Fund manager exits HZO position despite strong asset quality, opting for Vox Royalty’s long-term growth prospects.
Ace River Capital sold its stake in MarineMax Inc. (HZO) during Q2 2026, citing opportunity cost despite confidence in the company’s management and marina assets. HZO closed at $35.48 on July 28, 2026, with a market capitalization of $783.64 million, posting a 56.85% gain over the past year but a slight decline in the last month.
The fund’s first-half 2026 return of 6.25% lagged the S&P 500’s 9.55% and the Russell 2000’s 22.57%, though its strategy remains focused on long-term compounding through undervalued, asset-backed businesses. Ace River’s shift to Vox Royalty reflects a preference for higher expected returns in the royalty sector.
MarineMax, a recreational boat and yacht retailer, has seen mixed short-term performance but retains strong long-term asset value, according to the fund’s assessment.