Silver Ring Value Partners, an investment management firm, has released its investor letter for Q2 2024. A copy of the letter can be downloaded here. The strategy returned -16% (net) over the past 12 months, compared to 23.1% for the Russell 3000 Index and 20.8% for the MSCI World Index over the same period. Additionally, to learn about our best picks for 2024, check out the fund's top five holdings.
Silver Ring Value Partners covered stocks such as International Game Technology PLC (NYSE: IGT) in their Q2 2024 investor letter. International Game Technology PLC (NYSE: IGT) operates and provides gaming technology products and services. International Game Technology PLC (NYSE: IGT) had a one-month return of -8.41% and its stock price was down 30.11% over the past 52 weeks. On August 22, 2024, International Game Technology PLC (NYSE: IGT) stock price closed at $21.77 per share, with a market capitalization of $4.394 billion.
In its Q2 2024 investor letter, Silver Ring Value Partners said the following about International Game Technology PLC (NYSE:IGT):
“International Game Technology PLC (NYSE:IGT) is a new smaller investment in the “catalytic undervalued” category. The company consists of two businesses: a lottery operator and a designer of new slot machine games and related products. The former is a stable, high-quality business with low cyclicality, high barriers to entry and high switching costs but slower growth. The latter is a high-quality business but is highly cyclical, highly competitive and subject to hit-and-miss product cycles.
IGT was already in the process of spinning off its non-lottery business and merging it with Everi Holdings (EVRI), but private equity firm Apollo announced that it would acquire the combined spin-off entity. The new agreement will result in an all-cash payment to IGT that is significantly higher than the amount that was contemplated at the time of the spin-off. The deal is expected to close in approximately one year…” (Click here to read the full story)
Top 5 countries for sports betting
Digital kiosks displaying the various sports betting options available.
International Game Technology PLC (NYSE:IGT) is not included in our list of the 31 most popular stocks among hedge funds. According to our database, 29 hedge fund portfolios held International Game Technology PLC (NYSE:IGT) at the end of the second quarter, up from 28 in the previous quarter. International Game Technology PLC (NYSE:IGT) announced strong first-half results with revenues of over $2 billion and operating margins up 23%. While we see the potential of International Game Technology PLC (NYSE:IGT) as an investment, we believe AI stocks offer a better chance of delivering higher returns in the short term. If you're looking for AI stocks that are as promising as NVIDIA but trade at less than 5x, check out our report on the cheapest AI stocks.
The story continues
In another article, we covered International Game Technology PLC (NYSE:IGT) and shared Palm Harbour Capital's views on the company last quarter. Additionally, you can see other investor letters from hedge funds and other leading investors on our Hedge Fund Investor Letters Q2 2024 page.
Read next: Michael Burry sells these stocks and a new dawn dawns for US stocks.
Disclosures: None. This article was originally published on Insider Monkey.
