argosyinvestors
Argosy Investors commentary for the first quarter ended March 31, 2022. Dear Investors, 2022 first quarter performance was -15.1% in select accounts. The S&P 500 by comparison returned -4.4%. We ended the quarter with 43% of the portfolio in cash and equivalents, which means that these results would have been worse without the allocation to cash. Looking into why our performance lagged the market so significantly, some of our worst performers were our largest positions. I am optimistic we will not see that pattern repeat, particularly with businesses that have generated strong business results...
ValueWalk
Argosy Investors commentary for the third quarter ended September 2021, disucssing the decline in stock price of Dream Finders Homes, Grocery Outlet Holdings and Roadrunner Transportation Systems. Q3 2021 hedge fund letters, conferences and more Dear Investors, Year-to-date 2021 performance was 17.1% in select accounts. The S&P 500 by comparison returned 15.9%. This quarter our holdings experienced mixed performance. Some of the portfolio companies I have invested in most recently have done the worst of late (more on that later). We are sharpening our pencils on depressed names in and out of o...
ValueWalk
Argosy Investors commentary for the second quarter ended June 30, 2021. Q2 2021 hedge fund letters, conferences and more Dear Investors, Year-to-date 2021 performance was 16.5% in select accounts. The S&P 500 by comparison returned 15.3%. I am thankful for our good fortune so far this year, but I remain surprised that the portfolio did not take a breather (giving us an opportunity to add to some of our favorite holdings). I try to focus on the businesses we own, but feel a responsibility to share some thoughts on current events and their potential impact on the portfolio. Inflation is the topi...
ValueWalk
Argosy Investors commentary for the first quarter ended March 31, 2021, discussing their new position in Grocery Outlet Holding Corp (NASDAQ:GO). Q1 2021 hedge fund letters, conferences and more Dear Investors, First quarter 2021 performance was 8.2% in select accounts. The S&P 500 by comparison returned 7.0%. Market returns continued to be strong during the first quarter, as the market’s rally back from the depths of the pandemic-induced recession continues, despite historically high valuations. There seems to be a shift, however temporary it may be, towards “value”, evidenced by the Nasdaq t...
ValueWalk
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