Bronte Capital, an investment management company, released its “Amalthea Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund gained 9.96% last quarter (-0.44% in September) compared to 0.02% (-3.70% in September) for the MSCI ACWI (in $A). In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Bronte Capital Amalthea Fund highlighted stocks like Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) in the third quarter 2023 investor letter. Headquartered in Los Angeles, California, Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) is an emerging company that engages in the design, development, manufacture, engineering, sale, and distribution of electric vehicles. On November 6, 2023, Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) stock closed at $1.0250 per share. One-month return of Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) was -15.29%, and its shares lost 98.06% of their value over the last 52 weeks. Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) has a market capitalization of $30.771 million.
Bronte Capital Amalthea Fund made the following comment about Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) in its Q3 2023 investor letter:
“There is no doubt we are facing a different environment for shorting than in previous years. In late 2020 and early 2021 we discussed what we saw as the greatest retail mania in living memory, arguably even more extreme than the dot-com bubble.
We described finding good short candidates at the time as like “shooting fish in a barrel”. It really was easy, until the fish started shooting back. Risk management and not stock identification was the name-of-the-game.
Over the last two years, this mania has dissipated to a significant extent.
For example, we finally covered our short in Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE). Faraday Future, like Nikola, was another hyped electric vehicle company. A running Bronte joke is that this bubble will continue until the name of every giant of 19th Century science has their name besmirched. Faraday Future was the sort of rubbery company we would once have happily shorted at $300-400 million in market cap. At the height of the bubble Faraday Future (a SPACi of course) had a market cap over $5 billion. It has now fallen to a market cap of $25m with a share price down over 99.9% from peak.”
A cutting-edge electric vehicle being charged in a city street as the sun sets.
Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) at the end of second quarter which was 14 in the previous quarter.
We discussed Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) in another article and shared the list of best small cap electric vehicle stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.