Symmetry Invest A/S, an alternative investment association, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. The fund delivered a return that was about double the overall market while keeping its net exposure around 75% throughout the year. The fund’s goal is to deliver the best risk-adjusted returns over time. Symmetry Invest A/S also reported a net 23% yearly CAGR over its 9 years since inception. On a gross level, the fund’s CAGR has been around 30% per year. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.
Symmetry Invest A/S, in its Q4 2021 investor letter, mentioned PAR Technology Corporation (NYSE:PAR) and discussed its stance on the firm. Founded in 1968, PAR Technology Corporation (NYSE:PAR) is a New Hartford, New York-based systems and service solutions provider with a $991.8 million market capitalization. PAR Technology Corporation (NYSE:PAR) delivered a -29.30% return since the beginning of the year, while its 12-month returns are down by -52.01%. The stock closed at $36.80 per share on April 14, 2022.
Here is what Symmetry Invest A/S has to say about PAR Technology Corporation (NYSE:PAR) in its Q4 2021 investor letter:
“The market is often busy putting labels on investors. Are we a value investor, a growth investor, a tech investor etc.? At Symmetry, we prefer to not label our fund. We want to be flexible in our approach to the market. We liked to buy PAR Technology at $10-15 in March 2020 when most people thought restaurants would never open again. We sold most of our PAR in early 2021 at $70-90 as we thought 15-20x ARR was too expensive to achieve a satisfactory return from there. And we have been buying a lot again in early 2022 at 5x ARR. Are we growth investors when we are buying PAR? Or value investors when we sell PAR and buy Protector etc.? We do not think such a label is relevant. We just want to invest where we see the best long-term risk adjusted opportunities.
At the same time PAR has improved its gross profit margins a lot to +70%. A margin they expect to keep improving in the future. The investment case for PAR is that restaurants will need more and more technology in the future (POS, Loyalty, Payment, Delivery etc.) and that PAR has a good position as the leading enterprise POS provider to capture and win that market. With a good balance sheet (+ ability to sell government units) PAR has the muscles and flexibility to continue building and buying the blocks to create a true unified tech stack that restaurants desperately need.”
Our calculations show that PAR Technology Corporation (NYSE:PAR) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. PAR Technology Corporation (NYSE:PAR) was in 23 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 23 funds in the previous quarter. PAR Technology Corporation (NYSE:PAR) delivered a -25.02% return in the past 3 months.
In March 2022, we also shared another hedge fund’s views on PAR Technology Corporation (NYSE:PAR) in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
