White Brook Capital Partners, an investment management firm, released its first quarter 2024 investor letter, a copy of which can be downloaded here. White Brook Capital Partners returned 3.26% compared to 9.96% for the S&P Midcap 400. In Q1, the AI sector boosted the S&P 500 and Nasdaq, continuing a previous trend. However, the release of competitive AI chips and shifting interest rate expectations have created uncertainty about the sector’s profitability and caused the momentum of the S&P 500 to decrease. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
White Brook Capital featured stocks like PetIQ, Inc. (NASDAQ:PETQ) in the Q1 2024 investor letter. Headquartered in Eagle, Idaho, PetIQ, Inc. (NASDAQ:PETQ) is a pet medication and wellness company. On April 12, 2024, PetIQ, Inc. (NASDAQ:PETQ) stock closed at $16.46 per share. One-month return of PetIQ, Inc. (NASDAQ:PETQ) was 5.78%, and its shares gained 44.89% of their value over the last 52 weeks. PetIQ, Inc. (NASDAQ:PETQ) has a market capitalization of $484.439 million.
White Brook Capital stated the following regarding PetIQ, Inc. (NASDAQ:PETQ) in its first quarter 2024 investor letter:
“PetIQ, Inc. (NASDAQ:PETQ) is a United States based generic pet medication, supplements, and wellness services company. The Company operates as a value-added intermediary between club, big box retail, and ecommerce companies; pet pharmaceutical companies; and the consumer.
PetIQ consists of two reportable business segments: product and services. The product segment, which constituted their original business, is a distribution operation that distributes over-the-counter and prescription pet pharmaceuticals to retailers. Subsequently, the organization has expanded to include a proprietary products business that manufactures PetIQ-branded generic and over-the-counter pharmaceuticals and supplements for distribution to pharmacies and retail stores. The services segment offers veterinary services at retail establishments. This segment is instrumental in stimulating consumer demand for high-profit, per-square-foot pet items and generates rental income for associated retailers. Notably, 50% of their customers have never visited a veterinarian prior to seeking services from a PetIQ facility…” (Click here to read the full text)
A close-up of a syringe filled with a visible, life-saving medication.
PetIQ, Inc. (NASDAQ:PETQ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, PetIQ, Inc. (NASDAQ:PETQ) was held by 19 hedge fund portfolios, compared to 18 in the previous quarter, according to our database.
We previously discussed PetIQ, Inc. (NASDAQ:PETQ) in another article, where we shared the list of best small cap pharma stocks to invest in. 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.
