Palm Valley Capital Management, an investment management firm, released the “Palm Valley Capital Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Palm Valley Capital Fund increased 0.56% compared to a 4.93% and 4.56% decline for the S&P SmallCap 600 Index and the Morningstar Small Cap Index, respectively. The fund’s equity securities lost 0.78% during the same period, before the negative impact of fund expenses and the positive effect of interest income. Also, the fund ended the period with 81% held in cash equivalents. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Palm Valley Capital Management highlighted stocks like Advance Auto Parts, Inc. (NYSE:AAP) in the third quarter 2023 investor letter. Based in Raleigh, North Carolina, Advance Auto Parts, Inc. (NYSE:AAP) is an automotive replacement parts and accessories provider. On October 5, 2023, Advance Auto Parts, Inc. (NYSE:AAP) stock closed at $52.96 per share. One-month return of Advance Auto Parts, Inc. (NYSE:AAP) was -18.03%, and its shares lost 67.17% of their value over the last 52 weeks. Advance Auto Parts, Inc. (NYSE:AAP) has a market capitalization of $3.15 billion.
Palm Valley Capital Management made the following comment about Advance Auto Parts, Inc. (NYSE:AAP) in its Q3 2023 investor letter:
“During the third quarter, the Fund had three positions that detracted from performance by more than 10 basis points: Crawford & Co. (ticker: CRD/A, CRD/B), Advance Auto Parts, Inc. (NYSE:AAP), and TrueBlue (ticker: TBI). Advance Auto Parts is in the middle of a turnaround to bring operating performance closer to peers. Second quarter profit was short of expectations as pricing didn’t cover cost inflation, but comparable store sales improved into quarter end. While the firm experienced a credit rating downgrade, the balance sheet is supported by significant owned real estate.”
A focus on an anti-whiplash system inside a car, showcasing the detail and precision of the companies automotive parts. Editorial photo for a financial news article. 8k. –ar 16:9
Advance Auto Parts, Inc. (NYSE:AAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Advance Auto Parts, Inc. (NYSE:AAP) at the end of second quarter which was 38 in the previous quarter.
We discussed Advance Auto Parts, Inc. (NYSE:AAP) in another article and shared Artisan Global Value Fund’s views on the company. 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.
