Mattel (MAT) Benefited from the Success of the Barbie Movie

Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund delivered 0.26% in the third quarter in a challenging, “risk-off” period compared to a -5.13% return for the Russell 2000 Index and -2.96% for the Russell 2000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Longleaf Partners Small-Cap Fund highlighted stocks like Mattel, Inc. (NASDAQ:MAT) in the Q3 2023 investor letter. Headquartered in El Segundo, California, Mattel, Inc. (NASDAQ:MAT) is an entertainment company that designs and produces toys and consumer products. On November 2, 2023, Mattel, Inc. (NASDAQ:MAT) stock closed at $19.41 per share. One-month return of Mattel, Inc. (NASDAQ:MAT) was -6.00%, and its shares gained 10.79% of their value over the last 52 weeks. Mattel, Inc. (NASDAQ:MAT) has a market capitalization of $6.874 billion.

Longleaf Partners Small-Cap Fund made the following comment about Mattel, Inc. (NASDAQ:MAT) in its Q3 2023 investor letter:

“Mattel, Inc. (NASDAQ:MAT) – Global toy and media company Mattel contributed in the quarter on the back of the success of the Barbie movie. Beyond the near-term positive financial impact, the Barbie movie is emblematic of Ynon Kreiz’s plan to monetize the strong intellectual property that the company owns. When we interviewed Kreiz on the Price-to-Value Podcast in June 2020, he said, “Barbie is so much more than a toy. Barbie at this point is a cultural phenomenon, and the consumers have a very strong emotional connection with our brands.” We expect Mattel to continue to monetize more of its strong brands in ways beyond selling toys.”

Mattel, Inc. (NASDAQ:MAT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Mattel, Inc. (NASDAQ:MAT) at the end of second quarter which was 31 in the previous quarter.

We discussed Mattel, Inc. (NASDAQ:MAT) in another article and shared billionaire investor Mason Hawkins’ top stock picks. 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.