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Andvari Associates, an investment management firm, released its second quarter 2024 investor letter, a copy of which can be downloaded here. Year to date, the portfolio appreciated 7.7% net of fees while the SPDR S&P 500 ETF rose 15.2%. There are two primary causes of Andvari's trailing returns: (1) the firm does not hold some of the biggest and best-performing companies, such as Nvidia, Apple, Microsoft, Google, Meta, and Amazon; and (2) poor performance of Mesa. Andvari invested in a diverse range of companies in terms of market cap. Andvari's performance in the first half of the year is in line with what the market typically generates in a complete year. It can feel disappointing, though, if compared with higher performance of the large caps. In addition, you can check the fund's top 5 holdings to find out its best picks for 2024.
Andvari Associates highlighted stocks like Mesa Laboratories, Inc. (NASDAQ:MLAB) in the second quarter 2024 investor letter. Mesa Laboratories, Inc. (NASDAQ:MLAB) develops, designs, manufactures, sells, and services life sciences tools and quality control products and services. The one-month return of Mesa Laboratories, Inc. (NASDAQ:MLAB) was 22.06%, and its shares lost 12.44% of their value over the last 52 weeks. On July 30, 2024, Mesa Laboratories, Inc. (NASDAQ:MLAB) stock closed at $110.37 per share with a market capitalization of $597.009 million.
Andvari Associates stated the following regarding Mesa Laboratories, Inc. (NASDAQ:MLAB) in its Q2 2024 investor letter:
"The main reasons for Andvari’s lagging returns are twofold: (1) Andvari has not owned some of the largest and best performing companies such as Nvidia, Apple, Microsoft, Google, Meta, and Amazon; and (2) the poor performance from Mesa Laboratories, Inc. (NASDAQ:MLAB). Andvari sold out of two holdings, the largest of which is Mesa. Mesa was one of our longest held investments at the time we sold. It had performed well up until the end of 2021. Unfortunately, we held on too long. Management made two large acquisitions, one before and the other during the COVID era. It eventually turned out they paid too much for both, which does not speak well of their ability to allocate capital.