Giverny Capital Asset Management, LLC, an investment management company, recently published its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm’s model portfolio appreciated 7.92%, net of fees in the second quarter compared to an 8.74% return for the Standard & Poor’s 500 Index. Year-to-date, the portfolio returned 14.46% compared to 16.89% for the Index. Since inception, the portfolio generated an annualized performance of 17.4%, net of fees, vs. 20.1% for the Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Giverny Capital Asset Management highlighted stocks like Ciena Corporation (NYSE:CIEN) in the second quarter 2023 investor letter. Headquartered in Hanover, Maryland, Ciena Corporation (NYSE:CIEN) provides network and communication infrastructure. On August 24, 2023, Ciena Corporation (NYSE:CIEN) stock closed at $41.11 per share. One-month return of Ciena Corporation (NYSE:CIEN) was -4.95%, and its shares lost 25.91% of their value over the last 52 weeks. Ciena Corporation (NYSE:CIEN) has a market capitalization of $6.146 billion.
Giverny Capital Asset Management made the following comment about Ciena Corporation (NYSE:CIEN) in its second quarter 2023 investor letter:
“Our worst performer was Ciena Corporation (NYSE:CIEN), down 19% for the quarter. Ciena makes optical components which carry voice and data signals across sophisticated communications networks. Ciena’s continuing struggles are a bit surprising given the strength in communications infrastructure spending: we own Arista Networks and Coherent, which participate in different parts of this industry and are faring better. (Coherent is a supplier to Ciena). Ciena also benefits from the banning of the Chinese telecom supplier Huawei from many Western countries. Ciena recently reported some key customers are postponing orders. I exited the position after the end of the quarter.”
Photo by Mika Baumeister on Unsplash
Ciena Corporation (NYSE:CIEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Ciena Corporation (NYSE:CIEN) at the end of second quarter which was 32 in the previous quarter.
We discussed Ciena Corporation (NYSE:CIEN) in another article and shared Madison Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.