Investment management company Cove Street Capital recently released its “Small Cap Value Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 1.61% compared to 5.18% for the Russell 2000 Index and 2.90% for the Russell 2000 Value Index. The first quarter of calendar year 2024 was mostly more of the recent same. US investors focused on the Federal Reserve’s comments and still expecting interest rate cuts in 2024. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Cove Street Small Cap Value Fund featured stocks like TruBridge, Inc. (NASDAQ:TBRG) in the first quarter 2024 investor letter. The company was formerly known as Computer Programs and Systems, Inc. and changed its name to TruBridge, Inc. (NASDAQ:TBRG) in March 2024. Headquartered in Mobile, Alabama, TruBridge, Inc. (NASDAQ:TBRG) provides healthcare solutions and services. On April 10, 2024, TruBridge, Inc. (NASDAQ:TBRG) stock closed at $9.01 per share. One-month return of TruBridge, Inc. (NASDAQ:TBRG) was -4.25%, and its shares lost 69.97% of their value over the last 52 weeks. TruBridge, Inc. (NASDAQ:TBRG) has a market capitalization of $132.024 million.
Cove Street Small Cap Value Fund stated the following regarding TruBridge, Inc. (NASDAQ:TBRG) in its first quarter 2024 investor letter:
“Another new position is TruBridge, Inc. (NASDAQ:TBRG), formerly known as Computer Programs and Systems (Ticker: CPSI). The company provides Electronic Health Record (EHR) and Revenue Cycle Management (RCM) services to small, rural hospitals under 400 beds. The EHR business has been shrinking for years as hospitals close and consolidate (replacing TBRG’s EHR). However, the business is very sticky and generates significant cash flow. The cash flow generated is being put into the growing RCM business. Approximately 80% of hospitals still do their billing in-house and there is a huge push for these hospitals to start outsourcing billing to help improve their cash flow and expenses. TBRG is leveraging its current EHR customers as well as selling into new customers to grow their RCM business. TBRG is also on its own mission to outsource manual work to some of the usual international suspects to reduce its own service costs. The company’s stock has had a very unpleasant journey the last few years ($40 per share to $9) creating a massive opportunity for even modest stability and/or improvement.”
A doctor using the cutting-edge patient management software in their office.
TruBridge, Inc. (NASDAQ:TBRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, TruBridge, Inc. (NASDAQ:TBRG) was held by 18 hedge fund portfolios, compared to 16 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q1 2024 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.