Investment management company Cove Street Capital recently released its “Small Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the calendar third quarter of 2023, financial markets were chaotic, causing CSC shareholders to lose some gains from the first half, both relatively and absolutely. In the third quarter, the fund delivered -7.48% compared to a -5.13% return for the Russell 2000 Index and a -2.96% return for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Cove Street Small Cap Value Fund highlighted stocks like Commvault Systems, Inc. (NASDAQ:CVLT) in the third quarter 2023 investor letter. Headquartered in Tinton Falls, New Jersey, Commvault Systems, Inc. (NASDAQ:CVLT) offers a data protection platform. On October 9, 2023, Commvault Systems, Inc. (NASDAQ:CVLT) stock closed at $68.86 per share. One-month return of Commvault Systems, Inc. (NASDAQ:CVLT) was 1.29%, and its shares gained 29.39% of their value over the last 52 weeks. Commvault Systems, Inc. (NASDAQ:CVLT) has a market capitalization of $3.03 billion.
Cove Street Small Cap Value Fund made the following comment about Commvault Systems, Inc. (NASDAQ:CVLT) in its Q3 2023 investor letter:
“Commvault Systems, Inc. (NASDAQ:CVLT) has a market-leading position in the backup and recovery space for enterprises, offering on-premises storage, a hybrid private/public cloud solution, and a cloud based solution called Metallic. When we first invested in CommVault in 2019, the company suffered from “Founders Syndrome,” which was overcome by numerous Board changes and the hiring of a new CEO, Sanjay Mirchandani. Mr. Mirchandani has done as we hoped and righted the legacy business’s cost structure while successfully launching and growing their cloud product Metallic. CVLT reached above what we believe to be fair value and we sold the stock.”
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Commvault Systems, Inc. (NASDAQ:CVLT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Commvault Systems, Inc. (NASDAQ:CVLT) at the end of the second quarter, which was 25 in the previous quarter
We discussed Commvault Systems, Inc. (NASDAQ:CVLT) in another article and shared long-term returns of Paul Singer’s activist targets. 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.
