LVS Advisory Sold Icon Plc (ICLR) After Identifying Flaws in its Investment Thesis

LVS Advisory, a New York City-based full-service investment firm, recently released its first-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the first quarter of 2025, the LVS Event-Driven portfolio returned 0.8% (net of fees) and the LVS Growth Portfolio delivered 0.3%, net of all fees and expenses. This compared to 0.9% return for the high-yield bond index and 4.3% decline for the S&P 500 index. For more information on the fund’s top picks in 2025, please check its top five holdings.

In its first quarter 2025 investor letter, LVS Advisory emphasized...