Funding administration firm Bireme Capital lately launched its fourth-quarter 2022 investor letter. A replica of the identical may be downloaded right here. Within the fourth quarter, the fund returned 34.7% web of charges in comparison with a 7.6% return for the S&P 500. The technique has compounded at 27.4% annualized, besting the market by 16% a yr. As well as, you’ll be able to examine the highest 5 holdings of the fund to know its greatest picks in 2022.
Bireme Capital highlighted shares like AMC Leisure Holdings, Inc. (NYSE:AMC) within the This fall 2022 investor letter. Headquartered in Leawood, Kansas, AMC Leisure Holdings, Inc. (NYSE:AMC) engages within the theatrical exhibition enterprise. On February 17, 2023, AMC Leisure Holdings, Inc. (NYSE:AMC) inventory closed at $5.24 per share. One-month return of AMC Leisure Holdings, Inc. (NYSE:AMC) was -7.42%, and its shares misplaced 52.35% of their worth over the past 52 weeks. AMC Leisure Holdings, Inc. (NYSE:AMC) has a market capitalization of $2.69 billion.
Bireme Capital made the next remark about AMC Leisure Holdings, Inc. (NYSE:AMC) in its This fall 2022 investor letter:
“Even the meme shares AMC Leisure Holdings, Inc. (NYSE:AMC) and GME declined greater than 20% within the quarter after beforehand sidestepping the 2022 bear market. AMC’s Q3 working outcomes demonstrated their ongoing issues in a post-COVID world, with a web lack of $226m for the quarter and $686m on a yr thus far foundation. The corporate has burned greater than $700m of money thus far in 2022, partially financing this with long run debt yielding a whopping 15% to maturity.
On the present AMC share worth round $4, the absolutely diluted market cap of the corporate — together with the “AMC Most well-liked Fairness” shares (whose ticker is, in fact, “APE”) — is round $6b. That is even supposing the agency has $4.7b of web debt excellent and generated lower than $300m of EBIT even in pre-COVID instances. We predict it’s clear that some kind of restructuring will happen at AMC within the subsequent few years. We pressed our quick wager throughout the quarter by growing our quick place in AMC and shopping for a corresponding variety of APE shares, which, regardless of being economically equal, commerce at an enormous low cost for no motive. We had been subsequently happy to see administration announce a vote to transform APE shares into AMC shares. Although the discrepancy persists, this has diminished the low cost between the 2 securities and created a paper revenue for our purchasers.”
AMC Leisure Holdings, Inc. (NYSE:AMC) shouldn’t be on our checklist of 30 Most Well-liked Shares Amongst Hedge Funds. As per our database, 17 hedge fund portfolios held AMC Leisure Holdings, Inc. (NYSE:AMC) on the finish of the third quarter, which was 18 within the earlier quarter. As well as, please try our hedge fund investor letters This fall 2022 web page for extra investor letters from hedge funds and different main buyers.
Disclosure: None. This text is initially revealed at Insider Monkey.