Smead Capital Management, an investment management company, released its “Smead Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the third quarter of 2023, reality began to set in on the stock market, and the fund was affected by it. In the third quarter, the fund declined -1.02% compared to a -3.27% loss for the S&P 500 Index and a -3.17% fall for the Russell 1000 Value Index. Year to date, the fund returned 2.10%, compared to 13.07% and 1.79% gains for the S&P 500 and the Russell 1000 Value Index, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Smead Value Fund highlighted stocks like Target Corporation (NYSE:TGT) in the third quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Target Corporation (NYSE:TGT) is a general merchandise retailer. On December 19, 2023, Target Corporation (NYSE:TGT) stock closed at $139.58 per share. One-month return of Target Corporation (NYSE:TGT) was 6.96%, and its shares lost 1.91% of their value over the last 52 weeks. Target Corporation (NYSE:TGT) has a market capitalization of $64.439 billion.
Smead Value Fund made the following comment about Target Corporation (NYSE:TGT) in its Q3 2023 investor letter:
“Through the first nine months of the year, we had a gain of 2.10%. The S&P 500 had a gain of 13.07% and the Russell 1000 Value had a gain of 1.79%. The stock market realized markedly higher riskless US Treasury interest rates had their effect on the stock market as it began to reassert what Warren Buffett calls the “gravitational pull” on price-to-earnings ratios (P/E).
On the downside, Target Corporation (NYSE:TGT), Bank of America (BAC) and Pfizer (PFE) detracted the most in the first nine months of the year. Target is suffering from self-inflicted wounds by forgetting who their best customers are (Moms).”
A woman purchasing groceries at a Target store, with a cart full of products.
Target Corporation (NYSE:TGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Target Corporation (NYSE:TGT) at the end of third quarter which was 45 in the previous quarter.
We discussed Target Corporation (NYSE:TGT) in another article and shared the list of top dividend aristocrats among billionaires. 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.
