Capri Holdings Limited (CPRI) Rose on a Cash Offer
Fred Alger Management, an investment management company, released its “Alger Small Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund outperformed the Russell 2000 Growth Index. The Information Technology and Healthcare sectors contributed to the fund’s relative performance in the quarter, while Consumer Discretionary and Communications services detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Small Cap Growth Fund highlighted stocks like Capri Holdings Limited (NYSE:CPRI) in the third quarter 2023 investor letter. Headquartered in London, the United Kingdom, Capri Holdings Limited (NYSE:CPRI) is a global fashion luxury group. On November 30, 2023, Capri Holdings Limited (NYSE:CPRI) stock closed at $48.44 per share. One-month return of Capri Holdings Limited (NYSE:CPRI) was -4.55%, and its shares lost 17.48% of their value over the last 52 weeks. Capri Holdings Limited (NYSE:CPRI) has a market capitalization of $5.63 billion.
Alger Small Cap Growth Fund made the following comment about Capri Holdings Limited (NYSE:CPRI) in its Q3 2023 investor letter:
"Capri Holdings Limited (NYSE:CPRI) is a global fashion retailer with over 1,300 stores around the world. The company operates a portfolio of luxury handbags and other accessories, including Michael Kors, Versace and Jimmy Choo. During the period, shares contributed to performance after the company received a cash offer from its closest competitor, Tapestry, Inc., the owner of Coach, Kate Spade and Stuart Weitzman, for $57 per share or a 63% premium to where the stock was trading on the day it was announced. The deal has been approved by the company's board. We believe there is minimal regulatory risk related to the deal and expect the deal to close by the end of the calendar year."
A well-dressed customer trying on a fashionable garment from the company's retail shops.
Capri Holdings Limited (NYSE:CPRI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held Capri Holdings Limited (NYSE:CPRI) at the end of third quarter which was 37 in the previous quarter.
We discussed Capri Holdings Limited (NYSE:CPRI) in another article and shared the list of stocks billionaire David Einhorn just bought and sold. In addition, please check out our hedge fund investor letters Q3 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.
