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Alphyn Capital Management, an investment management firm, released its fourth-quarter 2022 investor letter. The same can be downloaded here. The fund returned 20.4% in the fourth quarter compared to a 7.6% return for the S&P500 Index. For 2022, the fund returned -20.8% compared to the -18.1% return for the S&P 500 Index. The top 10 positions comprised 78% of the portfolio as of 31 December 2022, and the portfolio held 1% in cash. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Alphyn Capital highlighted stocks like Wayfair Inc. (NYSE:W) in the Q4 2022 investor letter. Headquartered in Boston, Massachusetts, Wayfair Inc. (NYSE:W) is an e-commerce company that operates worldwide. On January 30, 2023, Wayfair Inc. (NYSE:W) stock closed at $58.68 per share. One-month return of Wayfair Inc. (NYSE:W) was 79.12%, and its shares lost 63.90% of their value over the last 52 weeks. Wayfair Inc. (NYSE:W) has a market capitalization of $6.286 billion.
Alphyn Capital made the following comment about Wayfair Inc. (NYSE:W) in its Q4 2022 investor letter:
"As I have mentioned a few times in these letters, I mistimed buying Wayfair Inc. (NYSE:W) shares, as I misjudged the extent of the “revenue pull forward.” In other words, people stuck at home during covid lockdowns spent more than they usually would on stuff for their homes, and this trend reversed sharply in 2021/2. Given the steep decline in Wayfair’s price, I decided to tax loss harvest, reentering the position following a full 30 days to ensure we did not fall foul of the wash rule.