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 RLI Corp. (NYSE:RLI) in the Q4 2022 investor letter. Based in Peoria, Illinois, RLI Corp. (NYSE:RLI) is an insurance holding company. On February 7, 2023, RLI Corp. (NYSE:RLI) stock closed at $134.77 per share. One-month return of RLI Corp. (NYSE:RLI) was -0.96%, and its shares gained 32.83% of their value over the last 52 weeks. RLI Corp. (NYSE:RLI) has a market capitalization of $6.128 billion.
FPA Queens Road Small Cap Value Fund made the following comment about RLI Corp. (NYSE:RLI) in its Q4 2022 investor letter:
“RLI Corp. (NYSE:RLI) is a high-quality specialty insurer with a collection of niche and arcane lines across property & casualty (P&C). RLI has an attractive combined ratio and return on equity, 9 a conservative underwriting culture and growth opportunities. Despite its full price, we continue to hold RLI because of its high quality and our reluctance to trade in and out. The insurance sector as a whole performed well last year, but RLI got a boost from strong Q3 2022 earnings and the sale of its equity stake in sunglass manufacturer Maui Jim.”
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RLI Corp. (NYSE:RLI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held RLI Corp. (NYSE:RLI) at the end of the third quarter, which was 19 in the previous quarter.
We discussed RLI Corp. (NYSE:RLI) in another article and shared First Pacific Advisors’ 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.