Here's Why Hourglass Capital Exited its TEGNA (TGNA) Stake
Hourglass Capital, an investment management firm, published its first-quarter 2022 investor letter – a copy of which can be downloaded here.
Founded in 1989, Hourglass Capital is a hedge fund manager based in Houston, Texas, serving institutional and private clients in the U.S. and Latin America. In 1996, the firm merged with Moffet Capital Management, uniting under a shared commitment to client service and a fundamentally based, value-oriented investment style. Relocating from Dallas to Houston in 2008, Hourglass added new principals, Ken Moffet and Drew Anton. The firm employs fundamental, technical, and qualitative analysis to identify long and short-term equity investments.
Mr. Kenneth A. Moffet is the Managing Principal at Hourglass Capital LLC, where he oversees the firm's strategic direction and investment policy. Before joining Hourglass Capital, he was an Executive Director with Morgan Stanley's Private Wealth Management Group in Houston. Prior to that, he spent 16 years at Goldman Sachs managing private client accounts in the U.S. and Mexico. His career began at Citicorp, where he worked in New York before establishing and managing a subsidiary, Citibank International, in San Antonio. Mr. Moffet holds a BA in Political Economy from Williams College in Massachusetts.
Hourglass Capital manages discretionary assets totaling $434,528,000, according to their Form ADV dated March 2024, and serves 92 clients. Their most recent 13F filing for Q1 2024 reported $331,857,375 in managed 13F securities, with a top 10 holdings concentration of 27.24%. The firm's largest holding is AbbVie Inc., with 82,628 shares.
