Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Longleaf Partners Small-Cap Fund had a successful year, outperforming the Russell 2000 and Russell 2000 Value benchmark indices and achieving its absolute return goal of inflation plus 10%. The fund delivered 10.85% in the fourth quarter compared to a 14.03% return for the Russell 2000 Index and 15.26% for the Russell 2000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Small-Cap Fund featured stocks like Westrock Coffee Company, LLC (NASDAQ:WEST) in the Q4 2023 investor letter. Headquartered in Little Rock, Arkansas, Westrock Coffee Company, LLC (NASDAQ:WEST) produces coffee, tea, and extract products. On February 29, 2024, Westrock Coffee Company (NASDAQ:WEST) stock closed at $10.12 per share. One-month return of Westrock Coffee Company (NASDAQ:WEST) was -4.35%, and its shares lost 10.92% of their value over the last 52 weeks. Westrock Coffee Company (NASDAQ:WEST) has a market capitalization of $890.957 million.
Longleaf Partners Small-Cap Fund stated the following regarding Westrock Coffee Company (NASDAQ:WEST) in its fourth quarter 2023 investor letter:
“Westrock Coffee Company (NASDAQ:WEST) – Westrock Coffee, which is the “brand behind the brand” producing and distributing coffee, tea and extracts for larger entities, was another top detractor for the year. Westrock faced a challenging summer with inflation, heat waves making hot coffee less popular and high gas prices negatively impacting traffic at convenience stores and rest stops. 3Q23 also had disappointing results driven by traditional roasted coffee volumes declining materially due to a variety of factors that should not continue, although flavors, ingredients and single serve were strong. The company lowered guidance for the full year and indicated that the expected capacity from its new Conway, Arkansas facility will be delayed, only coming online towards the end of 2024 / early 2025. The company reiterated its expectations for long-term earnings power remain intact, but our appraisal value is down slightly. We think the management and board have learned good lessons this year and still have strong long-term records.”
A young couple discussing their long-term investments over coffee in a modern cafe.
Westrock Coffee Company (NASDAQ:WEST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Westrock Coffee Company (NASDAQ:WEST) was held by 6 hedge fund portfolios, down from 8 in the previous quarter, according to our database.
We discussed Westrock Coffee Company (NASDAQ:WEST) in another article and shared the list of stocks that billionaires Mario Gabelli and Mason Hawkins love. 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.
