Vltava Fund Sold Fortrea Holdings (FTRE) for an Attractive Price

Vltava Fund, an investment management company, recently released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. 2023 proved to be a prosperous year for the fund. The letter concentrates on outlining the more noteworthy changes that have occurred within the businesses that the fund owns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

In its Q4 2023 investor letter, Vltava Fund featured stocks such as Fortrea Holdings Inc. (NASDAQ:FTRE). Headquartered in Durham, North Carolina, Fortrea Holdings Inc. (NASDAQ:FTRE) provides clinical development and commercialization services. On January 4, 2024, Fortrea Holdings Inc. (NASDAQ:FTRE) stock closed at $33.00 per share. One-month return of Fortrea Holdings Inc. (NASDAQ:FTRE) was 7.63%, and year-to-date its shares lost 5.44% of their value. Fortrea Holdings Inc. (NASDAQ:FTRE) has a market capitalization of $2.958 billion.

In its fourth quarter 2023 investor letter, Vltava Fund stated the following regarding Fortrea Holdings Inc. (NASDAQ:FTRE):

“Value can be created in various ways. Acquisition is one possibility. So-called spin-offs represent another. This involves hiving off a part of a company into a separate entity and taking it to market. One such spin-off occurred last summer with LabCorp. It spun off a smaller part of the company under the name Fortrea Holdings Inc. (NASDAQ:FTRE). For each of their shares, LabCorp shareholders received one share of the new Fortrea. It started trading at a fairly attractive price, so we sold immediately. Considering the price we got, we could say that this spin-off brought us some value, but it was only a one-off transaction and not a very large one at that.”

An executive team in a boardroom discussing the launch of a new drug trial.

Fortrea Holdings Inc. (NASDAQ:FTRE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Fortrea Holdings Inc. (NASDAQ:FTRE) at the end of third quarter which was 3 in the previous quarter.

We discussed Fortrea Holdings Inc. (NASDAQ:FTRE) in another article and shared the list of best IPO stocks to buy heading into 2024. 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.