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 MasTec, Inc. (NYSE:MTZ) in the third quarter 2023 investor letter. Based in Coral Gables, Florida, MasTec, Inc. (NYSE:MTZ) operates as an infrastructure construction company. On November 17, 2023, MasTec, Inc. (NYSE:MTZ) stock closed at $53.37 per share. One-month return of MasTec, Inc. (NYSE:MTZ) was -14.70%, and its shares lost 43.01% of their value over the last 52 weeks. MasTec, Inc. (NYSE:MTZ) has a market capitalization of $4.207 billion.
FPA Queens Road Small Cap Value Fund made the following comment about MasTec, Inc. (NYSE:MTZ) in its Q3 2023 investor letter:
“MasTec, Inc. (NYSE:MTZ) is a contractor that builds and repairs infrastructure for telecoms, electric utilities, oil and gas pipelines, and the clean energy industry. The Mas brothers have an impressive history of rolling up smaller players and growing earnings, most recently in the electrical and clean energy sectors. 14 The company is benefiting from strong spending for 5G in telecom and government support (including the Infrastructure Investment and Jobs Act) for clean energy and the electrical grid. 15 We took profits and reduced our position as MasTec’s story outran the company fundamentals earlier this year. In its second quarter earnings release, the company reduced 2023 guidance citing project delays, and the stock retraced some of its earlier gains.”
A construction worker building a new home with new flooring, and the homeowner discussing financing options.
MasTec, Inc. (NYSE:MTZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held MasTec, Inc. (NYSE:MTZ) at the end of second quarter which was 30 in the previous quarter.
We discussed MasTec, Inc. (NYSE:MTZ) in another article and shared FPA Queens Road Small Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
