Here’s Why Bernzott Capital Disposed its Position in Frontdoor (FTDR)

Bernzott Capital Advisors, an investment management company, released its “US Small Cap Value Strategy’’ second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, on a net basis, the fund fell -17.73%, more than the R2000V’s decline of -15.28% and R2500V’s decline of -15.39%. Industrials and healthcare sectors contributed positively to the fund’s relative performance, whereas transportation, materials, and financials sectors hurt the fund’s performance.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Bernzott Capital Advisors discussed stocks like Frontdoor, Inc. (NASDAQ:FTDR) in the second quarter investor letter. Headquartered in Memphis, Tennessee, Frontdoor, Inc. (NASDAQ:FTDR) is a home service providing company. On September 8, 2022, Frontdoor, Inc. (NASDAQ:FTDR) stock closed at $23.72 per share. One-month return of Frontdoor, Inc. (NASDAQ:FTDR) was -8.94% and its shares lost 47.68% of their value over the last 52 weeks. Frontdoor, Inc. (NASDAQ:FTDR)  has a market capitalization of $1.933 billion.

Here is what Bernzott Capital Advisors specifically said about Frontdoor, Inc. (NASDAQ:FTDR)  in its Q2 2022 investor letter:

“Frontdoor, Inc. (NASDAQ:FTDR): We exited this position as the company struggled to execute during a period of higher inflation and housing fundamentals which have been adverse to its American Home Shield business.”

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Frontdoor, Inc. (NASDAQ:FTDR) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Frontdoor, Inc. (NASDAQ:FTDR)  was held by 29 hedge fund portfolios at the end of the second quarter, which was 34 in the previous quarter.

We discussed Frontdoor, Inc. (NASDAQ:FTDR) in another article and shared the list of stocks to buy according to David Brown’s Hawk Ridge Management. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

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