White Falcon Capital Management, an investment fund manager, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 12.36% compared to the S&P 500 (CAD), the MSCI All Country (CAD), and the S&P TSX’s returns of 7.17%, 5.78%, and 4.56%, respectively. The strong performance of the portfolio was due to exposure to the technology and precious metals sectors. In addition, please check the fund’s top five holdings to know its best picks in 2023.
White Falcon Capital Management highlighted stocks like Docebo Inc. (NASDAQ:DCBO) in the first quarter 2023 investor letter. Headquartered in Toronto, Canada, Docebo Inc. (NASDAQ:DCBO) offers cloud-based learning management platform. On April 25, 2023, Docebo Inc. (NASDAQ:DCBO) stock closed at $35.77 per share. One-month return of Docebo Inc. (NASDAQ:DCBO) was -6.68%, and its shares lost 18.26% of their value over the last 52 weeks. Docebo Inc. (NASDAQ:DCBO) has a market capitalization of $1.209 billion.
White Falcon Capital Management made the following comment about Docebo Inc. (NASDAQ:DCBO) in its Q1 2023 investor letter:
“Importantly, we also talked about how we incorporate growth businesses within our value investing framework. To further that conversation, in the appendix to this letter, we highlight such a company – Docebo Inc. (NASDAQ:DCBO). Docebo is a software as a service (SaaS) business that operates in the learning and training vertical. The business has grown to $153 mn in ARR in 2022 from $10 mn in ARR in 2016 with a cumulative net loss (investment) of $12 mn. This is incredibly efficient! While it is classified as a ‘profitless technology’ stock, we will argue that it was, in fact, a value stock when we initiated a position in October 2022.
To further illustrate this point, let’s assume we have the option of investing in two different companies – Growth Stock A and Value Stock B. The growth stock is a profitless technology stock that is investing in the business through its income statement – primarily with investments in Research & Development (R&D) and Sales & Marketing (S&M). The value stock is a traditional business but it is also currently investing in growth by making capital investments through its cash flow statement…” (Click here to read the full text)
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Docebo Inc. (NASDAQ:DCBO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Docebo Inc. (NASDAQ:DCBO) at the end of the fourth quarter which was 15 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.
