Greenhaven Road Capital, an investment management company, released its first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the Fund returned approximately 2%. In the short term, most share price fluctuations are due to changes in investor sentiment. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Greenhaven Road Capital featured stocks like Burford Capital Limited (NYSE:BUR) in its Q1 2024 investor letter. Based in Saint Peter Port, Guernsey, Burford Capital Limited (NYSE:BUR) is a legal finance products and services provider. On May 3, 2024, Burford Capital Limited (NYSE:BUR) stock closed at $15.84 per share. One-month return of Burford Capital Limited (NYSE:BUR) was -0.63%, and its shares gained 16.73% of their value over the last 52 weeks. Burford Capital Limited (NYSE:BUR) has a market capitalization of $3.472 billion.
Greenhaven Road Capital stated the following regarding Burford Capital Limited (NYSE:BUR) in its first quarter 2024 investor letter:
“Burford Capital Limited (NYSE:BUR) – As the ancient Greeks said, “The wheels of justice turn slowly, but grind exceedingly fine.” As a litigation financer, Burford has funded a large portfolio of legal cases that are working their way through the legal process. Their largest “holding” is a judgement against Argentina related to the YPF case, for which Burford is in charge of pursuing the payout. If Burford were to collect the full $6.2B (not including post-judgement interest accruing at ~5% per year), this windfall would be worth $28 per share. To be clear, especially given Argentina’s history in cases of this type, it is my expectation that Burford will take a haircut in a negotiated settlement. Interestingly, Burford’s CIO Jonothan Molot appears on the visitor logs for senior Argentinian officials (link)… at least they are talking.
While the YPF judgment is a massive asset for Burford, it is far from the only case that should start gaining more traction in the near term. Despite receiving $242M of proceeds from $135M of pre-2020 vintage deployments in 2023, Burford still has ~$782M of deployments remaining in that vintage that we should start seeing flow through the P&L in the form of realizations as courts are now fully re-opened and cases delayed by the pandemic conclude…” (Click here to read the full text)
A corporate lawyer explaining the terms of a contract to a customer in a contemporary office.
Burford Capital Limited (NYSE:BUR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Burford Capital Limited (NYSE:BUR) at the end of the fourth quarter which was 23 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
We previously discussed Burford Capital Limited (NYSE:BUR) in another article, where we shared Jackson Peak Capital’s views on the company. In their Q4 2023 letter, Greenhaven Road Capital expressed optimism regarding Burford Capital Limited’s (NYSE:BUR) potential to earn incredible returns.
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Disclosure: None. This article is originally published at Insider Monkey.
