Wasatch Global Investors, an investment management firm, released its “Wasatch Micro Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark during the quarter. The quality-oriented positioning was the main reason for the strategy’s outperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch Micro Cap Value Strategy highlighted stocks like GEN Restaurant Group, Inc. (NASDAQ:GENK) in the third quarter 2023 investor letter. Headquartered in Cerritos, California, GEN Restaurant Group, Inc. (NASDAQ:GENK) operates restaurants. On December 22, 2023, GEN Restaurant Group, Inc. (NASDAQ:GENK) stock closed at $6.94 per share. One-month return of GEN Restaurant Group, Inc. (NASDAQ:GENK) was -2.94%, and its shares lost 40.38% of their value over the last three months. GEN Restaurant Group, Inc. (NASDAQ:GENK) has a market capitalization of $224.034 million.
Wasatch Micro Cap Value Strategy made the following comment about GEN Restaurant Group, Inc. (NASDAQ:GENK) in its Q3 2023 investor letter:
“Among our recent buys, we added GEN Restaurant Group, Inc. (NASDAQ:GENK) just before the start of the third quarter. The company owns GEN Korean BBQ, a fast-growing experiential restaurant chain with over 30 locations in seven states of the U.S. GENK offers customers a unique dining experience where they serve as their own chefs, preparing meals on embedded grills in the center of each table. The extensive menu consists of traditional Korean and Korean-American food, including high-quality meats, seafood and mixed vegetables. We bought GENK as an initial public offering (IPO). Afterward, we purchased additional shares on the open market. During the year prior to the IPO, we met with the management team and visited the restaurants several times—and our qualitative assessment was extremely positive. In terms of our quantitative assessment, we were impressed with GENK’s contribution margins in the vicinity of 20% and its EBITDA valuation, which was below high-quality peers in the restaurant business.”
A busy Korean barbecue restaurant, full of customers experiencing the traditional flavors.
GEN Restaurant Group, Inc. (NASDAQ:GENK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held GEN Restaurant Group, Inc. (NASDAQ:GENK) at the end of third quarter which was 7 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.