Should You Hold P10 (PX) for the Long Term?

Alluvial Capital Management, an investment advisory firm, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund started the year with a positive outlook, increasing by 3.6% compared to a 2.7% gain for the Russell 2000 Index and a 2.8% fall for the Russell Micro-Cap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Alluvial Capital Management highlighted stocks like P10, Inc. (NYSE:PX) in the first quarter 2023 investor letter. Headquartered in Dallas, Texas, P10, Inc. (NYSE:PX) provides multi-asset class private market solutions. On May 1, 2023, P10, Inc. (NYSE:PX) stock closed at $10.44 per share. One-month return of P10, Inc. (NYSE:PX) was 8.19%, and its shares lost 14.14% of their value over the last 52 weeks. P10, Inc. (NYSE:PX) has a market capitalization of $1.211 billion.

Alluvial Capital Management made the following comment about P10, Inc. (NYSE:PX) in its Q1 2023 investor letter:

“Our largest position remains P10, Inc. (NYSE:PX), which reported another quarter of growth in assets under management, bringing the total to $21.2 billion, up 23% year-over-year. P10 shares are down year-to-date, no doubt reflecting investor pessimism around the fundraising environment for alternative asset managers. And yet, P10 just announced that its subsidiary RCP Advisors succeeded in raising $328 million for RCP XVII, exceeding the targeted $300 million. Despite the headwinds, P10’s managers are still attracting new capital. Though P10 has not found any suitable acquisitions of late, the company has found value in its own shares, repurchasing 1.6% of shares outstanding in the fourth quarter alone. The logic of these buybacks is unassailable; try as I might, I cannot find a better opportunity on a reward-per-unit-of-risk basis than P10 shares at under 12x perfectly visible, contractually guaranteed recurring free cash flow.”

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 fourth quarter which was 10 in the previous quarter.

We discussed P10, Inc. (NYSE:PX) in another article and shared Alluvial Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.