Investment management company Ave Maria recently released its “Ave Maria Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The total return of the fund in the third quarter was 4.88% compared to -4.20% for the S&P MidCap 400 Index. The Fund owned common stock in 33 companies from a wide range of industries at the end of the quarter, with a focus on energy, basic materials, and financial services. You can check the top 5 holdings of the fund to know its best picks in 2023.
Ave Maria Value Fund highlighted stocks like TD SYNNEX Corporation (NYSE:SNX) in the third quarter 2023 investor letter. Headquartered in Fremont, California, TD SYNNEX Corporation (NYSE:SNX) is a distributor and solutions aggregator for the information technology (IT) ecosystem. On December 6, 2023, TD SYNNEX Corporation (NYSE:SNX) stock closed at $97.14 per share. One-month return of TD SYNNEX Corporation (NYSE:SNX) was 4.36%, and its shares lost 1.22% of their value over the last 52 weeks. TD SYNNEX Corporation (NYSE:SNX) has a market capitalization of $8.741 billion.
Ave Maria Value Fund made the following comment about TD SYNNEX Corporation (NYSE:SNX) in its Q3 2023 investor letter:
“A new position was established in TD SYNNEX Corporation (NYSE:SNX), a distributor of information technology (IT) products. Although IT spending has stable secular growth, it is going through a soft patch which allowed us to acquire shares at an attractive price. The distribution of IT products is a low margin, but highly free cash flow generative business that requires significant scale to compete. TD Synnex is the largest distributor with the most scale benefits and has a business model that produces excess free cash flow during softer IT spending periods due to lower inventory investments. This allows TD to return cash to shareholders through buybacks.”
A close up view of a person’s hands typing on a computer keyboard, emphasizing internet-based information technology services.
TD SYNNEX Corporation (NYSE:SNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held TD SYNNEX Corporation (NYSE:SNX)at the end of third quarter which was 24 in the previous quarter.
We discussed TD SYNNEX Corporation (NYSE:SNX) in another article and shared the list of most promising mid-cap stocks according to analysts. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Countries With the Best Bread in the World
- 25 Best Bourbons in the World
- 20 Best Bourbons for An Old Fashioned
Disclosure: None. This article is originally published at Insider Monkey.