Investment management company River Oak Capital recently released its second-half 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund returned 8.3% compared to 26.3% for the S&P 500, 16.9% for the Russell 2000, and 9.3% for the Russell Microcap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
River Oak Capital featured stocks such as Logan Ridge Finance Corporation (NASDAQ:LRFC) in the fourth quarter 2023 investor letter. Logan Ridge Finance Corporation (NASDAQ:LRFC) is a Business Development Company. On February 16, 2024, Logan Ridge Finance Corporation (NASDAQ:LRFC) stock closed at $22.60 per share. One-month return of Logan Ridge Finance Corporation (NASDAQ:LRFC) was -0.13%, and its shares lost 4.26% of their value over the last 52 weeks. Logan Ridge Finance Corporation (NASDAQ:LRFC) has a market capitalization of $60.075 million.
River Oak Capital stated the following regarding Logan Ridge Finance Corporation (NASDAQ:LRFC) in its fourth quarter 2023 investor letter:
“Logan Ridge Finance Corporation (NASDAQ:LRFC) is a BDC (Business Development Company) that provides financing to small and midsize private companies in the form of either debt or equity. This is an option of financing for those companies that outgrow their local bank but aren’t big enough for Wall Street or larger banks. It is our fourth largest position in the fund and now has a market cap of $60m.
Over the past six months, BC Partners’ turnaround of Logan Ridge has continued to develop positively. Of the six bullets of improvements BC Partners’ outlined when they took over the company in 2021 (listed in the H1 2023 letter), they are now nearly 100% complete.
All that remains is continuing to decrease their equity investments (which have gone from ~28% of the portfolio when BC Partners took over to ~17% ) and keeping up their dividend growth (which has gone from a 0% dividend yield when BC Partners took over to ~5% – not including repurchased shares)…” (Click here to read the full text)
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Logan Ridge Finance Corporation (NASDAQ:LRFC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Logan Ridge Finance Corporation (NASDAQ:LRFC) was held by 2 hedge fund portfolios, compared to 2 in the previous quarter, according to our database. 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.
