SunOpta (STKL) Benefited from Divesting in Q4

Diamond Hill Capital, an investment management company, released its “Select Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q4, the portfolio rose strongly outperforming the Russell 3000 Index and adding to calendar-year outperformance. The strategy returned 18.06% (net) in Q4 compared to a 12.07% return for the index. For the calendar year, the strategy returned 30.60% compared to a 25.96% return for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Diamond Hill Select Strategy featured stocks like SunOpta Inc. (NASDAQ:STKL) in the fourth quarter 2023 investor letter. Headquartered in Eden Prairie, Minnesota, SunOpta Inc. (NASDAQ:STKL) manufactures and distributes food-based and plant-based foods and beverages. On March 11, 2024, SunOpta Inc. (NASDAQ:STKL) stock closed at $6.75 per share. One-month return of SunOpta Inc. (NASDAQ:STKL) was 9.05%, and its shares lost 16.15% of their value over the last 52 weeks. SunOpta Inc. (NASDAQ:STKL) has a market capitalization of $783.837 million.

Diamond Hill Select Strategy stated the following regarding SunOpta Inc. (NASDAQ:STKL) in its fourth quarter 2023 investor letter:

“Other top contributors included Mr. Cooper Group, SunOpta Inc. (NASDAQ:STKL) and Allstate. Leading co-manufacturer and private-label provider for non-dairy beverages and frozen fruit offerings SunOpta divested its frozen fruit business during the quarter — which should allow it to increase its focus on the non-dairy beverage business, one of the fastest-growing retail categories.”

An assembly line of automated machines packing a variety of plant-based foods and beverages.

SunOpta Inc. (NASDAQ:STKL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, SunOpta Inc. (NASDAQ:STKL) was held by 15 hedge fund portfolios, compared to 16 in the previous quarter, according to our database.

We discussed SunOpta Inc. (NASDAQ:STKL) in another article and shared billionaire Lee Cooperman’s stock picks with huge upside potential. In addition, please check out our hedge fund investor letters Q4 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.