Argosy Investors, an investment management company, released its third-quarter investor letter. A copy of the same can be downloaded here. The fund ended the quarter with 38.6% of the portfolio in cash and short-term government bonds. Year-to-date, the S&P 500 returned 13.1%. The recent increase in 10-year Treasury rates has led to a repricing of various assets, such as equities, real estate, and companies supported by private equity. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Argosy Investors highlighted stocks like Burlington Stores, Inc. (NYSE:BURL) in the third quarter 2023 investor letter. Headquartered in Burlington, New Jersey, Burlington Stores, Inc. (NYSE:BURL) is a branded apparel retailer. On November 24, 2023, Burlington Stores, Inc. (NYSE:BURL) stock closed at $172.45 per share. One-month return of Burlington Stores, Inc. (NYSE:BURL) was 45.16%, and its shares lost 11.96% of their value over the last 52 weeks. Burlington Stores, Inc. (NYSE:BURL) has a market capitalization of $11.155 billion.
Argosy Investors made the following comment about Burlington Stores, Inc. (NYSE:BURL) in its Q3 2023 investor letter:
“Burlington Stores, Inc. (NYSE:BURL) participates in the off-price retail category and competes against well-known players such as TJ Maxx and Ross Stores. BURL recently suffered from an inventory overhang that dented margins and is also suffering from a slowdown in same store sales. With that said, the company has capacity to double its stores, double its margins to levels consistent with peers, and expand same-store sales growth. On normalized margins, which the company last achieved in fiscal 2019, BURL is trading at ~10x earnings, with potential to grow top-line low double digits, increase bottom line mid-teens, and increase EPS high teens over time.”
A model walking down the runway wearing a fashionable and performance-based apparel designed by the company.
Burlington Stores, Inc. (NYSE:BURL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Burlington Stores, Inc. (NYSE:BURL) at the end of third quarter which was 41 in the previous quarter.
We discussed Burlington Stores, Inc. (NYSE:BURL) in another article and shared ClearBridge Mid Cap Growth Strategy’s views on the company. 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.
