honest questionmarr is the CIO at waypoint.
waypoint discloses its top 25 holdings each quarter.
chesswood was number 3 as of march 31.
chesswood is no longer in the top 25 (as of june 30 it was sold).
i know he and the management team continue to have material ownership and waypoint clients have exposure through other accounts.
however - if the outlook is so strong - wouldn't marr have it as a top holding in his fund? or a holding? they are still sitting on 50% cash in the fund.
seems odd.
a few other weird observations:
- us portfolio prime share peaked in Q1. now at 64% down from 69%, but asset yield still contracting?
- announcement of rifco close included a mention of lowering cost of funds, but did not quantify. in the md&a, they mention a 75 bps reduction. that is material ontop of the securitization in october. why not disclose it with the announcement. i have never known a management team to withhold materially positive information
- they hired another waypoint PM to also work at chesswood (look at employee list on LinkedIN). ontop of Jeff Fields leading Chesswood Capital and the other related party stuff.
we have benefited a lot as shareholders recently (if you bought during 2020). not sure who is going to benefit more going forward (us or senior management).