Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -2.25% compared to a -2.96% return for the Russell 2000 Value Index. The Fund returned 2.57% YTD compared to -0.53% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
FPA Queens Road Small Cap Value Fund highlighted stocks like Concentrix Corporation (NASDAQ:CNXC) in the third quarter 2023 investor letter. Based in Newark, California, Concentrix Corporation (NASDAQ:CNXC) offers technology-infused customer experience (CX) solutions. On November 17, 2023, Concentrix Corporation (NASDAQ:CNXC) stock closed at $91.06 per share. One-month return of Concentrix Corporation (NASDAQ:CNXC) was 18.43%, and its shares lost 21.08% of their value over the last 52 weeks. Concentrix Corporation (NASDAQ:CNXC) has a market capitalization of $6.093 billion.
FPA Queens Road Small Cap Value Fund made the following comment about Concentrix Corporation (NASDAQ:CNXC) in its Q3 2023 investor letter:
“Concentrix Corporation (NASDAQ:CNXC) is one of the top two customer experience (CX) vendors globally. The company started off managing call centers but has since evolved into a high-tech business process outsourcer (BPO) that also designs and runs customer-facing websites and apps, integrates the data, and optimizes a client’s customer interactions. CX is a relatively new business, and Concentrix has been acquiring smaller competitors. In March, 2023 they bought WebHelp, a leading European CX player, for $4.8B in cash and stock.22 We believe the WebHelp acquisition will help consolidate an industry where Concentrix and Teleperformance are the largest players. The company was spun out from TD Synnex, another of the Fund’s core holdings, and we have always been impressed with the company’s innovation and growth. The market is currently worried about the potential of artificial intelligence to disrupt Concentrix’ core call center business and shares of all CX companies have underperformed.”
A person with a headset providing technical support via help desk services to a customer.
Concentrix Corporation (NASDAQ:CNXC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Concentrix Corporation (NASDAQ:CNXC) at the end of second quarter which was 24 in the previous quarter.
We discussed Concentrix Corporation (NASDAQ:CNXC) in another article and shared the list of tech stocks with low PE ratios. 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.
