Investment management company Vulcan Value Partners recently released its third quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, all delivering negative returns in the third quarter. The fund’s Large Cap Composite returned -4.2% net of fees and expenses, the Small Cap Composite returned -5.7 % net, the Focus Composite returned -1.9% net, the Focus Plus composite returned -2.0%, and the All-Cap Composite returned -4.9% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners highlighted stocks like SmartRent, Inc. (NYSE:SMRT) in the third quarter 2023 investor letter. Headquartered in Scottsdale, Arizona, SmartRent, Inc. (NYSE:SMRT) is an enterprise real estate technology company. On October 13, 2023, SmartRent, Inc. (NYSE:SMRT) stock closed at $2.6100 per share. One-month return of SmartRent, Inc. (NYSE:SMRT) was -7.77%, and its shares gained 13.97% of their value over the last 52 weeks. SmartRent, Inc. (NYSE:SMRT) has a market capitalization of $522.613 million.
Vulcan Value Partners made the following comment about SmartRent, Inc. (NYSE:SMRT) in its Q3 2023 investor letter:
“SmartRent, Inc. (NYSE:SMRT) provides hardware and software that enables apartment owners to offer digital services to renters. For instance, their software allows apartment operators to control access, provide self-guided tours, and parking management to name a few of their services. Their products lower operating costs for apartment owners and improve their renters’ experience enabling the owners to charge higher rents. During the quarter, we believe the stock price decreased in response to a short report that was published. Through our research, we believe the report to be unfounded and misleading. SmartRent’s products offer a strong value proposition for its customers. The company has a significant and growing backlog with current installations only representing about 10% of the existing customer opportunity.”
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SmartRent, Inc. (NYSE:SMRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held SmartRent, Inc. (NYSE:SMRT) at the end of the second quarter, which was 11 in the previous quarter.
We discussed SmartRent, Inc. (NYSE:SMRT) in another article and shared Vulcan Value Partners’ views on the company in the previous quarter. 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.
