Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023 the fund returned 21.88% compared to a 14.65% return for the Russell 2000 Value Index. In Q4 the fund returned 9.38% versus 15.26% for the index. The returns, both absolute and relative, for the entire year were satisfactory. The past two years have seen rapid changes in equity prices due to varying interest rate outlooks. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Third Avenue Management Small-Cap Value Fund featured stocks such as Hamilton Beach Brands Holding Company (NYSE:HBB) in the fourth quarter 2023 investor letter. Headquartered in Glen Allen, Virginia, Hamilton Beach Brands Holding Company (NYSE:HBB) designs, markets, and distributes branded small electric household and specialty housewares appliances. On January 31, 2024, Hamilton Beach Brands Holding Company (NYSE:HBB) stock closed at $18.44 per share. One-month return of Hamilton Beach Brands Holding Company (NYSE:HBB) was 4.89%, and its shares gained 42.95% of their value over the last 52 weeks. Hamilton Beach Brands Holding Company (NYSE:HBB) has a market capitalization of $258.035 million.
Third Avenue Management Small-Cap Value Fund stated the following regarding Hamilton Beach Brands Holding Company (NYSE:HBB) in its fourth quarter 2023 investor letter:
“Fourth quarter absolute performance for the Fund was driven by banks, real estate holdings, and Hamilton Beach Brands Holding Company (NYSE:HBB). We highlighted HBB in previous communications as supply chain woes pressured its balance sheet and market capitalization. Third quarter earnings continued trends established in the second quarter as HBB generated robust cash flow and strengthened its balance sheet. Investors were impressed, prompting a 42% rise in HBB’s shares in the fourth quarter. We are particularly proud of HBB’s operational rebound as the investment required plenty of attention over the past two years given the dour outlook in the post-Covid economy. Fund Management maintained conviction in the fundamentals, which prompted us to boost the position weighting at opportune times, and ultimately generated healthy returns for our shareholders.”
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Hamilton Beach Brands Holding Company (NYSE:HBB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Hamilton Beach Brands Holding Company (NYSE:HBB) at the end of third quarter which was 6 in the previous quarter.
We discussed Hamilton Beach Brands Holding Company (NYSE:HBB) in another article and shared Third Avenue Small-Cap Value Fund’s views on the company in the previous quarter. 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.
