Horos Asset Management, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. Horos Value Internacional gained 3.5% over the quarter and is up 33.6% in 2021, compared to 1.2% and 17.3%, respectively, in its benchmark index. Horos Value Iberia gained 1.7% over the quarter and is up 20.4% for the year, beating the gains of 1.4% and 11.3%, respectively, of its benchmark. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.
Horos Asset Management, in its Q3 2021 investor letter, mentioned BlackRock Capital Investment Corporation (NASDAQ: BKCC) and discussed its stance on the firm. BlackRock Capital Investment Corporation is a New York, New York-based private equity company with a $289.2 million market capitalization. BKCC delivered a 45.35% return since the beginning of the year, while its 12-month returns are up by 45.35%. The stock closed at $3.91 per share on December 17, 2021.
Here is what Horos Asset Management has to say about BlackRock Capital Investment Corporation in its Q3 2021 investor letter:
“China is a country that always stirs up a lot of controversy because of the way it operates at all levels. Obviously, the array of interventionist measures I have just summarized has generated a lot of debate in various academic circles, including the investment world. In particular, I would like to highlight the opinion of two macro investment legends, precisely because their views are diametrically opposed in this regard. I am referring to George Soros and Ray Dalio.
Soros has been very vocal in taking a stand against Xi Jinping’s regime. Specifically, after BlackRock—the world’s largest asset manager—announced an agreement whereby it became the first foreign entity authorized to market its financial products in China and that it had also decided to allocate a significant part of its portfolios to the Chinese stock market, the Hungarian investor wrote a harsh opinion article in the prestigious newspaper The Wall Street Journal, arguing why this entity was wrong to bet so decisively on China.12 Soros believes that Xi Jinping will use all Chinese companies, both state-owned and private, to perpetuate himself in power and will not hesitate to despise and exploit foreign investors, if necessary. Moreover, in the same article, he criticized BlackRock’s massive injection of money into the country, at a time when the United States and China are competing, more than ever, to impose two opposing systems of government.”
Photo by Scott Graham on Unsplash
Based on our calculations, BlackRock Capital Investment Corporation (NASDAQ: BKCC) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. BKCC was in 8 hedge fund portfolios at the end of the third quarter of 2021, compared to 10 funds in the previous quarter. BlackRock Capital Investment Corporation (NASDAQ: BKCC) delivered a -0.51% return in the past 3 months.
Earlier this month, we published an article about BKCC being part of the 10 Dividend Stocks With Over 8% Yield. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.
Disclosure: None. This article is originally published at Insider Monkey.
