Greenlight Capital, an investment management company, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned (1.3%), net of fees and expenses, in the first quarter compared to a 7.5% return for the S&P 500 Index. Furthermore, the longs gained 9.9%, while its shorts lost 10.8% and macro lost 0.4%, net of fees and expenses during the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greenlight Capital highlighted stocks like First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the first quarter 2023 investor letter. Headquartered in Raleigh, North Carolina, First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a bank holding company that provides retail and commercial banking services. On May 02, 2023, First Citizens BancShares, Inc. (NASDAQ:FCNCA) stock closed at $993.62 per share. One-month return of First Citizens BancShares, Inc. (NASDAQ:FCNCA) was -0.33%, and its shares gained 45.00% of their value over the last 52 weeks. First Citizens BancShares, Inc. (NASDAQ:FCNCA) has a market capitalization of $14.341 billion.
Greenlight Capital made the following comment about First Citizens BancShares, Inc. (NASDAQ:FCNCA) in its Q1 2023 investor letter:
“The new small long positions are Black Knight (BKI), New York Community Bancorp (NYCB), and First Citizens BancShares, Inc. (NASDAQ:FCNCA).
NYCB and FCNCA are similar investments, as they were the FDIC auction buyers of Signature Bank and Silicon Valley Bank, respectively. Both acquisitions occurred at deep discounts and should lead to impressive improvements in earnings. Though we invested after the purchases, both stocks had been depressed by the banking crisis. We see them emerging as stronger than they were entering the crisis, and believe both merit higher values going forward. We take further confidence by virtue of the FDIC deeming them capable of these acquisitions.”
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First Citizens BancShares, Inc. (NASDAQ:FCNCA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held First Citizens BancShares, Inc. (NASDAQ:FCNCA) at the end of the fourth quarter which was 34 in the previous quarter.
We discussed First Citizens BancShares, Inc. (NASDAQ:FCNCA) in another article and shared Silver Beech Capital’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
