Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 3.27% compared to a 4.61% decline for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Third Avenue Management discussed stocks like Visteon Corporation (NASDAQ:VC) in the Q3 2022 investor letter. Headquartered in Van Buren, Michigan, Visteon Corporation (NASDAQ:VC) is an automotive technology company. On October 19, 2022, Visteon Corporation (NASDAQ:VC) stock closed at $120.68 per share. One-month return of Visteon Corporation (NASDAQ:VC) was 0.95% and its shares gained 12.09% of their value over the last 52 weeks. Visteon Corporation (NASDAQ:VC) has a market capitalization of $3.394 billion.
Here is what Third Avenue Management specifically said about Visteon Corporation (NASDAQ:VC) in its Q3 2022 investor letter:
“Specialty finance company, Encore Capital Group (ECPG), was added to the Fund in the third quarter and the thesis will be described in detail later on. Auto supplier, Visteon Corporation (NASDAQ:VC) was eliminated from the portfolio this past quarter. It was a profitable investment for shareholders, yet did not live up to our expectations. The challenges of competing in the auto supplier industry often diluted Visteon’s robust product development successes. Given the volatility and elevated valuation, Fund Management decided to monetize the position and redeploy the proceeds into companies with more favorable risk/return attributes such as ECPG.”
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Visteon Corporation (NASDAQ:VC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Visteon Corporation (NASDAQ:VC) at the end of the second quarter which was 25 in the previous quarter.
We discussed Visteon Corporation (NASDAQ:VC) in another article and shared 4 auto stocks analyst Itay Michaeli at Citi has a bullish stance on. In addition, please check out our hedge fund investor letters Q3 2022 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.