Investment management company Cove Street Capital recently released its “Small Cap Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 2.83% compared to 2.74% for the Russell 2000 Index and -0.66% 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 Small Cap Value Fund highlighted stocks like Millicom International Cellular S.A. (NASDAQ:TIGO) in the first quarter 2023 investor letter. Headquartered in Luxembourg, Millicom International Cellular S.A. (NASDAQ:TIGO) provides cable and mobile services. On April 10, 2023, Millicom International Cellular S.A. (NASDAQ:TIGO) stock closed at $18.28 per share. One-month return of Millicom International Cellular S.A. (NASDAQ:TIGO) was -3.84%, and its shares lost 30.26% of their value over the last 52 weeks. Millicom International Cellular S.A. (NASDAQ:TIGO) has a market capitalization of $3.124 billion.
Cove Street Capital Small Cap Value Fund made the following comment about Millicom International Cellular S.A. (NASDAQ:TIGO) in its Q1 2023 investor letter:
“Millicom International Cellular S.A. (NASDAQ:TIGO) is on its way out of the portfolio after a long and disappointing string of years. The stock has doubled in the last twelve months after several takeover approaches that may or may not result in a transaction. The range of possible values remains depressingly high – our initial estimates on one hand and those that are smelling opportunity on the other. The headwind of a strong dollar overwhelmed the company’s strong operational performance making the dollar denominated financials unconvincing. Also, we were also over-optimistic on how investors would accord the company a higher value as the mix of earnings from cable increased vs. that of their cellular business.”
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Millicom International Cellular S.A. (NASDAQ:TIGO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Millicom International Cellular S.A. (NASDAQ:TIGO) at the end of the fourth quarter which was 8 in the previous quarter.
We discussed Millicom International Cellular S.A. (NASDAQ:TIGO) in another article and shared the list of top performing European stocks so far in 2023. In addition, please check out our hedge fund investor letters Q1 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.
