ADTRAN Holdings (ADTN) Fell 15.1% in Q1

Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” first-quarter 2023 investor letter, a copy of which can be downloaded here. In the first quarter, the fund was flat on a net basis (-0.06%) compared to R2000V’s decline of -0.7% and R2500V’s rise of +1.4%. Financials was the leading contributor towards the fund’s relative performance in the quarter with positive stock selection while Health Care and Information Technology detracted from the performance.  In addition, please check the fund’s top five holdings to know its best picks in 2023.

Bernzott Capital Advisors US Small Cap Value Fund highlighted stocks like ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the first quarter 2023 investor letter. Headquartered in Huntsville, Alabama, ADTRAN Holdings, Inc. (NASDAQ:ADTN) provides fiber networking solutions. On April 24, 2023, ADTRAN Holdings, Inc. (NASDAQ:ADTN) stock closed at $9.45 per share. One-month return of ADTRAN Holdings, Inc. (NASDAQ:ADTN) was -39.15%, and its shares lost 46.34% of their value over the last 52 weeks. ADTRAN Holdings, Inc. (NASDAQ:ADTN) has a market capitalization of $743.093 million.

Bernzott Capital Advisors US Small Cap Value Fund made the following comment about ADTRAN Holdings, Inc. (NASDAQ:ADTN) in its Q1 2023 investor letter:

“Information Technology also detracted from relative performance. The only holding in the sector, ADTRAN Holdings, Inc. (NASDAQ:ADTN), fell 15.1% as cautious 1Q earnings guidance weighed on the stock price. The company continues to work through supply chain challenges which are expected to ease this year.”

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ADTRAN Holdings, Inc. (NASDAQ:ADTN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held ADTRAN Holdings, Inc. (NASDAQ:ADTN) at the end of the fourth quarter which was 18 in the previous quarter.

We discussed ADTRAN Holdings, Inc. (NASDAQ:ADTN) in another article and shared Bernzott Capital Advisors’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.