Plural Investing, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund’s gross return was 14.5% and its net return was 14.3%. The firm’s objective is to produce returns over five years that are noticeably higher than those of the global markets. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Plural Investing featured stocks such as Kyndryl Holdings, Inc. (NYSE:KD) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, Kyndryl Holdings, Inc. (NYSE:KD) is a technology services company and IT infrastructure services provider. On January 24, 2024, Kyndryl Holdings, Inc. (NYSE:KD) stock closed at $20.87 per share. One-month return of Kyndryl Holdings, Inc. (NYSE:KD) was -1.18%, and its shares gained 60.29% of their value over the last 52 weeks. Kyndryl Holdings, Inc. (NYSE:KD) has a market capitalization of $4.789 billion.
Plural Investing stated the following regarding Kyndryl Holdings, Inc. (NYSE:KD) in its fourth quarter 2023 investor letter:
“We published a writeup on Kyndryl Holdings, Inc. (NYSE:KD) to SumZero in late November, 2023, which was awarded second prize in its category in the SumZero Top Stocks 2024 Challenge. You can read the writeup on SumZero here or email chris.waller@pluralinvesting.com for a copy1
Kyndryl is a spin-off from IBM that is successfully turning itself around. The company is the largest provider of services to manage on-premise data centers, a market that is declining at low to mid-single digits rates per annum. IBM offloaded Kyndryl in 2021 as part of an attempt to rebrand itself as a growing and cloud-focused business. While IBM initially hoped that Kyndryl stock would be priced at $50, it had to settle for $28 and the stock sold off after the spin as each Kyndryl share was worth 5% of an IBM share and the company was a loss making business in a declining industry that few wanted to own. The stock bottomed in 2022 at $8, we bought long-term call options in late 2022 when the stock traded between $9 and $11, and bought shares throughout 2023 between $14 and $17. It trades at $21 today and we estimate will be worth $40 in three years when the company generates $4 in FCF…” (Click here to read the full text)
A large array of computer screens and tech equipment representing the technology company’s self-service cloud-based platform.
Kyndryl Holdings, Inc. (NYSE:KD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Kyndryl Holdings, Inc. (NYSE:KD) at the end of third quarter which was 26 in the previous quarter.
We discussed Kyndryl Holdings, Inc. (NYSE:KD) in another article and shared the list of stocks receiving a massive vote of approval from Wall Street analysts. In addition, please check out our hedge fund investor letters Q4 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.
