Heartland Advisors, an investment management company, released its “Heartland Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the Value Investor Class of the fund returned 2.74% and the Value Institutional Class returned 2.79% compared to -0.66% for the Russell 2000 Value Index. Stock selection played a vital role in the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Heartland Value Fund highlighted stocks like National Storage Affiliates Trust (NYSE:NSA) in the first quarter 2023 investor letter. National Storage Affiliates Trust (NYSE:NSA) is a real estate investment trust. On April 13, 2023, National Storage Affiliates Trust (NYSE:NSA) stock closed at $40.37 per share. One-month return of National Storage Affiliates Trust (NYSE:NSA) was -2.65%, and its shares lost 36.09% of their value over the last 52 weeks. National Storage Affiliates Trust (NYSE:NSA) has a market capitalization of $5.597 billion.
Heartland Value Fund made the following comment about National Storage Affiliates Trust (NYSE:NSA) in its Q1 2023 investor letter:
“Real Estate. In a market filled with uncertainty, stocks that offer investors an added margin of safety stand out. For National Storage Affiliates Trust (NYSE:NSA), which was a new addition in the quarter, that comes in the form of strong insider buying.
National Storage is a real estate investment trust that owns self-storage properties, with two thirds of its facilities located in the Sun Belt. The stock has pulled back significantly, which is not surprising given the deteriorating fundamentals in real estate amid rising interest rates and cap rates. We viewed this as an opportunity to purchase a high-quality REIT at a discounted valuation.
Giving us added confidence: Storage REITs are among the best performers in the real estate sector, with net operating income margins north of 70% and the lowest recurring capital requirements. We also like the fact that NSA’s insiders share in our optimism. Late last year, National Storage’s executive chairman/founder and three directors were significant buyers of the stock.”
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National Storage Affiliates Trust (NYSE:NSA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held National Storage Affiliates Trust (NYSE:NSA) at the end of the fourth quarter which was 23 in the previous quarter.
We discussed National Storage Affiliates Trust (NYSE:NSA) in another article and shared the list of dividend challengers by yield. 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.
