Ave Maria Liquidated its Position in V.F. Corporation (VFC)

Investment management company Ave Maria recently released its “Ave Maria Rising Dividend Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. At the end of the second quarter, the fund returned -11.73% compared to -11.27% for the S&P 500 Value Index.  Consumer Discretionary and Technology sectors performed poorly; however, Energy, Consumer Staples, and Industrials sectors were strong contributors. You can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter investor letter, Ave Maria discussed stocks like V.F. Corporation (NYSE:VFC). Headquartered in Denver, Colorado, V.F. Corporation (NYSE:VFC) engages in the business of branded lifestyle apparel, and footwear. On August 24, 2022, V.F. Corporation (NYSE:VFC) stock closed at $43.42 per share. One-month return of V.F. Corporation (NYSE:VFC) was -1.60% and its shares lost 43.24% of their value over the last 52 weeks. V.F. Corporation (NYSE:VFC) has a market capitalization of $16.868 billion.

Here is what Ave Maria specifically said about V.F. Corporation (NYSE:VFC):

“One stock was eliminated from the Fund, V.F. Corporation (NYSE:VFC) (apparel & footwear). Deteriorating fundamentals and sustained weakness in some of the company’s core brands led us to liquidate the position.”

Our research shows that V.F. Corporation (NYSE:VFC) is not on the list of 30 Most Popular Stocks Among Hedge Funds. V.F. Corporation (NYSE:VFC) was held by 29 hedge fund portfolios at the end of the second quarter compared to 28 in the previous quarter.

We discussed V.F. Corporation (NYSE:VFC) in another article and shared Diamond Hill Capital’s views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.