Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund returned 7.48% compared to a 10.15% return for the Russell 2000 Value Index. Year-to-date, the fund returned 8.1% compared to a 9.22% return 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 third quarter 2024 investor letter. Vishay Intertechnology, Inc. (NYSE:VSH) manufactures and sells discrete semiconductors and passive electronic components. The one-month return of Vishay Intertechnology, Inc. (NYSE:VSH) was -2.72%, and its shares lost 16.44% of their value over the last 52 weeks. On November 8, 2024, Vishay Intertechnology, Inc. (NYSE:VSH) stock closed at $17.89 per share with a market capitalization of $2.43 billion.
FPA Queens Road Small Cap Value Fund stated the following regarding Vishay Intertechnology, Inc. (NYSE:VSH) in its Q3 2024 investor letter:
“Vishay Intertechnology, Inc. (NYSE:VSH) makes passive electronic components and discrete semiconductors (resistors, inductors, capacitors, MOSFETs, diodes, etc). Although the industry is cyclical, competitive dynamics are stable and VSH benefits from incremental growth from electric vehicles and industrial electrification. The industry is currently struggling from a cyclical downturn following the excesses and component hoarding of the Covid era. Additionally, at its April, 2024 Investor Day, Vishay announced very aggressive 2028 investment and profitability targets with a plan to jarringly change a company culture that was notably staid and conservative.29 We are cautiously optimistic about Vishay’s growth plans and have been adding to the position during this cyclical weakness.”
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, 19 hedge fund portfolios held Vishay Intertechnology, Inc. (NYSE:VSH) at the end of the second quarter which was 21 in the previous quarter. 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 another article, we discussed Vishay Intertechnology, Inc. (NYSE:VSH) and shared FPA Queens Road Small Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.