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Investment management firm River Oak Capital recently published its second half 2023 investor letter. You can download a copy of the same here. The fund returned 8.3% in 2023, compared to the S&P 500 return of 26.3%, the Russell 2000 return of 16.9%, and the Russell Microcap Index return of 9.3%. Additionally, you can check out the fund’s top five holdings to learn about the best stocks for 2023.
River Oak Capital featured stocks such as Nicholas Financial, Inc. (NASDAQ:NICK) in its Q4 2023 Investor Letter. Nicholas Financial, Inc. (NASDAQ:NICK), headquartered in Clearwater, Florida, is a consumer finance company. On February 16, 2024, Nicholas Financial, Inc. (NASDAQ: NICK) stock closed at $6.94 per share. Nicholas Financial, Inc. (NASDAQ: NICK)’s 1-month return is his 0.43%, and the company’s stock has increased his 4.20% in value over the past 52 weeks. Nicholas Financial, Inc. (NASDAQ:NICK) has a market capitalization of $50,586,000.
River Oak Capital said the following about Nicholas Financial Inc. (NASDAQ:NICK) in its Q4 2023 Investor Letter:
“Nicholas Financial Co.” (NASDAQ:NICK) is a subprime auto lender currently in liquidation. This is his second largest position within the fund and currently has a market capitalization of his $50 million.
In November, Nicholas Financial announced that it had sold its entire subprime mortgage book to Westlake Financial for approximately $65 million, or $9 per share. In early 2023, the Company purchased an ownership interest in Nicholas Financial at a valuation of $39 million in market capitalization.
Going back to our 2023 H1 letter, it was assumed that receiving $60 million in cash from their liquidation over the next two years would be downside protection for us. This turned out to be a fairly accurate prediction…” (Click here to read the full story)
Modern office lobby with exhibits about online consumer financial services.
Nicholas Financial, Inc. (NASDAQ:NICK) isn’t included in our list of 30 most popular stocks among hedge funds. According to our database, at the end of the fourth quarter, Nicholas Financial Inc. (NASDAQ: NICK) was held by 3 hedge fund portfolios (up from 3 in the prior quarter). Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q4 2023 page.
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Disclosure: None. This article was originally published on Insider Monkey.
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