Reasons for the Outperformance of Granite Construction Incorporated (GVA) in Q1

Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” first-quarter 2023 investor letter, a copy of which can be downloaded here. In the first quarter, the fund was flat on a net basis (-0.06%) compared to R2000V’s decline of -0.7% and R2500V’s rise of +1.4%. Financials was the leading contributor towards the fund’s relative performance in the quarter with positive stock selection while Health Care and Information Technology detracted from the performance.  In addition, please check the fund’s top five holdings to know its best picks in 2023.

Bernzott Capital Advisors US Small Cap Value Fund highlighted stocks like Granite Construction Incorporated (NYSE:GVA) in the first quarter 2023 investor letter. Headquartered in Watsonville, California, Granite Construction Incorporated (NYSE:GVA) is a US-based construction materials producer and infrastructure contractor. On April 21, 2023, Granite Construction Incorporated (NYSE:GVA) stock closed at $37.77 per share. One-month return of Granite Construction Incorporated (NYSE:GVA) was -6.42%, and its shares gained 22.63% of their value over the last 52 weeks. Granite Construction Incorporated (NYSE:GVA) has a market capitalization of $1.652 billion.

Bernzott Capital Advisors US Small Cap Value made the following comment about Granite Construction Incorporated (NYSE:GVA) in its Q1 2023 investor letter:

“Granite Construction Incorporated (NYSE:GVA): The company posted another solid quarter, and the outlook continues to be promising, with potential contracts from the Infrastructure Investments & Jobs Act (IIJA) still ahead of it. Project execution, helped by the pursuit of smaller contracts, is supporting margins. We are encouraged by management’s renewed focus on cash flow and capital efficiency, relatively new components of incentive compensation.”

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Granite Construction Incorporated (NYSE:GVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Granite Construction Incorporated (NYSE:GVA) at the end of the fourth quarter which was 15 in the previous quarter.

We discussed Granite Construction Incorporated (NYSE:GVA) in another article and shared the list of aggressive stocks picked by hedge funds. In addition, please check out our hedge fund investor letters Q1 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.