Alphyn Capital Management, an investment management firm, released its first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The Master Account of the fund returned 7.1% net in the first quarter compared to 10.6% for the S&P500 Index. As of March 31, 2024, the top ten holdings accounted for approximately 66% of the portfolio, and approximately 8.2% of the portfolio was held in cash. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Alphyn Capital Management featured stocks like Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the first quarter 2024 investor letter. Headquartered in Washington, the District of Columbia, Cogent Communications Holdings, Inc. (NASDAQ:CCOI) provides Internet access and Internet Protocol (IP) communications solutions. On April 11, 2024, Cogent Communications Holdings, Inc. (NASDAQ:CCOI) stock closed at $65.29 per share. One-month return of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was 1.70%, and its shares lost 5.81% of their value over the last 52 weeks. Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has a market capitalization of $3.202 billion.
Alphyn Capital Management stated the following regarding Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in its first quarter 2024 investor letter:
While Cogent Communications Holdings, Inc.’s (NASDAQ:CCOI) latest earnings disappointed the market, I remain optimistic about future earnings growth as the company integrates the acquired T-Mobile Wireline business. As previously discussed, Cogent acquired this business for a nominal $1, with T-Mobile covering operating losses through a $760 million payment spread over 4.5 years.
Cogent believes it can turn this division’s $300 million in reported EBITDA losses into $90 million in profits by streamlining unprofitable contracts and strategically migrating T-Mobile’s data traffic onto Cogent’s network. While T-Mobile offloaded 93% of its traffic to expensive third-party networks, Cogent relies on 3rd party networks for only 25% of services. This shift should generate significant cost savings from reduced third-party fees, driving most of the anticipated synergies…” (Click here to read the full text)
An aerial view of an internet exchange point, illustrating the importance of an online service provider.
Cogent Communications Holdings, Inc. (NASDAQ:CCOI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was held by 19 hedge fund portfolios, compared to 20 in the previous quarter, according to our database.
We previously discussed Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in another article, where we shared the list of best high dividend stocks under $100. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
