Investment management company Cove Street Capital recently released its “Small Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund returned 18.33% compared to 16.93% for the Russell 2000 Index and 15.26% for the Russell 2000 Value Index. The fund returned 8.35% in the fourth quarter compared to 14.03% and 15.26% for the indexes, respectively. 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, Cove Street Capital featured stocks such as Lifecore Biomedical, Inc. (NASDAQ:LFCR). Lifecore Biomedical, Inc. (NASDAQ:LFCR) is an integrated contract development and manufacturing organization headquartered in Chaska, Minnesota. On January 5, 2024, Lifecore Biomedical, Inc. (NASDAQ:LFCR) stock closed at $7.11 per share. One-month return of Lifecore Biomedical, Inc. (NASDAQ:LFCR) was 20.51%, and its shares gained 11.97% of their value over the last 52 weeks. Lifecore Biomedical, Inc. (NASDAQ:LFCR) has a market capitalization of $209.837 million.
Cove Street Capital stated the following regarding Lifecore Biomedical, Inc. (NASDAQ:LFCR) in its fourth quarter 2023 investor letter,:
“Lifecore Biomedical, Inc. (NASDAQ:LFCR)), via our holding of the Convertible Preferred, remains our “on again, off again” performer. This was an “off” quarter, but it is important to understand the big picture here: the company is for sale as stated publicly by the company. It is correct to note that this is not a great time for the doing deals in general and healthcare services world in particular, but this is a process with an end, preferably within our lifetime. To reiterate, we utterly nailed the intrinsic value of the company’s strategic position and utterly missed the ineptitude of management, which to this writing plagues us. We materially reduced positions at higher levels than the current share price to recognize the likelihood that time hasn’t been our friend in a final value. We hate to ever be “hopeful” in our investment process, but we will attribute the word toward a guess at timing…soon.”
A biopharmaceutical facility with technicians working on a manufacturing line of treatments and preventions.
Lifecore Biomedical, Inc. (NASDAQ:LFCR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Lifecore Biomedical, Inc. (NASDAQ:LFCR) at the end of third quarter which was 15 in the previous quarter.
We discussed Lifecore Biomedical, Inc. (NASDAQ:LFCR) in another article and shared Laughing Water 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.
