Investment management company LVS Advisory, a New York City-based full-service investment firm, recently released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The defensive portfolio of the fund gained 0.6% (net of all fees and expenses) in the first quarter compared to the 4.2% gain for its benchmark the High-Yield Bond Index. On the other hand, its Growth Portfolio gained 8.1% in the quarter compared to 7.5% for its benchmark, S&P 500 Total Return Index. For more information on the fund’s top picks in 2023, please check its top five holdings.
LVS Advisory highlighted stocks like Gogo Inc. (NASDAQ:GOGO) in the first quarter 2023 investor letter. Headquartered in Broomfield, Colorado, Gogo Inc. (NASDAQ:GOGO) provides broadband connectivity services in airplanes. On April 13, 2023, Gogo Inc. (NASDAQ:GOGO) stock closed at $14.18 per share. One-month return of Gogo Inc. (NASDAQ:GOGO) was -2.34%, and its shares lost 39.09% of their value over the last 52 weeks. Gogo Inc. (NASDAQ:GOGO) has a market capitalization of $1.814 billion.
LVS Advisory made the following comment about Gogo Inc. (NASDAQ:GOGO) in its Q1 2023 investor letter:
“We made a new investment in Gogo Inc. (NASDAQ:GOGO) during the quarter. Gogo is likely a familiar brand as it used to provide internet on commercial airplanes; however, the company divested its commercial airline business in 2020 to focus on the much more profitable and fast-growing business of providing internet for business jets.
Gogo has a monopoly on the internet connectivity business for private jets in North America. The company’s air-to-ground network consists of over 150 cell towers broadcasting internet straight up into the sky. Roughly one-third of private jets in the US have internet connectivity today but the penetration rate is expected to approach 100% within the next 10 to 15 years as new jets are line-fit with connectivity equipment right out of the factory and existing jets are gradually upgraded. Just like a cable plan, customers pay monthly internet subscription fees. In the coming years, Gogo will benefit from higher prices as customers upgrade to its 5G service (launching at the end of 2023) and its low earth orbit satellite service (launching in 2024). The company expects revenue to more than double over the next 5 years as it rides these tailwinds…” (Please click here to read the full text)
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Gogo Inc. (NASDAQ:GOGO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Gogo Inc. (NASDAQ:GOGO) at the end of the fourth quarter which was 17 in the previous quarter.
We discussed Gogo Inc. (NASDAQ:GOGO) in another article and shared the list of most promising small-cap stocks to buy according to analysts. 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.
