Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.09% compared to a 15.26% return for the Russell 2000 Value Index. The Fund returned 16.00% in 2023 vs. 14.65% 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 featured stocks like Concentrix Corporation (NASDAQ:CNXC) in the fourth quarter 2023 investor letter. Based in Newark, California, Concentrix Corporation (NASDAQ:CNXC) offers technology-infused customer experience (CX) solutions. On February 29, 2024, Concentrix Corporation (NASDAQ:CNXC) stock closed at $72.45 per share. One-month return of Concentrix Corporation (NASDAQ:CNXC) was -17.17%, and its shares lost 47.52% of their value over the last 52 weeks. Concentrix Corporation (NASDAQ:CNXC) has a market capitalization of $4.804 billion.
FPA Queens Road Small Cap Value Fund stated the following regarding Concentrix Corporation (NASDAQ:CNXC) in its fourth quarter 2023 investor letter:
“Concentrix Corporation (NASDAQ:CNXC) is one of two top customer experience (CX) vendors globally. The company started off managing call centers but has since evolved into a high-tech business process outsourcer (BPO) that also designs and runs customer-facing websites and apps, integrates the data, and optimizes a client’s customer interactions. CX is a relatively new business, and Concentrix has been acquiring smaller competitors. In March, 2023 they bought WebHelp, a leading European CX player, for $4.8B in cash and stock. 26 We believe the WebHelp acquisition will help consolidate an industry where Concentrix and Teleperformance are the largest players. The company was spun out from TD Synnex, another of the Fund’s core holdings, and we have always been impressed with the company’s innovation and growth. The market is currently concerned about the potential of artificial intelligence to disrupt Concentrix’ core call center business, which has resulted in the underperformance of shares of all CX companies.”
A digital dashboard detailing customer experience/user experience data.
Concentrix Corporation (NASDAQ:CNXC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Concentrix Corporation (NASDAQ:CNXC) was held by 20 hedge fund portfolios, compared to 20 in the previous quarter, according to our database.
We discussed Concentrix Corporation (NASDAQ:CNXC) in another article and shared the list of stocks that will double in 2024. In addition, please check out our hedge fund investor letters Q4 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.