Reasons for the Outperformance of Deckers Outdoor Corporation (DECK) in Q2

The London Company, an investment management company, released “The London Company SMID Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 8.5% gross (8.3% net) compared to a 5.2% return for the Russell 2500 Index. Stock selection was positive for the fund’s performance which was offset by headwinds from sector exposure. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Small-Mid Cap Strategy highlighted stocks like Deckers Outdoor Corporation (NYSE:DECK) in the second quarter 2023 investor letter. Headquartered in Goleta, California, Deckers Outdoor Corporation (NYSE:DECK) designs manufactures, and markets footwear, apparel, and accessories. On August 3, 2023, Deckers Outdoor Corporation (NYSE:DECK) stock closed at $555.34 per share. One-month return of Deckers Outdoor Corporation (NYSE:DECK) was 5.34%, and its shares gained 75.01% of their value over the last 52 weeks. Deckers Outdoor Corporation (NYSE:DECK) has a market capitalization of $14.528 billion.

The London Company Small-Mid Cap Strategy made the following comment about Deckers Outdoor Corporation (NYSE:DECK) in its second quarter 2023 investor letter:

“Deckers Outdoor Corporation (NYSE:DECK) – DECK manages top brands in the footwear industry, which has allowed them to generate resilient results in the current environment. UGG and HOKA are benefitting from brand heat, and management has done a thoughtful job of acquiring and retaining customers. The company continues to diversify revenue through the growth of HOKA (non-seasonal), and the expansion of UGG into new categories. The cash balance sheet with no debt is an additional element of downside protection.”

Photo by Kelvin Han on Unsplash

Deckers Outdoor Corporation (NYSE:DECK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Deckers Outdoor Corporation (NYSE:DECK) at the end of first quarter which was 51 in the previous quarter.

We discussed Deckers Outdoor Corporation (NYSE:DECK) in another article and shared the list of most litigious companies in America. In addition, please check out our hedge fund investor letters Q2 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.