Atai Capital, an investment management firm, recently released its first-ever quarterly investor letter. A copy of the same can be downloaded here. In the first quarter of 2023, the fund returned 4.39% net of all fees compared to a 7.50% return for the S&P500 Index and a 2.70% return for the Russell 2000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Atai Capital highlighted stocks AstroNova, Inc. (NASDAQ:ALOT) in the first quarter 2023 investor letter. Headquartered in West Warwick, Rhode Island, AstroNova, Inc. (NASDAQ:ALOT) develops and manufactures specialty printers, and data acquisition and analysis systems. On April 14, 2023, AstroNova, Inc. (NASDAQ:ALOT) stock closed at $14.92 per share. One-month return of AstroNova, Inc. (NASDAQ:ALOT) was 20.71%, and its shares gained 18.51% of their value over the last 52 weeks. AstroNova, Inc. (NASDAQ:ALOT) has a market capitalization of $109.655 million.
Atai Capital made the following comment about AstroNova, Inc. (NASDAQ:ALOT) in its Q1 2023 investor letter:
“AstroNova, Inc. (NASDAQ:ALOT) is the firm’s largest and highest conviction position as of writing. The business has two segments; the first is Test & Measurement (“T&M”), which designs and manufactures airplane cockpit printers; this segment also includes a smaller line of hardware systems used to acquire, record, process, and analyze data for a wide range of industries. The second is Product Identification (“PID”) which sells a wide assortment of label printers and the related consumables such as labels and ink.
The crux of our investment in AstroNova revolves around airplane production picking up over the coming years from its current levels. Boeing in 2018 (before the 737-MAX groundings) delivered 806 commercial planes versus just 480 in 2022, and Airbus in 2019 delivered 863 commercial planes versus just 661 in 2022. Going off these numbers means we’re still 32% below pre-covid commercial airplane production. I want to make it clear that there is not a demand issue keeping these production numbers below pre-covid levels, but rather a well-publicized supply chain, labor, and manufacturing bottleneck. Boeing is expected to deliver 800 commercial planes in 2025, Airbus is guiding to 1,000 by mid-decade, and Air India just placed orders for 470 aircraft – This order marks Boeing’s second-largest of all time by quantity…” (Please click here to read the full text)
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AstroNova, Inc. (NASDAQ:ALOT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 3 hedge fund portfolios held AstroNova, Inc. (NASDAQ:ALOT) at the end of the fourth quarter which was 4 in the previous quarter.
We discussed AstroNova, Inc. (NASDAQ:ALOT) in another article and shared the list of stocks with growth potential according to Juniper Investment Company. 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.
