Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.09% compared to a 15.26% return for the Russell 2000 Value Index. The Fund returned 16.00% in 2023 vs. 14.65% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
FPA Queens Road Small Cap Value Fund featured stocks like United Natural Foods, Inc. (NYSE:UNFI) in the fourth quarter 2023 investor letter. Headquartered in Providence, Rhode Island, United Natural Foods, Inc. (NYSE:UNFI) is a distributor of natural, organic, and specialty foods and non-food products. On February 29, 2024, United Natural Foods, Inc. (NYSE:UNFI) stock closed at $15.61 per share. One-month return of United Natural Foods, Inc. (NYSE:UNFI) was -2.50%, and its shares lost 63.38% of their value over the last 52 weeks. United Natural Foods, Inc. (NYSE:UNFI) has a market capitalization of $927.359 billion.
FPA Queens Road Small Cap Value Fund stated the following regarding United Natural Foods, Inc. (NYSE:UNFI) in its fourth quarter 2023 investor letter:
“United Natural Foods, Inc. (NYSE:UNFI) distributes natural and organic food. Whole Foods is a 20% customer, but UNFI has done a reasonable job diversifying its product and customer base, with a big boost from its acquisition of SuperValu in 2018.22 The company’s share price has declined after three successive earnings misses and guidance revisions this year.23 UNFI is suffering from a combination of volatile food prices, consumers trading down from high-priced organic food items, and pricing and execution mistakes. Distribution is usually a resilient business model and, on a normalized basis, UNFI looks cheap. But the company is now in full-bore turnaround mode, and we have been judicious about not adding to our position.”
United Natural Foods, Inc. (NYSE:UNFI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, United Natural Foods, Inc. (NYSE:UNFI) was held by 29 hedge fund portfolios, up from 22 in the previous quarter, according to our database.
We discussed United Natural Foods, Inc. (NYSE:UNFI) in another article and shared FPA Queens Road Small Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Highest Paying Countries for Chefs
- 16 Countries with Most Chinese Expats
- Warren Buffett’s 35 Best Quotes About Business, Investing, and Life
Disclosure: None. This article is originally published at Insider Monkey.
