White Brook Capital Partners, an investment management firm, released its second-quarter 2023 investor letter. The same can be downloaded here. In the second quarter, the fund returned 16.09% compared to the Midcap 400 Index’s 4.85% and the S&P 500 Index’s 8.74% returns. Year-to-date, the fund’s NAV increased by 13.37% (net) compared to an 8.85% and 16.89% increase for the benchmarks, respectively. Year-to-date, the top contributing sectors of the portfolio were industrials and financial services while materials and consumer discretionary detracted. In addition, please check the fund’s top five holdings to know its best picks in 2023.
White Brook Capital Partners highlighted stocks like B. Riley Financial, Inc. (NASDAQ:RILY) in the second quarter 2023 investor letter. Headquartered in Los Angeles, California, B. Riley Financial, Inc. (NASDAQ:RILY) is a financial company that provides investment banking and financial services. On July 20, 2023, B. Riley Financial, Inc. (NASDAQ:RILY) stock closed at $56.40 per share. One-month return of B. Riley Financial, Inc. (NASDAQ:RILY) was 34.51%, and its shares gained 17.70% of their value over the last 52 weeks. B. Riley Financial, Inc. (NASDAQ:RILY) has a market capitalization of $1.587 billion.
White Brook Capital Partners made the following comment about B. Riley Financial, Inc. (NASDAQ:RILY) in its second quarter 2023 investor letter:
“B. Riley Financial, Inc. (NASDAQ:RILY): B. Riley was a significant outperformer during the quarter as the problems with the short thesis began to emerge, and the company continued to execute. While over 95% of our long position was lent to shorts at a rate paid to us of ~14%, annually, during the first quarter, today, that amount is closer to 80% and the rate has dipped below 10%, indicating that shorts have begun to vacate their positions or at least feel less strongly about the short thesis given the elevated cost. The Company also engaged in several corporate actions in the regular course of its business and continues to build value.”
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Riley Financial, Inc. (NASDAQ:RILY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held B. Riley Financial, Inc. (NASDAQ:RILY) at the end of first quarter which was 24 in the previous quarter.
We discussed B. Riley Financial, Inc. (NASDAQ:RILY) in another article and shared White Brook Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.