Topgolf Callaway Brands Corp. (MODG) Dropped as Corporate Outings Cooled Down

Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” second-quarter 2023 investor letter, a copy of which can be downloaded here. In the second quarter, the portfolio gained +1.7% (net) lagging behind R2000V’s +3.2% gain and R2500V’s +4.4% increase. In the quarter, quality factors were under pressure. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Bernzott Capital Advisors highlighted stocks like Topgolf Callaway Brands Corp. (NYSE:MODG) in the second quarter 2023 investor letter. Headquartered in Carlsbad, California, Topgolf Callaway Brands Corp. (NYSE:MODG) manufactures and sells golf equipment and accessories. On July 19, 2023, Topgolf Callaway Brands Corp. (NYSE:MODG) stock closed at $20.00 per share. One-month return of Topgolf Callaway Brands Corp. (NYSE:MODG) was 4.22%, and its shares lost 10.31% of their value over the last 52 weeks. Topgolf Callaway Brands Corp. (NYSE:MODG) has a market capitalization of $3.712 billion.

Bernzott Capital Advisors made the following comment about Topgolf Callaway Brands Corp. (NYSE:MODG) in its second quarter 2023 investor letter:

“Consumer Discretionary hurt relative results modestly. Topgolf Callaway Brands Corp. (NYSE:MODG) fell -8.1% as spending from corporate outings cooled a bit at its venues. The company continues to open new Topgolf locations to capitalize on golf’s popularity.”

Pixabay/Public Domain

Topgolf Callaway Brands Corp. (NYSE:MODG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Topgolf Callaway Brands Corp. (NYSE:MODG) at the end of first quarter which was 37 in the previous quarter.

We discussed Topgolf Callaway Brands Corp. (NYSE:MODG) in another article and shared the list of biggest outdoor brands and companies. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 13 Most Promising Robotics Stocks According to Analysts
• 11 Best TSX Stocks To Buy Right Now
• 10 Best Artificial Intelligence Stocks Under $10

Disclosure: None. This article is originally published at Insider Monkey.