Bernzott Capital on Knowles Corp. (KN): “We Reduced the Position”

Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” third-quarter 2022 investor letter – a copy of which can be downloaded here. During the third quarter of the year, the portfolio fell –9.48% (net), below the R2000V’s decline of –4.6% and the R2500V’s decline of –4.5%. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, Bernzott Capital Advisors US Small Cap Value Fund mentioned Knowles Corporation (NYSE:KN) and explained its insights for the company. Founded in 1946, Knowles Corporation (NYSE:KN) is an Itasca, Illinois-based advanced micro-acoustic, audio processing, and precision device solutions provider and market leader with a $1.3 billion market capitalization. Knowles Corporation (NYSE:KN) delivered a -35.55% return since the beginning of the year, while its 12-month returns are down by -31.93%. The stock closed at $15.05 per share on November 23, 2022.

Here is what Bernzott Capital Advisors US Small Cap Value Fund has to say about Knowles Corporation (NYSE:KN) in its Q3 2022 investor letter:

“Knowles (KN): The benefit of the mix shift to higher margin precision electronic devices was offset by a deteriorating outlook in its consumer electronics markets. Demand weakened in smart phones and PCs, exacerbated by customer plans to reduce inventory. We reduced the position.”

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Our calculations show that Knowles Corporation (NYSE:KN) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Knowles Corporation (NYSE:KN) was in 21 hedge fund portfolios at the end of the second quarter of 2022, compared to 11 funds in the previous quarter. Knowles Corporation (NYSE:KN) delivered a -7.50% return in the past 3 months.

In February 2022, we also shared another hedge fund’s views on Knowles Corporation (NYSE:KN) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

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Disclosure: None. This article is originally published at Insider Monkey.