Palm Valley Capital Management, an investment management firm, released the “Palm Valley Capital Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, Palm Valley Capital Fund increased 1.04% compared to 2.46% and 5.69% gains for the S&P SmallCap 600 Index and the Morningstar Small Cap Index, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Palm Valley Capital Fund featured stocks like Crawford & Company (NYSE:CRD-A) in the first quarter 2024 investor letter. Headquartered in Atlanta, Georgia, Crawford & Company (NYSE:CRD-A) offers claims management and outsourcing solutions. On April 4, 2024, Crawford & Company (NYSE:CRD-A) stock closed at $9.22 per share. One-month return of Crawford & Company (NYSE:CRD-A) was 13.97%, and its shares gained 1.99% of their value over the last 52 weeks. Crawford & Company (NYSE:CRD-A) has a market capitalization of $446.42 million.
Palm Valley Capital Fund stated the following regarding Crawford & Company (NYSE:CRD-A) in its first quarter 2024 investor letter:
“We sold out of five Fund positions during the first quarter of 2024. Three positions were sold because the stocks exceeded our intrinsic value estimates: Gencor Industries (ticker: GENC), Miller Industries (ticker: MLR), and Crawford & Company (NYSE:CRD-A)). Crawford was previously one of the Fund’s larger holdings, but we significantly reduced our weighting late last year as the shares rose on a sharp profit recovery. We finished selling the position in early January above our valuation. Crawford’s stock collapsed in early March after the first quarter earnings report, in which the insurance claims company commented on benign weather trends. We began to reestablish a position at prices that were 40% below our last sale price, but we were only able to acquire a very small weighting. We hope to capitalize on future volatility in Crawford’s shares, which fluctuate much more than the value of its business.”
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Crawford & Company (NYSE:CRD-A) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Crawford & Company (NYSE:CRD-A) was held by 10 hedge fund portfolios, compared to 10 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q1 2024 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.
