Horizon Kinetics, an investment management firm, released its third quarter 2023 investor letter, a copy of which can be downloaded here. In its third-quarter letter, the fund delved into its financial market forecasts, emphasized the significance of securities exchanges as a vital asset class, explored blockchain technology, and acknowledged the formidable challenge of achieving consistent success in emerging technologies. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Horizon Kinetics mentioned CACI International Inc (NYSE:CACI) and explained its insights for the company. CACI International Inc (NYSE:CACI) is a Virginia-based computers and information technology company with a $7.1 billion market capitalization. CACI International Inc (NYSE:CACI) delivered a 6.62% return since the beginning of the year, while its 12-month returns are up by 4.44%. The stock closed at $320.49 per share on November 17, 2023.
Here is what Horizon Kinetics has to say about CACI International Inc (NYSE:CACI) in its Q3 2023 investor letter:
“Companies involved in packaging, managing, and transacting with digital assets (i.e., securities exchanges and asset managers) are a focus of the Fund, but those operations are not entirely necessary to qualify a company as being a blockchain beneficiary. CACI International (CACI), a defense electronics contractor, interestingly enough, is becoming involved in blockchain technology from an entirely different entry point: data analysis, and the kind that can come with barriers to entry (95% of its revenues come from the U.S. government).
There is a treasure trove of data available through public, distributed ledgers. And there is a lot of value in knowing who supplied the funds, where else have they been spent, and what fiat currency onramps or offramps are connected to the transaction. These are questions that can typically be answered with enough detective work. Even if specific parties cannot be identified, trends and narratives can be analyzed just by the flow of activity, since all the transaction data of every single token, from the time it was created, resides on the blockchain.”
A CEO and a software engineer discussing a new project on a laptop at a modern office space.
Our calculations show that CACI International Inc (NYSE:CACI) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. We also mentioned CACI International Inc (NYSE:CACI) in another article. CACI International Inc (NYSE:CACI) was in 32 hedge fund portfolios at the end of the second quarter of 2023, compared to 36 funds in the previous quarter. CACI International Inc (NYSE:CACI) delivered a -1.77% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.