Alluvial Capital Management, an investment advisory firm, released its fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned 4.2% in the fourth quarter and it declined by 14.9% for the full year. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alluvial Capital Management highlighted stocks like P10, Inc. (NYSE:PX) in the fourth quarter investor letter. Headquartered in Dallas, Texas, P10, Inc. (NYSE:PX) provides multi-asset class private market solutions. On February 9, 2023, P10, Inc. (NYSE:PX) stock closed at $11.26 per share. One-month return of P10, Inc. (NYSE:PX) was -3.26% and its shares lost 10.14% of their value over the last 52 weeks. P10, Inc. (NYSE:PX) has a market capitalization of $1.318 billion.
Alluvial Capital Management made the following comment about P10, Inc. (NYSE:PX) in its Q4 2022 investor letter:
“It has been a quiet stretch for P10, Inc. (NYSE:PX), our second-largest holding as of the date of this letter. Third quarter earnings were healthy. The fundraising environment for alternative investments is tougher now than it was a year ago, but P10 continues to add assets under management and has maintained its 2023 targets. Fortunately for P10, it does not have significant exposure to the most challenged of asset classes, real estate. On the third quarter earnings conference call, CoCEO Clark Webb remarked “….I will tell you, it’s much harder today to allocate capital externally when our stock trades where it does. So you can see that we have instituted a buyback and have begun buying back shares. But we are certainly hard-pressed to find businesses like ours trading at valuations like us. And so we do have a new competitor in the room, if you will, which is our own stock.” No argument from me! At higher valuations, I would rather see P10 use its resources to acquire new alternative assets managers than repurchase shares. But at these prices, the case for repurchasing shares is compelling. The company took advantage of the dip below $10 to repurchase quite a few shares and announced a $20 million increase to the buyback authorization at year-end. Shares have rebounded from the lows but remain extremely cheap.”
Source: PEXELS
P10, Inc. (NYSE:PX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held P10, Inc. (NYSE:PX) at the end of the third quarter, which was 5 in the previous quarter.
We discussed P10, Inc. (NYSE:PX) in another article and shared Alluvial Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.
