Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 4.20% compared to a 3.18% return for the Russell 2000 Value Index. The Fund returned 4.93% in the first half compared to 2.50% 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 highlighted stocks like Concentrix Corporation (NASDAQ:CNXC) in the second quarter 2023 investor letter. Based in Newark, California, Concentrix Corporation (NASDAQ:CNXC) offers technology-infused customer experience (CX) solutions. On September 12, 2023, Concentrix Corporation (NASDAQ:CNXC) stock closed at $73.31 per share. One-month return of Concentrix Corporation (NASDAQ:CNXC) was -0.38%, and its shares lost 41.03% of their value over the last 52 weeks. Concentrix Corporation (NASDAQ:CNXC) has a market capitalization of $3.816 billion.
FPA Queens Road Small Cap Value Fund made the following comment about Concentrix Corporation (NASDAQ:CNXC) in its Q2 2023 investor letter:
“Concentrix Corporation (NASDAQ:CNXC) is one of the top two customer experience (CX) vendors globally. The company started off running call centers but has evolved into a high-tech business process outsourcer (BPO) that also designs and runs customer-facing websites and apps, integrates all the data and optimizes a client’s customer interactions. CX itself is a relatively new business and Concentrix has been rolling up smaller competitors – in March, 2023 they bought WebHelp, a leading European CX player for cash and stock.
We believe this should help consolidate an industry where Concentrix and Teleperformance are the largest players. Concentrix was spun out of 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 worried about the ability for artificial intelligence to disrupt Concentrix’ core call center business and the shares of all of the large CX companies have underperformed materially.”
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Concentrix Corporation (NASDAQ:CNXC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Concentrix Corporation (NASDAQ:CNXC) at the end of second quarter which was 24 in the previous quarter.
We discussed Concentrix Corporation (NASDAQ:CNXC) in another article and shared the list of most undervalued technology stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q2 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.
