Palm Valley Capital Management, an investment management firm, released the “Palm Valley Capital Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Palm Valley Capital Fund increased 4.00% compared to 15.12% and 14.07% gains for the S&P SmallCap 600 Index and the Morningstar Small Cap Index, respectively. In 2023, the fund increased by 9.47% compared to 16.05% and 20.59% appreciation for the indexes respectively. The fund’s large allocation in Treasury bills contributed to the Fund’s 2023 performance being less volatile than benchmarks. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
In its Q4 2023 investor letter, Palm Valley Capital Management featured stocks such as Miller Industries, Inc. (NYSE:MLR). Headquartered in Ooltewah, Tennessee, Miller Industries, Inc. (NYSE:MLR) is a towing and recovery equipment manufacturer. On January 3, 2024, Miller Industries, Inc. (NYSE:MLR) stock closed at $40.47 per share. One-month return of Miller Industries, Inc. (NYSE:MLR) was 0.45%, and its shares gained 51.74% of their value over the last 52 weeks. Miller Industries, Inc. (NYSE:MLR) has a market capitalization of $463.203 million.
In its fourth quarter 2023 investor letter, Palm Valley Capital Management stated the following regarding Miller Industries, Inc. (NYSE:MLR):
“For the year, three holdings having the largest favorable impact on performance were Crawford & Co., Lassonde Industries, and Miller Industries, Inc. (NYSE:MLR). Both Lassonde and Miller experienced substantial cost inflation throughout the pandemic, which negatively impacted profitability. However, the firms were able to pass through pricing, with a lag, and this was evident in their improved results during 2023.”
A worker in a protective mask welding a tow bar on a transport trailer in a factory.
Miller Industries, Inc. (NYSE:MLR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Miller Industries, Inc. (NYSE:MLR) at the end of third quarter which was 6 in the previous quarter.
We discussed Miller Industries, Inc. (NYSE:MLR) in another article and shared Diamond Hill Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
