TBRG - Cove Street Capital Q1 2024 Letter To Shareholders

2024-04-23 06:00:00 ET

Summary

• Cove Street Capital manages assets for a global mix of institutions, foundations, family offices, and high net worth individuals on a separate account, mutual fund, and sub-advisory basis, utilizing a research-intensive, concentrated value-based strategy.
• The first quarter of calendar year 2024 was mostly more of the recent same.
• We previously sold our direct equity ownership in the common stock of Lifecore Biomedical but continue with a large position through a convertible preferred.
• The star of the quarter was clearly Liberty TripAdvisor Holdings, which to be fair has had plenty of ups and downs over the last few years of ownership.

Greetings Fellow Shareholder:

The first quarter of calendar year 2024 was mostly more of the recent same. The U.S. investment world generally focused on the Federal Reserve's official comments and concluded that interest rate cuts in 2024 remain largely on the table. The U.S. economy managed another "What? Me worry?" positive quarter. Large-Cap technology stocks led capitalization-weighted indices up double digits, a nice annual result in 3 months. Smaller-Cap and Value-oriented equities were mostly ignored until March when risk enthusiasm broadened out....

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