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TMR Investments, an investment management company, released its fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The firm concentrates on SMID cap value-oriented special situations and technology investments. The firm anticipates further dispersion in the tech industry, particularly as the AI cycle develops. Its long/short strategy and capacity to capitalize on disruptions are best suited to the current market conditions. TMR’s Long Short Opportunities, LP, returned 15.7% (net) in 2024 compared to 11.7% for the Russell 2000 Index and 9.1% for the Eureka Long Short HF Index. TMR’s Partners Long Only, LP, returned 25.3% (net) compared to 11.7% and 9.1% for Indexes. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, TMR Investments emphasized stocks such as Zenvia Inc. (NASDAQ:ZENV). Zenvia Inc. (NASDAQ:ZENV) engages in the development of a cloud-based platform that enables organizations to integrate several communication capabilities. The one-month return Zenvia Inc. (NASDAQ:ZENV) was -29.91%, and its shares lost 30.23% of their value over the last 52 weeks. On March 22, 2025, Zenvia Inc. (NASDAQ:ZENV) stock closed at $1.50 per share with a market capitalization of $77.802 million.
TMR Investments stated the following regarding Zenvia Inc. (NASDAQ:ZENV) in its Q4 2024 investor letter:
"Zenvia Inc. (NASDAQ:ZENV has announced a strategic refocus along with the potential for an opportunistic divestment of non core assets to optimize their capital structure. Zenvia Customer Cloud (ZCC) was officially launched in October 2024 and will become Zenvia’s core business moving forward. ZCC is powered by AI-driven solutions and robust data analytics and is designed to adapt similarly to business of all sizes and across diverse industries. Clients already using it report enhanced customer engagement, increased sales, and reduced costs. Zenvia’s business will further shift to a volume-based pricing model, where clients pay based on the number of interactions they have with their clients and prospects rather than the traditional per-seat SaaS model. This approach is enabled by the extensive use of AI in their software, which minimizes the reliance of human agents, enhances efficiency for clients, and unlocks greater revenue generation potential with much less complexity. The ZCC customer base is a mix of existing clients who transitioned and new customers. ZCC is expected to grow revenue 30% in 2025 with 70% gross margins and positive EBITDA. Anything in the SaaS and CPaaS business that is not ZCC is counted as non-core and may be divested in the near future.