Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -2.25% compared to a -2.96% return for the Russell 2000 Value Index. The Fund returned 2.57% YTD compared to -0.53% 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 highlighted stocks like Livent Corporation (NYSE:LTHM) in the third quarter 2023 investor letter. Headquartered in Philadelphia, Pennsylvania, Livent Corporation (NYSE:LTHM) is a performance lithium compounds manufacturer and distributor. On November 17, 2023, Livent Corporation (NYSE:LTHM) stock closed at $13.73 per share. One-month return of Livent Corporation (NYSE:LTHM) was -9.13%, and its shares lost 52.16% of their value over the last 52 weeks. Livent Corporation (NYSE:LTHM) has a market capitalization of $2.468 billion.
FPA Queens Road Small Cap Value Fund made the following comment about Livent Corporation (NYSE:LTHM) in its Q3 2023 investor letter:
“Livent Corporation (NYSE:LTHM) is an integrated, low-cost lithium producer that was spun out from FMC in 2018. This is an unusual investment for us – we normally avoid the commodity and materials sectors and have kept our position in Livent small. But we believe Livent has a unique position in an industry with a strong long-term outlook. The company generates cash, is virtually debt-free (as of Sep 30, 2023), and has considerable capacity additions planned near-term. In May, Livent announced an all-stock combination with Australia’s Allkem that should add scale, allow for cost reductions, and help consolidate the market. 25 The company’s share price has declined along with lithium prices despite Livent’s relatively long-term contracts and reiteration of 2023 guidance.”
A technician wearing a safety suit and goggles working on a battery pack for an electric vehicle.
Livent Corporation (NYSE:LTHM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Livent Corporation (NYSE:LTHM) at the end of second quarter which was 32 in the previous quarter.
We discussed Livent Corporation (NYSE:LTHM) in another article and shared the list of best metals stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Countries With the Cheapest Electricity in the World
- 30 Countries with the Best Economy in the World Right Now
- 15 Most Technologically Advanced Countries in Africa
Disclosure: None. This article is originally published at Insider Monkey.
