Should You Hold StoneX Group (SNEX) for the Long-Term?

Investment management company Cove Street Capital recently released its “Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. On a relative and absolute basis, the fund continued its solid upward movement in the second quarter and returned 14.8% compared to 5.21% for the Russell 2000 Index and 3.18% for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Cove Street Capital highlighted stocks like StoneX Group Inc. (NASDAQ:SNEX) in the second quarter 2023 investor letter. Headquartered in New York, New York, StoneX Group Inc. (NASDAQ:SNEX) is a global financial services network. On July 11, 2023, StoneX Group Inc. (NASDAQ:SNEX) stock closed at $87.03 per share. One-month return of StoneX Group Inc. (NASDAQ:SNEX) was -4.86%, and its shares gained 11.16% of their value over the last 52 weeks. StoneX Group Inc. (NASDAQ:SNEX) has a market capitalization of $1.806 billion.

Cove Street Capital made the following comment about StoneX Group Inc. (NASDAQ:SNEX) in its second quarter 2023 investor letter:

“On to the portfolio, as is our practice, we start with the detractors. StoneX Group Inc. (NASDAQ:SNEX) is a complex mix of global trading and back office infrastructure led by CEO Sean O’Connor, which has a record that is truly stupendous if you pull up a stock chart. They are still captive to the ebbs and flows of financial markets, which not surprisingly are a lot less crazy than they were in the past few years. Less volatility means lower spreads and less trading, a state of affairs that became more commonly recognized later in the quarter. We remain long-term shareholders and are ready to add to the position opportunistically.”

StoneX Group Inc. (NASDAQ:SNEX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held StoneX Group Inc. (NASDAQ:SNEX) at the end of first quarter which was 26 in the previous quarter.

We discussed StoneX Group Inc. (NASDAQ:SNEX) in another article and shared the top stock picks of Touk Sinantha’s AltraVue Capital. 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.