Investment management company Cove Street Capital recently released its “Small Cap Value Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 1.61% compared to 5.18% for the Russell 2000 Index and 2.90% for the Russell 2000 Value Index. The first quarter of calendar year 2024 was mostly more of the recent same. US investors focused on the Federal Reserve’s comments and still expecting interest rate cuts in 2024. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Cove Street Small Cap Value Fund featured stocks like Lifecore Biomedical, Inc. (NASDAQ:LFCR) in the first quarter 2024 investor letter. Lifecore Biomedical, Inc. (NASDAQ:LFCR) is an integrated contract development and manufacturing organization headquartered in Chaska, Minnesota. On April 10, 2024, Lifecore Biomedical, Inc. (NASDAQ:LFCR) stock closed at $5.85 per share. One-month return of Lifecore Biomedical, Inc. (NASDAQ:LFCR) was -24.03%, and its shares gained 54.76% of their value over the last 52 weeks. Lifecore Biomedical, Inc. (NASDAQ:LFCR) has a market capitalization of $178.699 million.
Cove Street Small Cap Value Fund stated the following regarding Lifecore Biomedical, Inc. (NASDAQ:LFCR) in its first quarter 2024 investor letter:
“We previously sold our direct equity ownership in the common stock of Lifecore Biomedical, Inc. (NASDAQ:LFCR) but continue with a large position through a convertible preferred. Please see previous letters for an endless recap, but this quarter saw the company pull the plug (for now) on a sale process “led” by Morgan Stanley. Morgan was apparently too busy selling a competitor – Catalent – for a multiple that makes Lifecore look like the deal of the century. Oh, there is “crazy” demand for capacity thanks to not just for, but clearly a huge demand from, the GLP-1 world that insatiably requires sterile fill-finish capacity, like say the facility Lifecore owns in Minnesota. But as previously noted, the ineptitude of management and an inability to run a public company makes for selling the company an arduous task. Lifecore is “almost” up to date on its financial reporting with the SEC, and the CEO was replaced by someone who looks terrific on paper. There is material upside from current levels with at least competent execution, but there is nothing pretty in the short-run.”
A village pharmacist fulfilling a patient’s medication prescription in a rural area.
Lifecore Biomedical, Inc. (NASDAQ:LFCR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Lifecore Biomedical, Inc. (NASDAQ:LFCR) was held by 19 hedge fund portfolios, compared to 12 in the previous quarter, according to our database.
We discussed Lifecore Biomedical, Inc. (NASDAQ:LFCR) in another article and shared Laughing Water Capital’s views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
