Miller Value Partners, an investment management company, released its “Deep Value Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the Deep Value Strategy was down 3.6% net of fees lagging the overall market and the S&P 1500 Value Index. The underperformance of the strategy in the quarter was due to value and cyclical stocks lagging behind the overall equity market. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Miller Value Deep Value Strategy highlighted stocks like M/I Homes, Inc. (NYSE:MHO) in the first quarter 2023 investor letter. Based in Columbus, Ohio, M/I Homes, Inc. (NYSE:MHO) is a single-family home builder. On April 20, 2023, M/I Homes, Inc. (NYSE:MHO) stock closed at $65.64 per share. One-month return of M/I Homes, Inc. (NYSE:MHO) was 8.30%, and its shares gained 54.56% of their value over the last 52 weeks. M/I Homes, Inc. (NYSE:MHO) has a market capitalization of $1.844 billion.
Miller Value Deep Value Strategy made the following comment about M/I Homes, Inc. (NYSE:MHO) in its Q1 2023 investor letter:
“During the quarter, our largest positive contributor was M/I Homes, Inc. (NYSE:MHO), with share prices up in excess of 30%. Homebuilders in general had been under pressure for much of last year due to marketplace concerns on the potential impact from higher mortgage rates and lower housing affordability. However, as mortgage rates pull back the positive demographics and lack of housing supply over the past 10 years provides a very favorable long-term supply/demand picture for the industry that should shorten the current downturn. M/I Homes is nicely diversified covering multiple home-type categories, with properties in valuable local communities in the Midwest and Southeast (#2 in the Jon Burns Real Estate Consulting Submarket Desirability Index). M/I Homes’ attractive asset base, strong balance sheet and ongoing valuation discount to peers should provide an attractive long-term reward/risk investment opportunity.”
Photo by Breno Assis on Unsplash
M/I Homes, Inc. (NYSE:MHO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held M/I Homes, Inc. (NYSE:MHO) at the end of the fourth quarter which was 26 in the previous quarter.
We discussed M/I Homes, Inc. (NYSE:MHO) in another article and shared the list of most profitable small-cap stocks. In addition, please check out our hedge fund investor letters Q1 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.
