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White Brook Capital Partners, an investment management firm, released its first-quarter investor letter. The same can be downloaded here. In the first quarter, the fund underperformed and was down 2.33% compared to the Midcap 400 Index’s 3.81% and the S&P 500 Index’s 7.49% returns. In January and February, the portfolio performed well, however, it suffered banking sector declines later. In addition, please check the fund’s top five holdings to know its best picks in 2023.
White Brook Capital highlighted stocks like B. Riley Financial, Inc. (NASDAQ:RILY) in the first quarter 2023 investor letter. Headquartered in Los Angeles, California, B. Riley Financial, Inc. (NASDAQ:RILY) is a financial company that provides investment banking and financial services. On April 21, 2023, B. Riley Financial, Inc. (NASDAQ:RILY) stock closed at $32.77 per share. One-month return of B. Riley Financial, Inc. (NASDAQ:RILY) was 21.55%, and its shares lost 42.60% of their value over the last 52 weeks. B. Riley Financial, Inc. (NASDAQ:RILY) has a market capitalization of $917.009 million.
White Brook Capital made the following comment about B. Riley Financial, Inc. (NASDAQ:RILY) in its Q1 2023 investor letter:
"B. Riley Financial, Inc. (NASDAQ:RILY): A misguided short report significantly hurt the stock price and has whipped short sellers into an ideologically based fervor that, given Riley’s lack of sell-side coverage, the company’s execution and time will have to unwind. The regional banking crises accentuated the stock’s weakness despite the Company not being a bank, not having banking deposits, and not competing in the markets of a traditional non-bank financial institution.
Rawpixel.com/Shutterstock.com B. Riley Financial, Inc. (NASDAQ:RILY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held B. Riley Financial, Inc. (NASDAQ:RILY) at the end of the fourth quarter which was 18 in the previous quarter.