Heartland Advisors, an investment management company, released its “Heartland Small Cap Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy posted a 6.21% (Net of Advisory Fees) gain compared to an 8.42% gain for the Russell 2000 Value Index. Security selection primarily in Financials, Real Estate, Information Technology, and Industrials helped the strategy’s performance through 2022. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Heartland Small Cap Value Strategy highlighted stocks like The Shyft Group, Inc. (NASDAQ:SHYF) in its Q4 2022 investor letter. Headquartered in Novi, Michigan, The Shyft Group, Inc. (NASDAQ:SHYF) is a specialty vehicle manufacturer. On March 9, 2023, The Shyft Group, Inc. (NASDAQ:SHYF) stock closed at $26.11 per share. One-month return of The Shyft Group, Inc. (NASDAQ:SHYF) was -15.09%, and its shares lost 31.61% of their value over the last 52 weeks. The Shyft Group, Inc. (NASDAQ:SHYF) has a market capitalization of $919.688 million.
Heartland Small Cap Value Strategy made the following comment about The Shyft Group, Inc. (NASDAQ:SHYF) in its Q4 2022 investor letter:
“The Shyft Group, Inc. (NASDAQ:SHYF) is a leader in specialty vehicles, including “last mile” delivery vans used in ecommerce. More than a year ago, the company announced plans to develop an electric parcel-delivery vehicle, investing $75 million at launch. Concern over the elevated operational risks and spending associated with the program weighed on the stock, sending shares down almost 49% this year.
The company has unique growth opportunities, and we believe the EV expenditures will ultimately be money well spent, as it expands the addressable market and protect against competitive offerings. The business is priced at only 8.2X our estimate for Enterprise Value to EBITDA, substantially below its intrinsic worth.”
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The Shyft Group, Inc. (NASDAQ:SHYF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held The Shyft Group, Inc. (NASDAQ:SHYF) at the end of the fourth quarter which was 14 in the previous quarter.
We discussed The Shyft Group, Inc. (NASDAQ:SHYF) in another article and shared the list of best electric vehicle stocks to buy for 2023. In addition, please check out our hedge fund investor letters Q4 2022 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.
