ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Value Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the benchmark Russell 2000 Value Index in the fourth quarter. The strategy generated gains across eight of the 11 sectors in which it was invested during the quarter, on an absolute basis. Overall sector allocation and stock selection effects detracted from the performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Small Cap Value Strategy featured stocks like AMN Healthcare Services, Inc. (NYSE:AMN) in the Q4 2023 investor letter. Headquartered in Dallas, Texas, AMN Healthcare Services, Inc. (NYSE:AMN) is a healthcare workforce solutions and staffing services provider. On March 14, 2024, AMN Healthcare Services, Inc. (NYSE:AMN) stock closed at $57.33 per share. One-month return of AMN Healthcare Services, Inc. (NYSE:AMN) was -7.07%, and its shares lost 31.31% of their value over the last 52 weeks. AMN Healthcare Services, Inc. (NYSE:AMN) has a market capitalization of $2.172 billion.
ClearBridge Small Cap Value Strategy stated the following regarding AMN Healthcare Services, Inc. (NYSE:AMN) in its fourth quarter 2023 investor letter:
“We added AMN Healthcare Services, Inc. (NYSE:AMN), which provides health care workforce solutions and staffing services to hospitals and health care facilities. We believe the company’s current stock price represents a compelling investment opportunity as it overestimates a level of cyclical decline in staffing, particularly when compared to the normalization of health care service demand, the relatively high age distribution of existing health care providers and the company’s exciting new initiatives in areas such as language services.”
A healthcare professional in scrubs, busy at work at a hospital.
AMN Healthcare Services, Inc. (NYSE:AMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, AMN Healthcare Services, Inc. (NYSE:AMN) was held by 27 hedge fund portfolios, compared to 20 in the previous quarter, according to our database.
We discussed AMN Healthcare Services, Inc. (NYSE:AMN) in another article and shared the list of mid-cap stocks with insider purchases. In addition, please check out our hedge fund investor letters Q4 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.
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TORONTO, Feb. 14, 2024 (GLOBE NEWSWIRE) — Flagship Communities Real Estate Investment Trust (TSX: MHC.U) (TSX:MHC.UN) (“Flagship” or the “REIT”) today announced that senior management will host a conference call on Friday, March 15, 2024 at 8:30 a.m. ET to discuss the REIT’s fourth quarter 2023 results.
Fourth Quarter 2023 Results Conference Call and Webcast
Flagship REIT expects to release its fourth quarter 2023 results on Thursday, March 14, 2024, after the close of markets.
About Flagship Communities Real Estate Investment Trust
Flagship Communities Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been formed to own and operate a portfolio of income-producing manufactured housing communities located in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, and Illinois, including a fleet of manufactured homes for lease to residents of such housing communities.
For further information, please contact:
Eddie Carlisle, Chief Financial Officer
Flagship Communities Real Estate Investment Trust
Tel: +1 (859) 568-3390
Merion Road Capital, an investment advisor, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Merion Road Small Cap Fund returned 11.2% and 11.5% for the full year. From an attribution perspective, +5.2% came from the risk-free rate, +3.9% from our market exposure, and +2.5% from alpha. Similarly, the long-only portfolio increased by 9.8% in Q4, bringing the yearly returns to 38.7%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Merion Road Capital featured stocks such as The Duckhorn Portfolio, Inc. (NYSE:NAPA) in the fourth quarter 2023 investor letter. Headquartered in Saint Helena, California, The Duckhorn Portfolio, Inc. (NYSE:NAPA) offers wines under a portfolio of brands. On January 23, 2024, The Duckhorn Portfolio, Inc. (NYSE:NAPA) stock closed at $8.75 per share. One-month return of The Duckhorn Portfolio, Inc. (NYSE:NAPA) was -9.89%, and its shares lost 48.10% of their value over the last 52 weeks. The Duckhorn Portfolio, Inc. (NYSE:NAPA) has a market capitalization of $1.009 billion.
Merion Road Capital stated the following regarding The Duckhorn Portfolio, Inc. (NYSE:NAPA) in its fourth quarter 2023 investor letter:
“I initiated a new position in The Duckhorn Portfolio, Inc. (NYSE:NAPA) in December. NAPA is a top 3 players in the U.S. luxury wine category (as defined by bottles costing >$15), with the majority of sales coming from its Duckhorn brand and the more affordably priced Decoy label. Like their spirit and beer brethren, NAPA benefits from stable demand, established distribution, and brand equity. Unlike other alcohol categories, the wine industry is highly fragmented as small players with romantic ideations of owning their own vineyard abound. While this dynamic creates a fertile hunting ground for acquisitions, it also creates a greater level of competition that makes the business less reliable than say Jack Daniels.
It’s been tough sledding for NAPA’s stock as it has fallen ~60% over the past few years; this is a result of multiple contraction as earnings have grown. NAPA is an odd-duck (see what I did there) as the only “real” publicly traded wine company – the others are all a fraction of the size and unprofitable. This lack of comparability likely means that it receives less attention than it deserves. Additionally, investors are concerned with macro uncertainty (slow-down in the wine category, distributor destocking) and idiosyncratic issues with the company. Notably, their well-regarded CEO abruptly retired in the middle of last year. Just a few months later, and while operating with an interim CEO, NAPA announced its largest acquisition to date. Add in the fact that the majority of consideration is in the form of equity and there are reasons for investors to be worried. With the stock falling to <8x EBITDA, valuation seems compelling enough to step in…” (Click here to read the full text)
A picturesque vineyard in North America with wine barrels in storage.
The Duckhorn Portfolio, Inc. (NYSE:NAPA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held The Duckhorn Portfolio, Inc. (NYSE:NAPA) at the end of third quarter which was 20 in the previous quarter.
We discussed The Duckhorn Portfolio, Inc. (NYSE:NAPA) in another article and shared the list of best alcohol stocks to own according to hedge funds. In addition, please check out our hedge fund investor letters Q4 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.