Bronte Capital, an investment management company, released its “Amalthea Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund lost -2.12% in December, -0.97% for the quarter, and gained 15.60% for the calendar year. Compared to that, the MSCI ACWI index had gains of 1.28%, 4.63%, and 21.92% (in $A) during those periods, thanks to its global diversity. This quarter, and particularly in December, the market has been actively hostile to the fund’s strategy due to a generalized squeeze in high-short-interest names. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Amalthea Fund featured stocks like Hibbett, Inc. (NASDAQ:HIBB) in its Q4 2023 investor letter. Headquartered in Birmingham, Alabama, Hibbett, Inc. (NASDAQ:HIBB) is an athletic-inspired fashion products retailer. On March 1, 2024, Hibbett, Inc. (NASDAQ:HIBB) stock closed at $82.00 per share. One-month return of Hibbett, Inc. (NASDAQ:HIBB) was 23.33%, and its shares gained 20.31% of their value over the last 52 weeks. Hibbett, Inc. (NASDAQ:HIBB) has a market capitalization of $966.759 million.
Amalthea Fund stated the following regarding Hibbett, Inc. (NASDAQ:HIBB) in its fourth quarter 2023 investor letter:
“We will end with a long on which we are happy to disclose considerable detail. Hibbett, Inc. (NASDAQ:HIBB) is a retailer of street wear (especially sneakers) and a small volume of sporting goods (shoes with cleats for instance).
It is an unusual position for Bronte, and we hold approximately 5 percent of the company. Our share of the company has been increasing as management bought back the stock.
It is not our intention to buy stakes in companies large enough to influence management – and we prefer keeping the ability to sell without an undue impact on the stock. This makes it unlikely we will buy more of the stock.
Hibbett is a small cap company. Our position is large in them – but it is relatively small for us. But because it is an unusual (and fun) position we are discussing it more detail than usual. Attached to this note is a stock-note of sorts. It explains how we wound up owning the stock (and why we like it). It also details the risks (some of which are difficult to manage)…” (Click here to read the full text)
A youngster wearing the brand’s latest athletic gear, perfectly captured mid-run.
Hibbett, Inc. (NASDAQ:HIBB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Hibbett, Inc. (NASDAQ:HIBB) was held by 17 hedge fund portfolios, down from 19 in the previous quarter, according to our database.
We discussed Hibbett, Inc. (NASDAQ:HIBB) in another article and shared the list of stocks that billionaire Steve Cohen bought aggressively recently. 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.
