Saga Partners’ H2 2023 Investor Letter: Insights on Carvana, Redfin, and Roku
In their latest semi-annual investor letter, Saga Partners takes a deep dive into their top three holdings: Carvana ($CVNA), Redfin ($RDFN), and Roku ($ROKU). Portfolio manager Joe Frankenfield provides a detailed analysis of Carvana’s integrated business model and unit economics, making a compelling case for the company’s long-term potential despite the doubts surrounding it in 2022. The letter also includes updates on the progress of Redfin and Roku, two other key holdings in the fund’s concentrated portfolio.
Frankenfield openly reflects on past mistakes and the challenges of aligning short-term portfolio manager incentives with the long-term interests of investors. He emphasizes the importance of taking a long-term, owner’s mindset when evaluating companies and navigating short-term volatility. This candid and insightful approach makes the letter a must-read for investors seeking to understand how a concentrated, long-term focused portfolio manager analyzes investments and makes decisions.
Click here to access the full H2 2023 Saga Partners investor letter and gain valuable insights into their investment philosophy, decision-making process, and outlook for their top holdings.
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