Investment management company Cove Street Capital recently released its “Small Cap Value Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 1.61% compared to 5.18% for the Russell 2000 Index and 2.90% for the Russell 2000 Value Index. The first quarter of calendar year 2024 was mostly more of the recent same. US investors focused on the Federal Reserve’s comments and still expecting interest rate cuts in 2024. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Cove Street Small Cap Value Fund featured stocks like Hallador Energy Company (NASDAQ:HNRG) in its Q1 2024 investor letter. Headquartered in Terre Haute, Indiana, Hallador Energy Company (NASDAQ:HNRG) engages in the production of steam coal. On April 10, 2024, Hallador Energy Company (NASDAQ:HNRG) stock closed at $4.82 per share. One-month return of Hallador Energy Company (NASDAQ:HNRG) was -33.97%, and its shares lost 46.38% of their value over the last 52 weeks. Hallador Energy Company (NASDAQ:HNRG) has a market capitalization of $168.147 million.
Cove Street Small Cap Value Fund stated the following regarding Hallador Energy Company (NASDAQ:HNRG) in its first quarter 2024 investor letter:
“Hallador Energy Company (NASDAQ:HNRG) is a classic case of “I guess we should have sold it all.” We don’t pretend that the coal business and the coal power generation business is not cyclical, but this was past the north-end of our expectations. A warm winter and low gas prices were the simple double whammy. We see the opposite this summer. Underneath short-term movement, the U.S. remains in a dance between the desire for Green and the necessity of consistently keeping the lights on. These assets get more valuable every day in our opinion.”
A continuous supply of coal streaming out of the entrance of the underground mine.
Hallador Energy Company (NASDAQ:HNRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Hallador Energy Company (NASDAQ:HNRG) was held by 17 hedge fund portfolios, compared to 6 in the previous quarter, according to our database.
We discussed Hallador Energy Company (NASDAQ:HNRG) in another article and shared Cove Street Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 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.
