficiaries, although the firm questioned the durability of hyperscaler capital spending. Q2 2024 BABA $270BPRGO $2BGLW $136B
- Patient Capital Management 2Q24 Portfolio Activity and Attribution Patient Opportunity Equity increased exposure to underfollowed health-care and smaller-company opportunities while finding several Magnificent 7 holdings closer to fair value. It entered Everi Holdings and exited Capital One and Uber. The portfolio argues that Illumina, Biogen and Royalty Pharma offer mispriced health-care upside, while Everi’s IGT transaction should create a stronger casino-technology platform. 2Q24 AMZN $2.7TBIIB $33BCOIN $47B
- Palm Harbour Capital Q2 2024 Letter Piraeus Port Authority anchors a contrarian portfolio case for competitively advantaged assets completing investment programmes while retaining substantial cash and scope for higher dividends. Palm Harbour argues that extreme megacap and AI enthusiasm has widened the opportunity in international value and small caps, while pressing SK Kaken to improve capital allocation. second quarter 2024 0OIY $1.5BGHTI LNA $289M
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that passive indexation has concentrated equity exposure in a handful of large technology companies as the disinflationary forces behind decades of margin expansion fade. It favors hard-asset exposure in the Permian Basin, particularly LandBridge, as AI-driven electricity and water needs raise the value of gas, land and infrastructure. 2nd Quarter 2024 LB $6.6BTPL $24B
