Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund was down 2.04% year-to-date while the S&P Small Cap 600 TR benchmark was up 0.81%, and the Morningstar U.S. Fund Small Blend was up by 2.91%. The Fund’s lack of Energy equities and holdings in the Finance, Technology, Consumer Discretionary, Utilities, and Materials sectors have resulted in year-to-date underperformance relative to the benchmark. Relative outperformance in the consumer staples, real estate, healthcare, industrials, and communications services sectors helped to partially offset this. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund highlighted stocks like Glacier Bancorp, Inc. (NYSE:GBCI) in the third quarter 2023 investor letter. Headquartered in Kalispell, Montana, Glacier Bancorp, Inc. (NYSE:GBCI) is a bank holding company for Glacier Bank. On November 28, 2023, Glacier Bancorp, Inc. (NYSE:GBCI) stock closed at $32.46 per share. One-month return of Glacier Bancorp, Inc. (NYSE:GBCI) was 7.52%, and its shares lost 42.63% of their value over the last 52 weeks. Glacier Bancorp, Inc. (NYSE:GBCI) has a market capitalization of $3.599 billion.
Mairs & Power Small Cap Fund made the following comment about Glacier Bancorp, Inc. (NYSE:GBCI) in its Q3 2023 investor letter:
“Looking at individual stocks, year-to-date relative underperformance was driven in part by several stocks including Glacier Bancorp, Inc. (NYSE:GBCI) and Cullen/Frost Bankers (CFR), two of the banks held in the portfolio, also contributed to underperformance during the period, driven by margin pressures due to rising deposit costs.”
A close-up view of a customer receiving assistance from a bank teller.
Glacier Bancorp, Inc. (NYSE:GBCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Glacier Bancorp, Inc. (NYSE:GBCI) at the end of third quarter which was 15 in the previous quarter.
We discussed Glacier Bancorp, Inc. (NYSE:GBCI) in another article and shared Madison Mid Cap 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.
