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Investment management firm Moon Capital Management has released its Q4 2023 Investor Letter. You can download a copy of the same here. A year ago, a majority of economists at the 23 largest financial institutions that do business with the Federal Reserve predicted a recession in the United States in 2023, suggesting difficult times ahead. Instead, in 2023 the US economy grew by more than 3%, and US stock market returns ranged from 14% to 24%. Moon Capital’s portfolio matched his 24% return on the S&P 500. Additionally, you can check out the fund’s top five holdings to learn about the best stocks for 2023.
Moon Capital featured stocks like Merchants Bancorp (NASDAQ:MBIN) in its Q4 2023 Investor Letter. Merchants Bancorp (NASDAQ:MBIN), headquartered in Carmel, Indiana, is a diversified bank holding company. On January 26, 2024, Merchants Bancorp (NASDAQ:MBIN) stock closed at $43.50 per share. Merchants Bancorp (NASDAQ:MBIN)’s 1-month return is 2.16%, and the company’s stock has increased his 65.02% in value over the past 52 weeks. Merchants Bancorp (NASDAQ:MBIN) has a market capitalization of $1,881 million.
Moon Capital said the following about Merchants Bancorp (NASDAQ:MBIN) in its Q4 2023 investor letter:
“We recently purchased the following stocks Merchants Bancorp (NASDAQ:MBIN), one of the best-run banks you’ve never heard of. The company has grown tangible book value by 30% annually over the past five years. By comparison, First Horizon is at 7%, JPMorgan at 9%, and the S&P 500 at just 4.5%. MBIN consistently earns returns on tangible equity of over 25%. operates with one of the highest efficiency ratios in the banking industry, and at our purchase price of 5x revenue, it was one of the lowest multiples across the sector.
Over the years, Merchants has carved out several profitable niches in its multifamily mortgage and mortgage warehousing business segments.
The agency-backed multifamily mortgage business consists primarily of funding low-risk loans that meet the underwriting standards of various government programs, based primarily on an “origin-to-sale” model. Masu. Merchants acts as an authorized agent lender for Fannie, Freddie, FHA, and USDA. The list of financial institutions with this designation is surprisingly small. (Of his more than 4,600 banks in the United States, only a few dozen are authorized agent lenders.)…” (Click here to read the full story)
A bank employee is sitting at his desk and carefully examining documents.
Merchants Bancorp (NASDAQ:MBIN) isn’t on our list of 30 most popular stocks among hedge funds. According to our database, 10 hedge fund portfolios held Merchants Bancorp (NASDAQ: MBIN) at the end of the third quarter, compared to 9 in the previous 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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