Should You Add Coherent Corp. (COHR) to Your Portfolio?

Giverny Capital Asset Management, LLC, an investment management company, recently published its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The model portfolio of the firm appreciated 6.06%, net of fees in the first quarter compared to a 7.50% return for the Standard & Poor’s 500 Index. For the year ended March 31, 2023, the portfolio returned -10.62% compared to -7.73% for the benchmark, net of fees.  In addition, please check the fund’s top five holdings to know its best picks in 2023.

Giverny Capital highlighted stocks like Coherent Corp. (NYSE:COHR) in the first quarter 2023 investor letter. Headquartered in Saxonburg, Pennsylvania, Coherent Corp. (NYSE:COHR) is a manufacturer and distributor of semiconductors and optical materials. On April 26, 2023, Coherent Corp. (NYSE:COHR) stock closed at $32.79 per share. One-month return of Coherent Corp. (NYSE:COHR) was -12.14%, and its shares lost 47.37% of their value over the last 52 weeks. Coherent Corp. (NYSE:COHR) has a market capitalization of $4.53 billion.

Giverny Capital made the following comment about Coherent Corp. (NYSE:COHR) in its Q1 2023 investor letter:

“I made small additions to our holdings in Eurofins Scientific and Coherent Corp. (NYSE:COHR) during the quarter. Both stocks were down a lot in 2022 and I feel both have excellent long-term prospects. We’ve generated a good absolute return over three years, though below my expectations relative to the S&P 500. We own an eclectic collection of high-quality companies, with a low level of debt across the portfolio and a high level of exposure to founder- or family-managed businesses.”

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Coherent Corp. (NYSE:COHR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Coherent Corp. (NYSE:COHR) at the end of the fourth quarter which was 36 in the previous quarter.

We discussed Coherent Corp. (NYSE:COHR) in another article and shared the list of stocks that Michael Burry is buying and selling. 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.