Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. During the quarter, the strategy returned -1.9% net of fees compared to the S&P 500’s 4.3% return. According to a three-factor performance attribution model, allocation and interaction effects led to the portfolio’s underperformance which was partially offset by selection effects. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Patient Capital Opportunity Equity Strategy highlighted stocks like Coinbase Global, Inc. (NASDAQ:COIN), in the second quarter 2024 investor letter. Coinbase Global, Inc. (NASDAQ:COIN) offers financial infrastructure and technology for the crypto economy. The one-month return of Coinbase Global, Inc. (NASDAQ:COIN) was 20.24%, and its shares gained 158.67% of their value over the last 52 weeks. On July 23, 2024, Coinbase Global, Inc. (NASDAQ:COIN) stock closed at $257.63 per share with a market capitalization of $64.831 billion.
Patient Capital Opportunity Equity Strategy stated the following regarding Coinbase Global, Inc. (NASDAQ:COIN) in its Q2 2024 investor letter:
“Coinbase Global, Inc. (NASDAQ:COIN) was a top detractor following cryptocurrencies lower throughout the quarter. While cryptocurrencies are going through a digestion period following the all-time high reached by Bitcoin in March, we believe it is still the early innings for institutional adoption and exposure to cryptocurrencies. We believe Coinbase continues to solidify its position as the platform of choice for the crypto-ecosystem and will benefit from this increasing demand over time.”
A shot of someone securely accepting crypto assets as payment, showcasing the company’s payment solutions.
Coinbase Global, Inc. (NASDAQ:COIN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. Coinbase Global, Inc. (NASDAQ:COIN) was held by 48 hedge fund portfolios at the end of the first quarter, compared to 41 in the previous quarter, according to our database. Coinbase Global, Inc. (NASDAQ:COIN) reported first-quarter revenues of $1.6 billion, up 72% from the previous quarter. The firm also reported $1.2 billion in net income, and adjusted EBITDA was $1 billion higher than it was for the entire year of 2023. While we acknowledge the potential of Coinbase Global, Inc. (NASDAQ:COIN) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Coinbase Global, Inc. (NASDAQ:COIN) and shared the list of biggest AI stock upgrades and downgrades in July so far. Coinbase Global, Inc. (NASDAQ:COIN) in 9th position on the list. In addition, please check out our hedge fund investor letters Q2 2024 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.
