Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 17.6% net of fees compared to the S&P 500’s 11.7% return. The portfolio’s outperformance can be attributed to a three-factor model, where interaction, selection, and allocation effects all played a significant role. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Patient Capital Management featured stocks such as Mattel, Inc. (NASDAQ:MAT) in the Q4 2023 investor letter. Headquartered in El Segundo, California, Mattel, Inc. (NASDAQ:MAT) is a children’s and family entertainment company. On January 30, 2024, Mattel, Inc. (NASDAQ:MAT) stock closed at $18.16 per share. One-month return of Mattel, Inc. (NASDAQ:MAT) was 0.98%, and its shares lost 13.40% of their value over the last 52 weeks. Mattel, Inc. (NASDAQ:MAT) has a market capitalization of $6.471 billion.
Patient Capital Management stated the following regarding Mattel, Inc. (NASDAQ:MAT) in its fourth quarter 2023 investor letter:
“Mattel, Inc. (NASDAQ:MAT) fell in the fourth quarter following increasing concerns around toy industry demand. We believe Mattel is in a unique position given the recent strength of the Barbie movie which hit theaters in July and immediately became a blockbuster hit becoming the highest grossing film of 2023 at more than $1.38B worldwide sales. The Barbie movie is the beginning of Mattel’s multi-year journey to transition to an IP-driven, high-performing toy company. As growth returns, margins should expand, benefiting from overall cost reduction and fixed cost leverage. As the company executes its IP driven transition, returns on invested capital and free cash flow generation should improve allowing the P/E multiple to expand.”
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Mattel, Inc. (NASDAQ:MAT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Mattel, Inc. (NASDAQ:MAT) at the end of third quarter which was 24 in the previous quarter.
We discussed Mattel, Inc. (NASDAQ:MAT) in another article and shared Longleaf Partners Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
