Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. Unlike the volatile first quarter, there was a methodological increase in returns in the second quarter. The fund returned 2.98% in Q2 compared to a 3.18% return for the Russell 2000 Value Index. For the first half of 2023, the fund returned 7.27% compared to 2.50% for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Third Avenue Small-Cap Value Fund highlighted stocks like Tidewater Inc. (NYSE:TDW) in the second quarter 2023 investor letter. Headquartered in Houston, Texas, Tidewater Inc. (NYSE:TDW) provides offshore support vessels and marine support services to the offshore energy industry. On July 31, 2023, Tidewater Inc. (NYSE:TDW) stock closed at $63.11 per share. One-month return of Tidewater Inc. (NYSE:TDW) was 16.68%, and its shares gained 181.87% of their value over the last 52 weeks. Tidewater Inc. (NYSE:TDW) has a market capitalization of $3.21 billion.
Third Avenue Small-Cap Value Fund made the following comment about Tidewater Inc. (NYSE:TDW) in its second quarter 2023 investor letter:
“Absolute performance in the quarter was driven by continued strength from investments involved in resource conversion activities outlined in the 1Q 2023 Shareholder Letter. It foreshadowed impressive performance as the actions were seemingly well-received by investors. Three of the four companies highlighted last quarter were top performers in the second quarter. Tidewater Inc. (NYSE:TDW) shares rose 25% as the purchase of 37 vessels from Solstad Offshore, which boosted the size of the fleet by nearly 20%, appears well-timed when coupled with a pivot by the major oil producers towards increased offshore spending resulting in improving earnings for offshore oil services companies.”
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Tidewater Inc. (NYSE:TDW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Tidewater Inc. (NYSE:TDW) at the end of first quarter which was 35 in the previous quarter.
We discussed Tidewater Inc. (NYSE:TDW) in another article and shared Third Avenue Small-Cap Value Fund’s views on the company in the previous quarter. 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.
