Silver Ring Value Partners, an investment management company, released its second-quarter 2024 investor letter. A copy of the same can be downloaded here. The strategy returned -16% (net) in the last 12 months compared to a 23.1% return for the Russell 3000 Index and 20.8% for the MSCI World Index during the same period. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Silver Ring Value Partners highlighted stocks like International Game Technology PLC (NYSE:IGT), in the second quarter 2024 investor letter. International Game Technology PLC (NYSE:IGT) operates and offers gaming technology products and services. The one-month return of International Game Technology PLC (NYSE:IGT) was -8.41%, and its shares lost 30.11% of their value over the last 52 weeks. On August 22, 2024, International Game Technology PLC (NYSE:IGT) stock closed at $21.77 per share with a market capitalization of $4.394 billion.
Silver Ring Value Partners stated the following regarding International Game Technology PLC (NYSE:IGT) in its Q2 2024 investor letter:
“International Game Technology PLC (NYSE:IGT) is a new small investment in the “Undervalued with a Catalyst” category. The company is comprised of two businesses: a lottery operator and a designer of new slot machine games plus related products. The former is a good, stable business with low cyclicality, high barriers to entry and switching costs but modest growth. The latter can be a good business, but is highly cyclical, very competitive and susceptible to product cycle hits and misses
IGT was already in the process of spinning off its non-lottery businesses and merging them with Everi Holdings (EVRI), when the private equity firm Apollo announced that it will be buying the combined post-spin entity. This new deal results in a much higher all-cash payment to IGT than was contemplated under the spin-off. The deal is expected to close in about a year…” (Click here to read the full text)
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International Game Technology PLC (NYSE:IGT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held International Game Technology PLC (NYSE:IGT) at the end of the second quarter which was 28 in the previous quarter. International Game Technology PLC (NYSE:IGT) announced a strong first-half performance, with more than $2 billion in revenue and a 23% operating profit. While we acknowledge the potential of International Game Technology PLC (NYSE:IGT) 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 International Game Technology PLC (NYSE:IGT) and shared Palm Harbour 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.
