Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 17.6% net of fees compared to the S&P 500’s 11.7% return. The portfolio’s outperformance can be attributed to a three-factor model, where interaction, selection, and allocation effects all played a significant role. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Patient Capital Management featured stocks such as Canada Goose Holdings Inc. (NYSE:GOOS) in the fourth quarter 2023 investor letter. Headquartered in Toronto, Canada, Canada Goose Holdings Inc. (NYSE:GOOS) designs, manufactures, and sells performance luxury apparel. On January 30, 2024, Canada Goose Holdings Inc. (NYSE:GOOS) stock closed at $12.36 per share. One-month return of Canada Goose Holdings Inc. (NYSE:GOOS) was 9.77%, and its shares lost 49.86% of their value over the last 52 weeks. Canada Goose Holdings Inc. (NYSE:GOOS) has a market capitalization of $1.247 billion.
Patient Capital Management stated the following regarding Canada Goose Holdings Inc. (NYSE:GOOS) in its fourth quarter 2023 investor letter:
“Canada Goose Holdings Inc. (NYSE:GOOS) continued its decline in the fourth quarter hitting its lowest per share valuation in November, since being a public company. The low was sparked by the company cutting its annual guidance. Luxury spending has been under pressure since 2022 following the period of overindulgence during COVID. As the company continues to invest in new products and geographies despite the macro-weakness, margins have been hit. The company is taking the opportunity to right-size the cost structure and reorganize investments, taking out 10% of non-store headcount, while also continuing to buy back shares. The company trades at a P/E multiple more in-line with non-luxury peers rather than true luxury brands. The market is still skeptical of the company’s luxury brand reputation, but we believe the company will prove itself out over time.”
A shop window in a city skyline, showcasing the company’s luxurious parkas.
Canada Goose Holdings Inc. (NYSE:GOOS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 4 hedge fund portfolios held Canada Goose Holdings Inc. (NYSE:GOOS) at the end of third quarter which was 7 in the previous quarter.
We discussed Canada Goose Holdings Inc. (NYSE:GOOS) in another article and shared the list of George Soros Stocks that are on sale. 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.
