O’keefe Stevens Advisory, an investment advisory firm, released its first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Soft-landing expectations drove the S&P 500’s 11% gain in Q1. Despite geopolitical tensions, the market is cool, however, inflation is still a concern for the firm. The top five positions accounted for almost 34% of the assets held by O’keefe Stevens Advisory. In addition, please check the fund’s top five holdings to know its best picks in 2024.
O’keefe Stevens Advisory featured stocks like GrafTech International Ltd. (NYSE:EAF) in the first quarter 2024 investor letter. Headquartered in Brooklyn Heights, Ohio, GrafTech International Ltd. (NYSE:EAF) engages in the research, development, manufacturing, and distribution of graphite and carbon-based solutions. On May 10, 2024, GrafTech International Ltd. (NYSE:EAF) stock closed at $1.7200 per share. One-month return of GrafTech International Ltd. (NYSE:EAF) was -4.44%, and its shares lost 58.75% of their value over the last 52 weeks. GrafTech International Ltd. (NYSE:EAF) has a market capitalization of $442.327 million.
O’keefe Stevens Advisory stated the following regarding GrafTech International Ltd. (NYSE:EAF) in its first quarter 2024 investor letter:
“After discussing GrafTech International Ltd.’s (NYSE:EAF) challenges throughout 2022 and 2023, Groundhog Day came early in 2024, with the stock declining 39% in January. The selloff likely stems from indiscriminate selling by Brookfield Asset Management and shares distributed by BAM due to the fund ending. We were again left wondering what we were doing in this business and stock. However, when things look bleakest, the sun rises.
In February, Nilesh Undavia filed a 13D, signaling his intention to nominate himself and others to the board at the upcoming annual meeting. Graftech’s business and stock have underperformed our expectations, with CEO changes, a plant closure, and other setbacks. A significant shareholder willing to step up and make his voice heard is welcomed…” (Click here to rad the full text)
A close up of a carbon-based solution as it gets released from a nozzle into a mould.
GrafTech International Ltd. (NYSE:EAF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held GrafTech International Ltd. (NYSE:EAF) at the end of the fourth quarter which was 11 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
GrafTech International Ltd. (NYSE:EAF) was one of Steven’s worst-performing investments in the last quarter, with a return of -73%. This was due to poor industry dynamics and Brookfield, the largest shareholder, selling their shares. Despite this setback, the firm is optimistic about the rebound of GrafTech International Ltd. (NYSE:EAF).
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Disclosure: None. This article is originally published at Insider Monkey.
