Wasatch Global Investors, an investment management firm, released its “Wasatch Micro Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark during the quarter. The quality-oriented positioning was the main reason for the strategy’s outperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch Micro Cap Value Strategy highlighted stocks like The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) in the third quarter 2023 investor letter. Headquartered in Ridgefield, Connecticut, The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) distributes specialty food products. On December 22, 2023, The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) stock closed at $29.18 per share. One-month return of The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) was 8.19%, and its shares lost 14.98% of their value over the last 52 weeks. The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) has a market capitalization of $1.157 billion.
Wasatch Micro Cap Value Strategy made the following comment about The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) in its Q3 2023 investor letter:
“The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) was also a detractor. The company distributes premium specialty foods primarily to chefs who own or operate restaurants, catering services and fine-dining establishments. While restaurant stocks have generally been weak since the end of 2021, Chefs’ stock had held up well until succumbing in the third quarter of this year due to concerns about the possibility of soft consumer spending ahead. We don’t take these concerns lightly, especially since Chefs’ management hasn’t made a compelling counterargument. But the company is valued at only about eight times EBITDA, which we consider inexpensive. And we think high-end diners will be relatively unaffected by a potential recession because eating out is an affordable luxury for them.”
A butcher shop showcasing fresh meats and seafood for customers.
The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) at the end of third quarter which was 15 in the previous quarter.
We discussed The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) in another article and shared the list of best warehouse and self-storage stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.
