Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 12.47% compared to an 8.42% return for the Russell 2000 Value Index. The fund delivered a -9.16% return in 2022 compared to a -14.48% return 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.
FPA Queens Road Small Cap Value Fund highlighted stocks Fabrinet (NYSE:FN) in the Q4 2022 investor letter. Based in George Town, the Cayman Islands, Fabrinet (NYSE:FN) is a manufacturing company that provides packaging and precision optical, electro-mechanical, and electronic manufacturing services. On February 7, 2023, Fabrinet (NYSE:FN) stock closed at $121.92 per share. One-month return of Fabrinet (NYSE:FN) was -9.47%, and its shares gained 17.56% of their value over the last 52 weeks. Fabrinet (NYSE:FN) has a market capitalization of $4.463 billion.
FPA Queens Road Small Cap Value Fund made the following comment about Fabrinet (NYSE:FN) in its Q4 2022 investor letter:
“Fabrinet (NYSE:FN) is a contract manufacturer of optical communications sensors and equipment. The company has a niche in hard to replicate precision manufacturing technologies and an enviable track record of execution. The majority of sales goes into the optical communications OEMs (original equipment manufacturing), but Fabrinet has been successfully diversifying into the industrial, auto and medical end markets. The stock has performed well due to strong results all year.”
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Fabrinet (NYSE:FN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Fabrinet (NYSE:FN) at the end of the third quarter, which was 19 in the previous quarter.
We discussed Fabrinet (NYSE:FN) in another article and shared Carillon Tower Advisers’ views on the company. In addition, please check out our hedge fund investor letters Q4 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.