Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” first-quarter 2023 investor letter, a copy of which can be downloaded here. In the first quarter, the fund was flat on a net basis (-0.06%) compared to R2000V’s decline of -0.7% and R2500V’s rise of +1.4%. Financials was the leading contributor towards the fund’s relative performance in the quarter with positive stock selection while Health Care and Information Technology detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Bernzott Capital Advisors US Small Cap Value Fund highlighted stocks like HCI Group, Inc. (NYSE:HCI) in the first quarter 2023 investor letter. Headquartered in Tampa, Florida, HCI Group, Inc. (NYSE:HCI) is an insurance company that engages in property and casualty insurance, reinsurance, real estate, and information technology businesses. On April 24, 2023, HCI Group, Inc. (NYSE:HCI) stock closed at $53.72 per share. One-month return of HCI Group, Inc. (NYSE:HCI) was -1.18%, and its shares lost 16.84% of their value over the last 52 weeks. HCI Group, Inc. (NYSE:HCI) has a market capitalization of $461.824 million.
Bernzott Capital Advisors US Small Cap Value made the following comment about HCI Group, Inc. (NYSE:HCI) in its Q1 2023 investor letter:
“Financials was the leading contributor to relative returns with positive stock selection in each of the sector’s three industry groups. Property and casualty insurer HCI Group, Inc. (NYSE:HCI) rose 36.4% following a favorable earnings report which showed easing inflationary cost pressure, strong pricing, and effective management of its investment portfolio. The company stands to benefit from recent favorable regulatory changes in its core Florida market. Under allocation to banks also helped relative performance as banks were by far the worst performing industry.”
HCI Group, Inc. (NYSE:HCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held HCI Group, Inc. (NYSE:HCI) at the end of the fourth quarter which was 12 in the previous quarter.
We discussed HCI Group, Inc. (NYSE:HCI) in another article and shared Bernzott Capital Advisors’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.
