Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 11.8% net of fees compared to the S&P 500’s 10.6% return. The outperformance of the portfolio can be attributed to selection and allocation effects, which are partially counteracted by interaction effects, according to a three-factor performance attribution model. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Patient Capital Opportunity Equity Strategy featured stocks like Peloton Interactive, Inc. (NASDAQ:PTON) in its Q1 2024 investor letter. Headquartered in New York, New York, Peloton Interactive, Inc. (NASDAQ:PTON) is an interactive fitness platform. On April 22, 2024, Peloton Interactive, Inc. (NASDAQ:PTON) stock closed at $3.0500 per share. One-month return of Peloton Interactive, Inc. (NASDAQ:PTON) was -26.86%, and its shares lost 67.34% of their value over the last 52 weeks. Peloton Interactive, Inc. (NASDAQ:PTON) has a market capitalization of $1.119 billion.
Patient Capital Opportunity Equity Strategy stated the following regarding Peloton Interactive, Inc. (NASDAQ:PTON) in its first quarter 2024 investor letter:
“Peloton Interactive, Inc. (NASDAQ:PTON) declined in the first quarter, hitting its lowest per share valuation in late March since becoming a public company. The company has taken drastic action to right-size the extremely bloated cost structure, expand sales channels (Amazon, Dick’s Sporting Goods), and test other ways to reinvigorate growth. The company is hyper focused on reaching positive free cash flow generation, but the path was pushed out. We continue to believe the value of the business lives in the high-margin, sticky subscription piece of the business. We think at current valuation, the company will either successfully turn things around or be a take-out target.”
A group of people in a fitness class with connected fitness products in a studio or gym.
Peloton Interactive, Inc. (NASDAQ:PTON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Peloton Interactive, Inc. (NASDAQ:PTON) was held by 36 hedge fund portfolios, up from 35 in the previous quarter, according to our database.
We previously discussed Peloton Interactive, Inc. (NASDAQ:PTON) in another article, where we shared the list of best depressed stocks to buy in 2024. In addition, please check out our hedge fund investor letters Q1 2024 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.