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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, O'Keefe Stevens Advisory, Inc. This analysis is provided for institutional research purposes only and is not investment advice.
"Concentrated small-cap value fund with NVDA as largest holding at 15%. New position in Aercap offers 40% upside potential."
O'Keefe Stevens Advisory runs a concentrated small-cap value portfolio with top 5 holdings representing 34% of assets. The fund's largest position is NVDA at nearly 15%, where they sold covered calls expiring in June. They initiated a new position in aircraft lessor Aercap, believing it has 40% upside despite already gaining 20% in Q1. Their BGC Group thesis is playing out with strong trading revenues and S&P 600 inclusion driving institutional buying. The manager faces challenges with Graftech, which declined 39% in January, but supports activist investor Nilesh Undavia's board nomination and believes the business cycle has bottomed. They expect rates to remain higher for longer, creating refinancing stress for speculative-grade debt but benefiting portfolio companies with low leverage. The manager sees increasing bankruptcy opportunities and maintains an optimistic outlook on their concentrated holdings while remaining selective in new investments.
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