SunOpta (STKL) Fell on Market Concerns

Diamond Hill Capital, an investment management company, released its “Select Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell 3000 Index returning 10.40% net of fees compared to an 8.39% return for the Index. Strength in industrials and healthcare holdings helped the relative performance of the strategy along with discretionary and financials holdings. On the other hand, technology holdings were underweight, which negatively affected the performance during the quarter. Likewise, investments in materials trailed the benchmark and dragged the relative returns. You can check the top 5 holdings of the fund to know its best picks in 2023.

Diamond Hill Select Strategy highlighted stocks like SunOpta Inc. (NASDAQ:STKL) in the second quarter 2023 investor letter. Headquartered in Eden Prairie, Minnesota, SunOpta Inc. (NASDAQ:STKL) manufactures and distributes food-based and plant-based foods and beverages. On September 20, 2023, SunOpta Inc. (NASDAQ:STKL) stock closed at $3.6200 per share. One-month return of SunOpta Inc. (NASDAQ:STKL) was -16.20%, and its shares lost 61.08% of their value over the last 52 weeks. SunOpta Inc. (NASDAQ:STKL) has a market capitalization of $418.519 million.

Diamond Hill Select Strategy made the following comment about SunOpta Inc. (NASDAQ:STKL) in its Q2 2023 investor letter:

“Other bottom contributors included SunOpta Inc. (NASDAQ:STKL), Bank of America Corporation and Texas Instruments. Shares of SunOpta, a leading co-manufacturer and private label provider for non-dairy beverages and frozen fruit offerings, were pressured in Q2 as the consumer environment has moderated given higher inflation and concerns about an economic downturn.”

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SunOpta Inc. (NASDAQ:STKL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held SunOpta Inc. (NASDAQ:STKL) at the end of second quarter which was 25 in the previous quarter.

We discussed SunOpta Inc. (NASDAQ:STKL) in another article and shared the list of best high risk penny stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.