Immersion Investment Partners, an investment management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 22.3% in the second quarter compared to 5.21% for the Russell 2000 Index. The firm is happy with its broad-based year-to-date performance. The fund returned 29.73% year-to-date compared to 8.09% for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Immersion Investment Partners highlighted stocks like IDT Corporation (NYSE:IDT) in the second quarter 2023 investor letter. Headquartered in Newark, New Jersey, IDT Corporation (NYSE:IDT) offers communications and payment services that operate through Fintech, net2phone, and Traditional Communications. On August 4, 2023, IDT Corporation (NYSE:IDT) stock closed at $23.08 per share. One-month return of IDT Corporation (NYSE:IDT) was -6.86%, and its shares lost 14.07% of their value over the last 52 weeks. IDT Corporation (NYSE:IDT) has a market capitalization of $588.455 million.
Immersion Investment Partners made the following comment about IDT Corporation (NYSE:IDT) in its second quarter 2023 investor letter:
“We substantially reduced our position in IDT Corporation (NYSE:IDT) in May, due to the upcoming Straight Path litigation verdict. The stock was sized at nearly 10% of NAV, which we felt was imprudent. Subsequently, we exited the stock shortly after the company announced its fiscal third quarter operating results in early June, which were mediocre. After conducting further diligence, we concluded that the next few quarters could be very weak. We moved down our profit estimates materially, no longer believing that NRS can continue its torrid pace of growth, coupled with accelerating declines in the Traditional Telecom business. Additionally, the company’s tone and commentary regarding the monetization of its growth businesses subtly shifted. We now think that management wants to hold on to net2phone and NRS for longer than we initially anticipated. These negative incremental developments, paired with the coin flip of the Straight Path Litigation outcome gave us no reason to continue holding the stock.”
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IDT Corporation (NYSE:IDT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held IDT Corporation (NYSE:IDT) at the end of first quarter which was 14 in the previous quarter.
We discussed IDT Corporation (NYSE:IDT) in another article and shared Deep Sail Capital’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 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.
