The most notable sale was Canadian software and services technology firm BlackBerry (TSX:BB, Financial), which contributed just over 1% to the Fund's return during the period. As discussed in last quarter's letter, BlackBerry's stock price increased after the company's announcement of a multi-year partnership with Amazon to develop and market IVY, an intelligent vehicle data software platform. Expected to launch in 2023, the product will enable auto manufacturers to securely collect standardized data from vehicle sensors via the cloud. In addition to the IVY-related movement, BlackBerry's share price rose markedly in January when the company was targeted by Reddit users as an attractive buying opportunity. In the 10 trading days between January 14 and January 27, BlackBerry stock appreciated nearly 300%, pushing the share price well beyond our estimate of its intrinsic value and leading us to exit the position in favor of investment opportunities with more upside potential. BlackBerry's share price peaked north of C$30 per share in late January, but closed the quarter at C$10.54 per share, which was similar to its trading level before the Reddit-driven run-up.
David Herro Comments on BlackBerry
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