Here’s Why Rowan Street Capital Exited Under Armour (UA)

Rowan Street Capital, an investment management company, released its first half 2023 investor letter. A copy of the same can be downloaded here. The fund gained +78.5% in the first half compared to a +16.8% gain for the S&P 500 Index. The fund’s portfolio is dominated by digital platform businesses. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Rowan Street Capital highlighted stocks like Under Armour, Inc. (NYSE:UA) in the Q2 2023 investor letter. Headquartered in Baltimore, Maryland, Under Armour, Inc. (NYSE:UA) markest and distributes branded performance apparel, footwear, and accessories. On July 12, 2023, Under Armour, Inc. (NYSE:UA) stock closed at $7.33 per share. One-month return of Under Armour, Inc. (NYSE:UA) was 2.66%, and its shares gained 0.96% of their value over the last 52 weeks. Under Armour, Inc. (NYSE:UA) has a market capitalization of $3.557 billion.

Rowan Street Capital made the following comment about Under Armour, Inc. (NYSE:UA) in its second quarter 2023 investor letter:

“Now, the bottom 3 performers from all the companies that we’d sold were Docusign (DOCU) -76%, TripAdvisor (TRIP) -59% and Under Armour, Inc. (NYSE:UA) -57%. These represent the losses we would have incurred had we held on to these positions until now. We must note that all 3 of these were sold for purely fundamental reasons and we ended up being correct on all of them.”

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Under Armour, Inc. (NYSE:UA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Under Armour, Inc. (NYSE:UA) at the end of first quarter which was 37 in the previous quarter.

We discussed Under Armour, Inc. (NYSE:UA) in another article and shared the list of most valuable golf companies in the world. In addition, please check out our hedge fund investor letters Q2 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.