Jefferies Financial (JEF) in McElvaine Value Fund 2021 Q4

Unlocking Value Through Strategic Liquidation and Shareholder Returns

4 days ago

Summary

Engaged in investment banking and capital markets with a focus on liquidating its merchant banking portfolio.
Market positioning as a large, yet undervalued financial services company.
Risks include financial market volatility and operational challenges in investment banking.
Recent performance bolstered by strategic asset liquidation and capital returns.
Future outlook involves continued shareholder returns through dividends and share repurchases.

Jefferies Financial (JEF, Financial) was a notable position in the McElvaine Value Fund 2021 Q4 letter, recognized for its strategic efforts in liquidating its merchant banking portfolio. The fund manager highlighted Jefferies' approach to returning capital to shareholders through dividends and share repurchases, which has been a key driver of its recent performance.

"Jefferies is inexpensive based on the value of the investment bank plus the merchant banking portfolio. The merchant banking portfolio is in the process of liquidation with the proceeds primarily being returned to shareholders." — McElvaine Value Fund, 2021 Q4 Fund Letter

Read full letter at gurufocus McElvaine Value Fund 2021 Q4 page.

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