Roughing Water Capital, an investment management company, has released its first quarter 2024 investor letter. You can download a copy of the same here. The return on investments in the Fund in the first quarter was 8.4%, excluding all fees and expenses. In comparison, SP500TR and R2000 returned 10.6% and 5.2%, respectively, during the quarter. Additionally, you can check out the fund's top five holdings to learn about the best stocks for 2024.
Laughing Water Capital featured stocks such as PAR Technology Corporation (NYSE:PAR) in its Q1 2024 investor letter. PAR Technology Corporation (NYSE:PAR), headquartered in New Hartford, New York, provides omnichannel, cloud-based hardware and software solutions to the restaurant and retail industries. On May 2, 2024, PAR Technology Corporation (NYSE: PAR) stock closed at $42.97 per share. His 1-month return for PAR Technology Corporation (NYSE: PAR) is -1.06%, and the stock has increased his 46.46% in value over the past 52 weeks. PAR Technology Corporation (NYSE:PAR) has a market capitalization of $1.46 billion.
Laughing Water Capital said the following about PAR Technology Corporation (NYSE:PAR) in its Q1 2024 investor letter:
“Par Technology Co., Ltd.” (NYSE:PAR) – PAR has become a leading enterprise restaurant software company. You may remember that the company was last featured in our 2021 H1 Investor Letter as a Top 5 position. Since then, we have continued to hold a stake in the company, albeit at a smaller scale. Looking back, it's clear that PAR's valuation was ahead of its time when it was trading in the mid-$80s per share in 2021, and I should have been more aggressive in reducing my position. . The problem was that PAR appeared to be executing very well based on a well-conceived plan, leading to a dominant position in a very attractive market.
Based on the decline in the stock price, clear progress in product development, exciting new customer acquisitions, and recently significant M&A, I added to the position and now PAR is once again a medium-sized position. I believe that the long-anticipated sale of PAR's government business is just around the corner, which will make PAR a pure software story, with rising ARPUs, expanding margins, and the company soon becoming a “40 company.'' We believe that the pace of RFPs from Tier will increase. 1's customer numbers are accelerating and the likelihood of winning RFPs is increasing, all of which suggest that PAR rerating should be higher as it continues to grow. ”
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PAR Technology Corporation (NYSE:PAR) isn't on our list of 30 most popular stocks among hedge funds. According to our database, 19 hedge fund portfolios held his PAR Technology Corporation (NYSE: PAR) at the end of the fourth quarter, compared to 17 in the previous quarter.
We previously covered PAR Technology Corporation (NYSE:PAR) in another article and shared Choice Equities Capital Management's view on the company. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q1 2024 page.
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Disclosure: None. This article was originally published on Insider Monkey.
