Weitz Investment Management, an investment management firm, released its “Weitz Conservative Allocation Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. During the third quarter, the Institutional Class of the Weitz Conservative Allocation Fund demonstrated a return of -0.87%, outperforming the Morningstar Moderately Conservative Target Risk Index, which experienced a larger decline at -3.03%. Looking at the year-to-date performance, the Fund’s Institutional Class posted a positive return of +5.42%, surpassing the index’s +2.33%. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Weitz Conservative Allocation Fund mentioned Microchip Technology Incorporated (NASDAQ:MCHP) and explained its insights for the company. Microchip Technology Incorporated (NASDAQ:MCHP) is a Chandler, Arizona-based microcontroller, mixed-signal, analog, and Flash-IP integrated circuits manufacturer with a $40.7 billion market capitalization. Microchip Technology Incorporated (NASDAQ:MCHP) delivered a 7.47% return since the beginning of the year, while its 12-month returns are up by 2.14%. The stock closed at $75.36 per share on November 8, 2023.
Here is what Weitz Conservative Allocation Fund has to say about Microchip Technology Incorporated (NASDAQ:MCHP) in its Q3 2023 investor letter:
“We added a new position in Microchip Technology, Inc., (NASDAQ:MCHP) to the Fund during the quarter. Microchip is a leading provider of mixed signal microcontrollers and analog semiconductors to a broad range of industrial, data center, automotive, communication and consumer appliance customers. The company enjoys favorable product characteristics that help drive strong profitability, and it benefits from several long-wave demand tailwinds such as electronification, automation, and growth in data communications. While Microchip is not immune from semiconductor cycles, its cash flows have been durable through cycles. The multi-year outlook is solid, and we think the company is poised to further boost per-share value growth through increasing share repurchases at discounted prices.
A worker assembling the inner circuitry of a semiconductor product.
Our calculations show that Microchip Technology Incorporated (NASDAQ:MCHP) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Microchip Technology Incorporated (NASDAQ:MCHP) was in 41 hedge fund portfolios at the end of the second quarter of 2023, compared to 33 funds in the previous quarter. Microchip Technology Incorporated (NASDAQ:MCHP) delivered a -9.37% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
