Kinsman Oak Capital Partners, a boutique investment firm, released its “Kinsman Oak Equity Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The investors were expecting cooler inflation data and a subsequent pause in the Fed’s rate-hiking cycle in the first quarter. Then, suddenly the market experienced multiple regional bank failures. During the quarter, equity performance experienced a distinct sector rotation towards higher beta sectors. Technology and consumer discretionary largely outperformed defensives such as healthcare and utilities. The firm is expecting near-term volatility in the market. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Kinsman Oak Capital Partners highlighted stocks like Lululemon Athletica Inc. (NASDAQ:LULU) in the first quarter 2023 investor letter. Headquartered in Vancouver, Canada, Lululemon Athletica Inc. (NASDAQ:LULU) designs and distributes athletic apparel, footwear, and accessories. On June 14, 2023, Lululemon Athletica Inc. (NASDAQ:LULU) stock closed at $377.21 per share. One-month return of Lululemon Athletica Inc. (NASDAQ:LULU) was -0.39%, and its shares gained 39.02% of their value over the last 52 weeks. Lululemon Athletica Inc. (NASDAQ:LULU) has a market capitalization of $49.082 billion.
Kinsman Oak Capital Partners made the following comment about Lululemon Athletica Inc. (NASDAQ:LULU) in its first quarter 2023 investor letter:
“What is relatively new, however, is that we are beginning to see substantial write-downs and impairment charges. For instance, Lululemon Athletica Inc. (NASDAQ:LULU) is already exploring a sale of Mirror, the struggling fitness technology company it bought less than three years ago for half a billion dollars. Lululemon executives recently announced a $433 million impairment charge on the business (-89%). That is not an insignificant amount of money.”
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Lululemon Athletica Inc. (NASDAQ:LULU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held Lululemon Athletica Inc. (NASDAQ:LULU) at the end of first quarter 2023 which was 65 in the previous quarter.
We discussed Lululemon Athletica Inc. (NASDAQ:LULU) in another article and shared the list of junior growth stocks Jim Cramer is talking about. In addition, please check out our hedge fund investor letters Q1 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.
