Richie Capital Group, an investment management firm, published its first quarter 2021 investor letter – a copy of which can be downloaded here. A return of -12.3% was reported by the fund’s RCG Long Short Fund, -2.5% return by the fund’s RCG Long Only Fund, while its RCG Top 10 delivered a 0.59% gain for the Q1 of 2021. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Richie Capital Group, in their Q1 2021 investor letter, mentioned Nexstar Media Group, Inc. (NASDAQ: NXST) and shared their insights on the company. Nexstar Media Group, Inc. is an Irving, Texas-based telecommunications company that currently has a $6.5 billion market capitalization. Since the beginning of the year, NXST delivered a 38.75% return, extending its 12-month gains to 138.25%. As of April 12, 2021, the stock closed at $151.50 per share.
Here is what Richie Capital Group has to say about Nexstar Media Group, Inc. in their Q1 2021 investor letter:
“Nexstar Media Group (NXST – up 28.9%) – The television broadcasting and digital media company reported strong Q4 earnings with revenue growing 25% over the year prior. The company set records across every key financial metric and exceeded management outlook. For the full year, the company boosted free cash flow by 191% partly as a result of the full integration of their Tribune Media acquisition. The company still trades at an attractive valuation and offers a 17% FCF yield. The Supreme Court’s recent ruling allowing the FCC to loosen local media ownership restrictions will support more consolidation within the industry. This is a positive for NXST who is well positioned to acquire strategic assets. You can find our original investment thesis here.”
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Our calculations show that Nexstar Media Group, Inc. (NASDAQ: NXST) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020, Nexstar Media Group, Inc. was in 44 hedge fund portfolios compared to 41 funds in the third quarter. NXST delivered a 32.19% return in the past 3 months.
The top 10 stocks among hedge funds returned 231.2% between 2015 and 2020, and outperformed the S&P 500 Index ETFs by more than 126 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Here you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.
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Disclosure: None. This article is originally published at Insider Monkey.
