Here’s Why SunOpta (STKL) Performed Well in the Second Quarter

Diamond Hill Capital, an investment advisor, released its “All Cap Select Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund performed on par with the Russell 3000 Index in the second quarter. The technology sector and consumer staples contributed positively to the fund’s performance in the quarter, while consumer discretionary and industrials sectors underperformed. In addition, you can check the top 5 holdings of the fund to know its best choices in 2022.

Diamond Hill Capital discussed stocks like SunOpta Inc. (NASDAQ:STKL) in the second quarter 2022 investor letter. Headquartered in Eden Prairie, Minnesota, SunOpta Inc. (NASDAQ:STKL) manufactures and distributes food-based and plant-based foods and beverages. On October 3, 2022, SunOpta Inc. (NASDAQ:STKL) stock closed at $9.45 per share. One-month return of SunOpta Inc. (NASDAQ:STKL) was -3.28%, and its shares gained 6.78% of their value over the last 52 weeks. SunOpta Inc. (NASDAQ:STKL) has a market capitalization of $1.03 billion.

Here is what Diamond Hill Capital specifically said about SunOpta Inc. (NASDAQ:STKL) in its Q2 2022 investor letter:

“SunOpta Inc. (NASDAQ:STKL) is focused on the manufacturing of plant-based and fruit-based food (frozen fruit) and beverages for sale to retail customers, foodservice distributors, branded food companies and food manufacturers. Its stock advanced in Q2 after reporting strong operating results and providing a positive business outlook through 2025. We believe SunOpta is well positioned to capitalized on the increasing demand for plant-based alternatives, particularly in environmentally sensitive areas of the food supply chain such as traditional dairy. We are also attracted to the company’s national scale in purchasing and transportation, which enables SunOpta to add capacity faster and cheaper than its competition, creating a natural barrier to entry.”

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SunOpta Inc. (NASDAQ:STKL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held SunOpta Inc. (NASDAQ:STKL) at the end of the second quarter which was 24 in the previous quarter.

We discussed SunOpta Inc. (NASDAQ:STKL) in another article and shared Heartland Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 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.