Dole plc (DOLE) Declined 33% in 2022

Kingdom Capital Advisors, a private investment firm, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy returned 7.19% net of fees in the fourth quarter compared to 7.56% for the S&P 500 and 7.09% for the Russell 3000. The strategy returned 23.21% (net) since inception on January 11, 2022, compared to 40% for the S&P 500 index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Kingdom Capital Advisors highlighted stocks like Dole plc (NYSE:DOLE) in the fourth quarter 2022 investor letter. Headquartered in Dublin, Ireland, Dole plc (NYSE:DOLE) sources and distributes fresh fruits and vegetables. On April 6, 2023, Dole plc (NYSE:DOLE) stock closed at $11.79 per share. One-month return of Dole plc (NYSE:DOLE) was -3.44%, and its shares lost 7.82% of their value over the last 52 weeks. Dole plc (NYSE:DOLE) has a market capitalization of $1.124 billion.

Kingdom Capital Advisors made the following comment about Dole plc (NYSE:DOLE) in its Q4 2022 investor letter:

Dole plc (NYSE:DOLE) takes the prize as the single largest detractor on our performance, with the stock price finishing 2022 down ~33% from where we began buying. We made matters worse by adding some December 2022 calls early in the year that lost most of their value when Dole crashed below our expected floor for the stock price. Our confidence in Management was overshadowed by multiple headwinds, including negative currency impacts from a strong dollar, surging input costs, and lingering pressures from their salad recall in 2021. We still believe the assets far outweigh the current valuation, but Management’s unwillingness to address the floundering stock price via a buyback has limited recovery in the near-term.”

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Dole plc (NYSE:DOLE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Dole plc (NYSE:DOLE) at the end of the fourth quarter which was 19 in the previous quarter.

We discussed Dole plc (NYSE:DOLE) in another article and shared Meridian Hedged Equity Fund’s views on the company. 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.