Alphyn Capital Management, an investment management firm, released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. The Master Account of the fund returned -2.7% net in the second quarter compared to 4.3% for the S&P500 Index. As of June 30, 2024, the top ten holdings accounted for approximately 66% of the portfolio, and approximately 16% of the portfolio was held in cash. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Alphyn Capital Management highlighted stocks like KKR & Co. Inc. (NYSE:KKR) in the second quarter 2024 investor letter. KKR & Co. Inc. (NYSE:KKR) is an equity and real estate investment firm. The one-month return of KKR & Co. Inc. (NYSE:KKR) was -0.47%, and its shares gained 77.83% of their value over the last 52 weeks. On July 11, 2024, KKR & Co. Inc. (NYSE:KKR) stock closed at $108.85 per share with a market capitalization of $100.356 billion.
Alphyn Capital Management stated the following regarding KKR & Co. Inc. (NYSE:KKR) in its Q2 2024 investor letter:
“In an environment where “realizations” (exiting investments and earning carried interest on gains) have been challenging, KKR & Co. Inc.’s (NYSE:KKR) advantaged platform and business model have continued to perform strongly. On the institutional side, it has capitalized on rising interest rates with robust fundraising in private credit and infrastructure funds. In the increasingly important wealth management channel, KKR recently signed a deal with Capital Group to target the mass retail markets. Capital Group, managing approximately $2.7 trillion in assets, has a strong distribution network in the retail channel and focuses on growing its Target Date Funds and actively managed ETFs, which aligns with KKR’s strategy. The initial product offering will be a hybrid liquid/private credit vehicle, with KKR managing the private credit portion and Capital Group managing the public portion. Anecdotally, as an investment advisor, I have noticed a marked increase in demand for private investments. This trend bodes well for KKR’s wealth channel, as it now has drawdown funds targeting the high-net-worth segment, its K-series funds targeting the “mass affluent,” and now a strong partner to penetrate the retail channel.”
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KKR & Co. Inc. (NYSE:KKR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 87 hedge fund portfolios held KKR & Co. Inc. (NYSE:KKR) at the end of the first quarter which was 68 in the previous quarter. While we acknowledge the potential of KKR & Co. Inc. (NYSE:KKR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed KKR & Co. Inc. (NYSE:KKR) in another article and shared Billionaire Israel Englander’s top stock picks for 2024 and KKR & Co. Inc. (NYSE:KKR) is in 7th position on the list. KKR & Co. Inc. (NYSE:KKR) was a strong performer of Alphyn Capital Management in Q1 2024. In addition, please check out our hedge fund investor letters Q2 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.