Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund was down 2.04% year-to-date while the S&P Small Cap 600 TR benchmark was up 0.81%, and the Morningstar U.S. Fund Small Blend was up by 2.91%. The Fund’s lack of Energy equities and holdings in the Finance, Technology, Consumer Discretionary, Utilities, and Materials sectors have resulted in year-to-date underperformance relative to the benchmark. Relative outperformance in the consumer staples, real estate, healthcare, industrials, and communications services sectors helped to partially offset this. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund highlighted stocks like Cullen/Frost Bankers, Inc. (NYSE:CFR) in the third quarter 2023 investor letter. Headquartered in San Antonio, Texas, Cullen/Frost Bankers, Inc. (NYSE:CFR) is a bank holding company for Frost Bank. On November 28, 2023, Cullen/Frost Bankers, Inc. (NYSE:CFR) stock closed at $98.21 per share. One-month return of Cullen/Frost Bankers, Inc. (NYSE:CFR) was 7.93%, and its shares lost 32.44% of their value over the last 52 weeks. Cullen/Frost Bankers, Inc. (NYSE:CFR) has a market capitalization of $6.29 billion.
Mairs & Power Small Cap Fund made the following comment about Cullen/Frost Bankers, Inc. (NYSE:CFR) in its Q3 2023 investor letter:
“Looking at individual stocks, year-to-date relative underperformance was driven in part by several stocks including Glacier Bancorp (GBCI) and Cullen/Frost Bankers, Inc. (NYSE:CFR), two of the banks held in the portfolio, also contributed to underperformance during the period, driven by margin pressures due to rising deposit costs.”
A professional dressed banker in a bank branch giving helpful advice to a customer.
Cullen/Frost Bankers, Inc. (NYSE:CFR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Cullen/Frost Bankers, Inc. (NYSE:CFR) at the end of third quarter which was 17 in the previous quarter.
We discussed Cullen/Frost Bankers, Inc. (NYSE:CFR) in another article and shared the list of top dividend champions according to dividend yields. 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.
