Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund returned -2.62% compared to a -3.64% return for the Russell 2000 Value Index. In the first half of 2024, the fund returned 0.65% versus -0.85% for the index. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
FPA Queens Road Small Cap Value Fund highlighted stocks like Vishay Intertechnology, Inc. (NYSE:VSH) in the second quarter 2024 investor letter. Vishay Intertechnology, Inc. (NYSE:VSH) manufactures and sells discrete semiconductors and passive electronic components. Vishay Intertechnology, Inc.’s (NYSE:VSH) one-month return was -17.22%, and its shares lost 24.10% of their value over the last 52 weeks. On August 13, 2024, Vishay Intertechnology, Inc. (NYSE:VSH) stock closed at $20.09 per share with a market capitalization of $2.748 billion.
FPA Queens Road Small Cap Value Fund stated the following regarding Vishay Intertechnology, Inc. (NYSE:VSH) in its Q2 2024 investor letter:
“Vishay Intertechnology, Inc. (NYSE:VSH) is a manufacturer of discrete semiconductors and passive components, mostly for the general industrial and auto markets. Although the industry is cyclical, competitive dynamics are stable and VSH benefits from electric vehicles and industrial electrification. Vishay’s products are similar to ball bearings but for a technological rather than a mechanical economy: high value-to-cost, and they go into nearly everything. Shares have followed operating performance that has drifted down from post-Covid highs following the industrial cycle and a slowdown in electric vehicle (EV) production. Management has an ambitious plan to grow capacity, sales, and margins. We are cautiously optimistic and have been incrementally adding to our position.”
A close-up of discrete semiconductors in a manufacturing lab.
Vishay Intertechnology, Inc. (NYSE:VSH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Vishay Intertechnology, Inc. (NYSE:VSH) at the end of the first quarter which was 24 in the previous quarter. Vishay Intertechnology, Inc. (NYSE:VSH) generated $741.2 million in revenues in the second quarter (see the details here). While we acknowledge the potential of Vishay Intertechnology, Inc. (NYSE:VSH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In addition, please check out our hedge fund investor letters Q2 2024 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.
