Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” fourth-quarter 2023 investor letter, a copy of which can be downloaded here. In the fourth quarter, the portfolio gained +14.1% on a net basis, lagging behind R2000V’s advance of +15.2% and above R2500V’s rise of +13.7%. The largest contribution to the gains on the portfolio was the industrial sector. Within Industrials, stock selection was the primary driver. 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 featured stocks such as Granite Construction Incorporated (NYSE:GVA) in the fourth quarter 2023 investor letter. Headquartered in Watsonville, California, Granite Construction Incorporated (NYSE:GVA) is a US-based construction materials producer and infrastructure contractor. On February 13, 2024, Granite Construction Incorporated (NYSE:GVA) stock closed at $47.26 per share. One-month return of Granite Construction Incorporated (NYSE:GVA) was 2.01%, and its shares gained 15.47% of their value over the last 52 weeks. Granite Construction Incorporated (NYSE:GVA) has a market capitalization of $2.076 billion.
Bernzott Capital Advisors US Small Cap Value Fund stated the following regarding Granite Construction Incorporated (NYSE:GVA) in its fourth quarter 2023 investor letter:
“Industrials were the leading contributor to the portfolio’s returns. Stock selection was the main driver within Industrials with both SP Plus and Granite Construction Incorporated (NYSE:GVA) advancing more than 30%. Reported better than expected top and bottom-line results which led to outperformance during the quarter. As legacy contracts roll off the books and backlog of new, more profitable business continues to grow, margins should expand. The pace of new contract awards continues to accelerate as overall funding focused on the improvement in the nation’s infrastructure begins to materialize.”
Workers installing a complex telecommunications infrastructure within an urban cityscape.
Granite Construction Incorporated (NYSE:GVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Granite Construction Incorporated (NYSE:GVA) at the end of third quarter which was 10 in the previous quarter.
We discussed Granite Construction Incorporated (NYSE:GVA) in another article and shared Bernzott Capital Advisors US Small Cap Value Fund’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.
