Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.09% compared to a 15.26% return for the Russell 2000 Value Index. The Fund returned 16.00% in 2023 vs. 14.65% 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 featured stocks like G-III Apparel Group, Ltd. (NASDAQ:GIII) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, G-III Apparel Group, Ltd. (NASDAQ:GIII) is a clothing company that designs, sources, and markets apparel. On February 29, 2024, G-III Apparel Group, Ltd. (NASDAQ:GIII) stock closed at $33.27 per share. One-month return of G-III Apparel Group, Ltd. (NASDAQ:GIII) was 10.31%, and its shares gained 94.33% of their value over the last 52 weeks. G-III Apparel Group, Ltd. (NASDAQ:GIII) has a market capitalization of $1.521 billion.
FPA Queens Road Small Cap Value Fund stated the following regarding G-III Apparel Group, Ltd. (NASDAQ:GIII) in its fourth quarter 2023 investor letter:
“G-III Apparel Group, Ltd. (NASDAQ:GIII) is an apparel manufacturer that owns the Donna Karan, Karl Lagerfeld, and a stable of smaller brands globally. GIII also licenses, manufactures, and markets Tommy Hilfiger’s and Calvin Klein’s women’s, jeans, and some smaller lines in the U.S. CEO Maury Goldfarb is a relentless entrepreneur who has repeatedly evolved and grown the business – GIII was founded by Maury’s father almost 70 years ago as a leather goods importer and manufacturer. We have followed GIII for at least fifteen years, owned it briefly in 2010 and bought a small position at what we believed were very attractive prices during Covid.
Our position in GIII benefited from bargain basement expectations at the end of 2022. At the end of 2022, PVH announced it was insourcing its Tommy Hilfiger and Calvin Klein contracts starting in 2025. GIII was also suffering from a buildup of excess inventory and worries about the durability of consumer spending.20 But, starting from those low expectations, GIII has delivered good results, sold down its inventory, and announced licensing deals with Nautica, Halston and Champion to replace the PVH business.”
A view of a designer staff in front of a studio with lifestyle apparel they designed.
G-III Apparel Group, Ltd. (NASDAQ:GIII) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, G-III Apparel Group, Ltd. (NASDAQ:GIII) was held by 16 hedge fund portfolios, up from 14 in the previous quarter, according to our database.
We discussed G-III Apparel Group, Ltd. (NASDAQ:GIII) in another article and shared FPA Queens Road Small Cap Value Fund’s views on the company in the previous company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Countries With Most Effective Gun Control In The World
- 20 Countries with Most Bombers and Superior Air Force
- 11 Highest Paying Countries for Aerospace Engineers
Disclosure: None. This article is originally published at Insider Monkey.
