Investment management company Cove Street Capital recently released its “Small Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the calendar third quarter of 2023, financial markets were chaotic, causing CSC shareholders to lose some gains from the first half, both relatively and absolutely. In the third quarter, the fund delivered -7.48% compared to a -5.13% return for the Russell 2000 Index and a -2.96% return 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 Small Cap Value Fund highlighted stocks like Viemed Healthcare, Inc. (NASDAQ:VMD) in the third quarter 2023 investor letter. Headquartered in Lafayette, Louisiana, Viemed Healthcare, Inc. (NASDAQ:VMD) is a home healthcare solutions provider. On October 9, 2023, Viemed Healthcare, Inc. (NASDAQ:VMD) stock closed at $6.98 per share. One-month return of Viemed Healthcare, Inc. (NASDAQ:VMD) was -1.83%, and its shares gained 22.03% of their value over the last 52 weeks. Viemed Healthcare, Inc. (NASDAQ:VMD) has a market capitalization of $268.035 million.
Cove Street Small Cap Value Fund made the following comment about Viemed Healthcare, Inc. (NASDAQ:VMD) in its Q3 2023 investor letter:
“While the core offerings of Viemed Healthcare, Inc. (NASDAQ:VMD) enable an efficient, at-home service to increasingly ill patients that facilitates breathing and allows them to avoid visits to the ER. That apparently is a not view shared by some large Medicare Advantage (MA) plans. In particular, there has been a recent trend towards elevated denial rates for non-invasive ventilation (NIV), as high as mid-80s for under one large MA plan and the mid-60s for a couple other large MA plans. These rates are aggressive relative to many other MA plans that have as low as mid-teens denial rates. In the short-term, these denial rates have put some pressure on the stock, but despite these issues, Viemed continues to profitably grow as well as acquire other NIV providers.”
A home health aide helping an elderly person with their daily activities. Editorial photo for a financial news article. 8k. –ar 16:9
Viemed Healthcare, Inc. (NASDAQ:VMD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Viemed Healthcare, Inc. (NASDAQ:VMD) at the end of the second quarter, which was 16 in the previous quarter.
We discussed Viemed Healthcare, Inc. (NASDAQ:VMD) in another article and shared Cove Street Capital’s views on the company. 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.
