Miller Value Partners, an investment management company, released its “Income Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy gained 3.14% (net of fees) outperforming the ICE Bank of America High Yield Index’s 1.63% return and underperforming the S&P 500 Index’s 8.74% gain. Year-to-date, the strategy returned 0.48%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Miller Value Partners Income Strategy highlighted stocks like B. Riley Financial, Inc. (NASDAQ:RILY) in the second quarter 2023 investor letter. Headquartered in Los Angeles, California, B. Riley Financial, Inc. (NASDAQ:RILY) is a financial company that provides investment banking and financial services. On July 26, 2023, B. Riley Financial, Inc. (NASDAQ:RILY) stock closed at $59.13 per share. One-month return of B. Riley Financial, Inc. (NASDAQ:RILY) was 28.01%, and its shares gained 18.24% of their value over the last 52 weeks. B. Riley Financial, Inc. (NASDAQ:RILY) has a market capitalization of $1.664 billion.
Miller Value Partners Income Strategy made the following comment about B. Riley Financial, Inc. (NASDAQ:RILY) in its second quarter 2023 investor letter:
“B. Riley Financial, Inc. (NASDAQ:RILY) was the top contributor for the quarter. The company reported 1Q23 operating revenues of $380.5MM, +43.0% year-over-year (Y/Y), and Earnings per Share (EPS) of $0.51, compared to a 1Q22 net loss per share of -$0.43. Operating Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter came in at $80.1MM, or a margin of 21.1%, compared to a margin of 31.6% in 1Q22. The company posted 1Q23 investment gains of $51.6MM, compared to investment losses of -$19.3MM in 1Q22. The company’s Capital Markets segment posted an operating revenue Y/Y gain of 10% driven by a significant increase in interest income from securities lending which helped to offset lower levels of investment banking and equity capital markets activity. The company repurchased $53.7MM worth of shares during the quarter, or 4.2% of the company’s market cap, and maintained its quarterly dividend of $1/share, or an annualized yield of 8.7%. As of quarter-end, B Riley had total debt of $2.51B, and net debt of $426.7MM, compared to $298.7MM as of 12/31/22.”
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B. Riley Financial, Inc. (NASDAQ:RILY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held B. Riley Financial, Inc. (NASDAQ:RILY) at the end of first quarter which was 24 in the previous quarter.
We discussed B. Riley Financial, Inc. (NASDAQ:RILY) in another article and shared White Brook Capital Partners’ insights on the company. In addition, please check out our hedge fund investor letters Q2 2023 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.
