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Atai Capital Management, an investment management firm, recently released its second-quarter 2024 investor letter. A copy of the same can be downloaded here. The fund declined 0.6% in the second quarter net of all fees. This is compared to a 4.3% total return for the S&P 500, a 3.3% decline for the Russell 2000, and a 5.3% decline for the Russell Microcap index. In addition, you can check the fund's top 5 holdings to determine its best picks for 2024.
Atai Capital Management highlighted stocks like AstroNova, Inc. (NASDAQ:ALOT) in its Q2 2024 investor letter. AstroNova, Inc. (NASDAQ:ALOT) develops and manufactures specialty printers and data acquisition and analysis systems. The one-month return of AstroNova, Inc. (NASDAQ:ALOT) was -3.86%, and its shares lost 3.54% of their value over the last 52 weeks. On August 22, 2024, AstroNova, Inc. (NASDAQ:ALOT) stock closed at $14.45 per share with a market capitalization of $108.571 million.
Atai Capital Management stated the following regarding AstroNova, Inc. (NASDAQ:ALOT) in its Q2 2024 investor letter:
"AstroNova, Inc. (NASDAQ:ALOT) declined ~20% following what optically seemed to be a disappointing quarter. The top line declined ~7% y/y on a consolidated basis, with both of their segments also showing y/y revenue declines. However, pulling back the curtain reveals that the business is still trending in the right direction, and the issues plaguing the quarter were one-time in nature. Their test and measurement business experienced shipment delays from a supplier, and narrow-body aircraft production continues to be on a slow ramp. Product identification had a $4.5 million order pushed out a quarter, which led to an ~8% decline in revenues that would have instead been double-digit growth. However, despite this revenue decline, operating margins still expanded by 290bps for the segment. Furthermore, the company reiterated this year’s guidance of mid-single-digit organic growth, 13%-14% EBITDA margins, and 100bps of margin expansion in each of the next two years.