Opportunities Abound
June 2023
Opportunities abound for our style of investing. In the Q2 2023 Quarterly Report, we talk through three new stocks added to the Fund in 2023: Youngone Holdings, LG Corp and ODP Corp.
These are differentiated opportunities trading at exceptional valuations. This is inherently attractive in a narrow market that has only become more consensus, as described in the Quarterly:
“Concentration at the top of most markets has increased markedly. Apple, now worth over $3tn and more than the entirety of the Russell 2000, constitutes 7.7% of the S&P 500 making it the largest single stock in the history of the benchmark… The dominance of a few stocks by performance is even more startling than by weight. In the first half of 2023, the largest seven stocks (Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta) produced 77% of returns. The bottom 460 stocks produced negative returns in aggregate.”