Vltava Fund, an investment management company, recently released its third-quarter 2023 investor letter. A copy of the same can be downloaded here. It will be 15 years since the firm switched to the current investment strategy for the Fund when 2023 ends in a few months. The Fund generated a 420% return across this period, which is approximately 11.8% per annum. The MSCI World Index has increased by 232% over the same period (approximately 8.5% per annum). In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Vltava Fund highlighted stocks like Fortrea Holdings Inc. (NASDAQ:FTRE) in the third quarter 2023 investor letter. Headquartered in Durham, North Carolina, Fortrea Holdings Inc. (NASDAQ:FTRE) provides clinical development and commercialization services. On October 5, 2023, Fortrea Holdings Inc. (NASDAQ:FTRE) stock closed at $27.49 per share. One-month return of Fortrea Holdings Inc. (NASDAQ:FTRE) was 5.25%, and its shares lost 14.68% of their value over the last three months. Fortrea Holdings Inc. (NASDAQ:FTRE) has a market capitalization of $2.441 billion.
Vltava Fund made the following comment about Fortrea Holdings Inc. (NASDAQ:FTRE) in its Q3 2023 investor letter:
“We sold shares of Fortrea Holdings Inc. (NASDAQ:FTRE) and Willis Towers. Fortrea is a new company formed by spinning off part of LabCorp into a separate entity. As of 1 July, LabCorp shareholders received one share of Fortrea for each LabCorp share as part of this spinoff. We did not like the independent Fortrea because at the beginning of its stand-alone existence it was burdened with a relatively large debt, which is costly and significantly limits management’s options for dealing with generated profits. Therefore, we sold the shares almost immediately after they began trading independently and used the money to increase our position in Stellantis stock. Our joy could not have been greater as soon afterwards Stellantis announced unexpectedly good half-year results while Fortrea shares were moving to ever lower new lows.”
Clinical laboratory technicians running tests in the comprehensive kidney care services. Editorial photo for a financial news article. 8k. –ar 16:9
Fortrea Holdings Inc. (NASDAQ:FTRE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 3 hedge fund portfolios held Fortrea Holdings Inc. (NASDAQ:FTRE) at the end of second quarter which was 0 in the previous quarter.
We discussed Fortrea Holdings Inc. (NASDAQ:FTRE) in another article and shared the list of spin-off companies in 2023. 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.
