Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -2.25% compared to a -2.96% return for the Russell 2000 Value Index. The Fund returned 2.57% YTD compared to -0.53% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
FPA Queens Road Small Cap Value Fund highlighted stocks like Deckers Outdoor Corporation (NYSE:DECK) in the third quarter 2023 investor letter. Headquartered in Goleta, California, Deckers Outdoor Corporation (NYSE:DECK) designs manufactures, and markets footwear, apparel, and accessories. On November 17, 2023, Deckers Outdoor Corporation (NYSE:DECK) stock closed at $620.51 per share. One-month return of Deckers Outdoor Corporation (NYSE:DECK) was 25.49%, and its shares gained 70.29% of their value over the last 52 weeks. Deckers Outdoor Corporation (NYSE:DECK) has a market capitalization of $15.966 billion.
FPA Queens Road Small Cap Value Fund made the following comment about Deckers Outdoor Corporation (NYSE:DECK) in its Q3 2023 investor letter:
“Deckers Outdoor Corporation (NYSE:DECK) is a footwear and apparel company that owns the UGG, Hoka, Teva, Sanuk, and Koolaburra brands. Management has done a masterful job growing and extending the UGG franchise. Now they are repeating their success with Hoka running shoes which surpassed $1 billion in sales last year.11 At over 20 times earnings (as of Sep 30, 2023), we have weighed Deckers’ full valuation against the quality of the management team, strong brands, and net cash balance sheet and are comfortable with the Fund’s current position.”
A shopper browsing the wide selection of trendy footwear in a franchised store.
Deckers Outdoor Corporation (NYSE:DECK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Deckers Outdoor Corporation (NYSE:DECK) at the end of second quarter which was 55 in the previous quarter.
We discussed Deckers Outdoor Corporation (NYSE:DECK) in another article and shared FPA Queens Road Small Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.