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Here’s Why Arch Capital Exited Wix.com Ltd. (WIX)

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Soumya Eswaran
·2 min read
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Arch Capital Management, an investment advisory firm, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm is more focused on finding deep-value stocks. The start of 2023 was fine for the fund, and it gained 9.4% year-to-date compared to 7.5% for the S&P 500 Total Return Index. The cumulative returns of the fund since inception in 2021 is (26.1%) compared to the 14.5% return for the Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Arch Capital highlighted stocks like Wix.com Ltd. (NASDAQ:WIX) in the Q1 2023 investor letter. Headquartered in Tel Aviv, Israel, Wix.com Ltd. (NASDAQ:WIX) is a cloud-based platform provider for website design. On May 12, 2023, Wix.com Ltd. (NASDAQ:WIX) stock closed at $76.14 per share. One-month return of Wix.com Ltd. (NASDAQ:WIX) was -16.20%, and its shares gained 14.19% of their value over the last 52 weeks. Wix.com Ltd. (NASDAQ:WIX) has a market capitalization of $4.476 billion.

Arch Capital made the following comment about Wix.com Ltd. (NASDAQ:WIX) in its Q1 2023 investor letter:

"The portfolio of ~10 high-quality stocks with long-term competitive advantages is relatively unchanged and still makes up the vast majority of our asset allocation. We sold Wix.com Ltd. (NASDAQ:WIX) when it appreciated earlier this year even though it reported another poor earnings results with more red flags from management. Sometimes, luck can strike in your favor even though you are wrong about a business or management team (with Wix, we were wrong about both)."

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black, brainstorming, brand, business, cellphone, communication, computer, content, design, designing, device, digital, display, electronic, equipment, html, ideas, internet, laptop, layout, mobile, modern, multimedia, notebook, pad, palmtop, pc, phone, project, reflection, responsive, scalable, scale, screen, site, size, smart, smartphone, strategy, symbol, tablet, technology, telephone, touch, view, vision, web, webmaster, website, wireless

Copyright: scyther5 / 123RF Stock Photo

Wix.com Ltd. (NASDAQ:WIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Wix.com Ltd. (NASDAQ:WIX) at the end of the fourth quarter, which was 26 in the previous quarter.

We discussed Wix.com Ltd. (NASDAQ:WIX) in another article and shared the list of stocks gaining value on analysts’ upgrades. 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.