Is This a Compelling Time to Invest in FirstCash Holdings (FCFS)?
Alta Fox Capital Management, an investment management firm, released its third quarter 2023 investor letter. A copy of the same can be downloaded here.
Alta Fox Capital Management, headquartered in Fort Worth, Texas, operates as an alternative asset management firm. The company is dedicated to achieving outstanding risk-adjusted returns for a diverse clientele, including institutions, family offices, and qualified individual clients, through various investment vehicles. The firm manages discretionary assets totaling $339,235,215, as reported in the Form ADV filed on June 20, 2023. The most recent 13F filing for Q3 2023 revealed that it has $91,274,105 in managed 13F securities, with a top 10 holdings concentration of 83.77%.
Launched in 2018 by Connor Haley, the Alta Fox Opportunities Fund serves as the firm's flagship fund. This strategy is designed to identify overlooked and under-the-radar opportunities across asset classes, market capitalization ranges, geographies, and sectors. The fund's expansive mandate empowers the Alta Fox investment team to seek the highest quality assets at the most favorable prices without unnecessary constraints. Before establishing Alta Fox, Connor gained experience at a New York-based long/short investment fund and graduated magna cum laude from Harvard College with an A.B. in Government.
In the third quarter of 2023, the Alta Fox Opportunities Fund (AFOF) achieved a gross return of 6.43% and a net return of 5.88%. Throughout the quarter, the Fund maintained an average net exposure of 86.43%. Since its inception in April 2018, the Fund has delivered a remarkable gross return of 627.35% and a net return of 388.73%, surpassing the returns of the S&P 500 (SP500, SPX) at 78.75% and the Russell 2000 (RTY) at 25.63%.
