Investment management company Cove Street Capital recently released its “Small Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the calendar third quarter of 2023, financial markets were chaotic, causing CSC shareholders to lose some gains from the first half, both relatively and absolutely. In the third quarter, the fund delivered -7.48% compared to a -5.13% return for the Russell 2000 Index and a -2.96% return for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Cove Street Small Cap Value Fund highlighted stocks like CNX Resources Corporation (NYSE:CNX) in the third quarter 2023 investor letter. Headquartered in Canonsburg, Pennsylvania, CNX Resources Corporation (NYSE:CNX) is a natural gas and midstream company. On October 9, 2023, CNX Resources Corporation (NYSE:CNX) stock closed at $22.70 per share. One-month return of CNX Resources Corporation (NYSE:CNX) was -0.94%, and its shares gained 29.52% of their value over the last 52 weeks. CNX Resources Corporation (NYSE:CNX) has a market capitalization of $3.641 billion.
Cove Street Small Cap Value Fund made the following comment about CNX Resources Corporation (NYSE:CNX) in its Q3 2023 investor letter:
“Similarly, CNX Resources Corporation (NYSE:CNX)) was a contributor for many of the same reasons, plus the somewhat surprising announcement that the Biden administration signed off on a bill that is allowing the completion of the Mountain Valley Pipeline project. The project is a multi-billion dollar endeavor that is 95% complete that will enhance the takeaway of natural gas from core Marcellus gas reserves to people who need it in the Southeast. Sometimes good things happen off spreadsheet.”
Close-up of a liquefied natural gas terminal expelling plumes of smoke. Editorial photo for a financial news article. 8k. –ar 16:9
CNX Resources Corporation (NYSE:CNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held CNX Resources Corporation (NYSE:CNX) at the end of the second quarter, which was 26 in the previous quarter
We discussed CNX Resources Corporation (NYSE:CNX) in another article and shared long-term returns of David Einhorn’s activist targets. 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.
