Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.09% compared to a 15.26% return for the Russell 2000 Value Index. The Fund returned 16.00% in 2023 vs. 14.65% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
FPA Queens Road Small Cap Value Fund featured stocks like Horace Mann Educators Corporation (NYSE:HMN) in the fourth quarter 2023 investor letter. Headquartered in Springfield, Illinois, Horace Mann Educators Corporation (NYSE:HMN) is an insurance holding company. On February 29, 2024, Horace Mann Educators Corporation (NYSE:HMN) stock closed at $36.19 per share. One-month return of Horace Mann Educators Corporation (NYSE:HMN) was 0.00%, and its shares lost 1.44% of their value over the last 52 weeks. Horace Mann Educators Corporation (NYSE:HMN) has a market capitalization of $1.478 billion.
FPA Queens Road Small Cap Value Fund stated the following regarding Horace Mann Educators Corporation (NYSE:HMN) in its fourth quarter 2023 investor letter:
“Horace Mann Educators Corporation (NYSE:HMN) sells a complete line of insurance products (auto, home, annuities, life and supplemental) to America’s educators. They are a “kitchen table” insurance operation except their agents sell in the school break room. We think Horace Mann will be able to protect this profitable niche but worry they are subscale compared to national competitors and behind in upgrading their operations. In 2022 and 2023, Horace Mann suffered from rapid cost inflation and lagging pricing on their auto and home lines and a rapid rise in interest rates that hit the value of the securities on their balance sheet. We think Horace Mann’s stock price is cheap at roughly 10x normalized earnings at December 31, 2023 and are comfortable holding a mid-sized position.”
A woman in a business suit in an insurance office, analyzing a policy.
Horace Mann Educators Corporation (NYSE:HMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Horace Mann Educators Corporation (NYSE:HMN) was held by 13 hedge fund portfolios, up from 12 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q4 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.
