Long Cast Advisers, an investment management firm, released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the cumulative net returns of the fund improved by 1% and year-to-date net returns are 10%. The fund returned a cumulative 192% net of fees, or 13% of CAGR, since its inception in November 2015 through the quarter-end of 2Q24. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Long Cast Advisers highlighted stocks like Research Solutions, Inc. (NASDAQ:RSSS) in the second quarter 2024 investor letter. Headquartered in Henderson, Nevada, Research Solutions, Inc. (NASDAQ:RSSS) offers a cloud-based software-as-a-service research platform. The one-month return of Research Solutions, Inc. (NASDAQ:RSSS) was 2.69%, and its shares gained 30.24% of their value over the last 52 weeks. On August 13, 2024, Research Solutions, Inc. (NASDAQ:RSSS) stock closed at $2.67 per share with a market capitalization of $86.193 million.
Long Cast Advisers stated the following regarding Research Solutions, Inc. (NASDAQ:RSSS) in its Q2 2024 investor letter:
“Research Solutions, Inc. (NASDAQ:RSSS) has reached the one-year anniversary of the first of its two major acquisitions, Resolute ai from July ’23, soon followed by the anniversary of the Scite acquisition from Nov ’23. The lack of earn-out at Resolute indicates a failure to achieve expectations. Fortunately, it was the smaller of the two acquisitions ($3M purchase price).
In contrast, early evidence suggests that Scite, purchased for $21M and with an earnout recently revised upwards, is performing ahead of expectations. Scite has the ingredients to translate into long term value accretion, including complimentary strength in the traditionally weaker academic markets, a complimentary pricing model with exposure to B2C customers and an energetic founder with industry “rizz” (as the kids say). A former manager lauded his addition as a big win for the company…” (Click here to read the full text)
A closeup of a software engineer showing the complexity of software development.
Research Solutions, Inc. (NASDAQ:RSSS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 4 hedge fund portfolios held Research Solutions, Inc. (NASDAQ:RSSS) at the end of the first quarter which was 5 in the previous quarter. In the third quarter of fiscal 2024, Research Solutions, Inc. (NASDAQ:RSSS) generated $12.1 million in revenues up 17% from the third quarter of fiscal 2023. While we acknowledge the potential of Research Solutions, Inc. (NASDAQ:RSSS) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Research Solutions, Inc. (NASDAQ:RSSS) and shared Artko Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
