Alluvial Capital Sold Wheeler Real Estate Investment Trust (WHLR) Convertible Notes
Alluvial Capital Management, an investment advisory firm, released its third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund fell 1.1% in the quarter compared to the Russell 2000 Index’s -5.2% return and the Russell Microcap Index’s -7.9% return. Alluvial fund is up 11.6% YTD, outperforming both the indexes. During this quarter, the fund's performance was driven by investments in little-known securities with strong balance sheets and predictable cash flows. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alluvial Capital Management highlighted stocks like Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) in the third quarter 2023 investor letter. Headquartered in Virginia Beach, Virginia, Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) is a self-managed commercial real estate investment trust. On October 31, 2023, Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) stock closed at $0.6450 per share. One-month return of Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) was -73.35%, and its shares lost 96.05% of their value over the last 52 weeks. Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) has a market capitalization of $2.076 million.
Alluvial Capital Management made the following comment about Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) in its Q3 2023 investor letter:
"Late in the quarter, we sold our entire position in Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) Series L convertible notes. Our multi-year involvement with the various Wheeler REIT securities was more misadventure than anything, but we were able to salvage a gain thanks to these notes. At issuance, the Wheeler REIT notes were potentially convertible into common units at a steep discount to market value, making the notes immediately worth a large premium to par value. We accumulated a good-sized position, paying around $30 per note, and have now disposed of them at prices in the low $50s. Over the last couple of years, I became one of the better-informed market participants on Wheeler REIT, but I still do not understand this company’s decision-making or ultimate goals. I am more than happy to wash my hands of the entire situation and find easier and less aggravating ways to earn a good return on our collective capital."
Aerial view of the modern office buildings of a prominent real estate investment trust in Los Angeles, California.
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 3 hedge fund portfolios held Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) at the end of second quarter which was 2 in the previous quarter.
We discussed Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) in another article and shared the list of best stocks for day trading. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
