Chico’s FAS (CHS) Stock Rose Up to 40% in Q3
Miller Value Partners, an investment management company, released its “Deep Value Select Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Strategy returned +15.50% net-of-fees ahead of the S&P 1500 Value Index -4.20% return. Year to date through September 30, 2023, the fund returned +8.56% (net of fees) compared to +6.98% return for the index. Most of the strategy’s investments participated in the stronger quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Miller Value Deep Value Select Strategy highlighted stocks like Chico’s FAS, Inc. (NYSE:CHS) in the third quarter 2023 investor letter. Headquartered in Fort Myers, Florida, Chico’s FAS, Inc. (NYSE:CHS) omnichannel specialty retailer of women's private branded, sophisticated, casual-to-dressy apparel, intimates, and complementary accessories. On October 17, 2023, Chico’s FAS, Inc. (NYSE:CHS) stock closed at $7.48 per share. One-month return of Chico’s FAS, Inc. (NYSE:CHS) was 66.59%, and its shares gained 47.24% of their value over the last 52 weeks. Chico’s FAS, Inc. (NYSE:CHS) has a market capitalization of $923.473 million.
Miller Value Deep Value Select Strategy made the following comment about Chico’s FAS, Inc. (NYSE:CHS) in its Q3 2023 investor letter:
"Chico’s FAS, Inc. (NYSE:CHS) was also a strong contributor, with a share price up close to 40%. Late in the quarter, Chicos announced that Sycamore would be acquiring the company for $7.60/share, a 65% premium to the previous day’s close. Three years ago, in our Q3 2020 letter, Value: A Timely Opportunity we highlighted our initial investment in Chicos. At that time, Chicos was trading close to $1/share, under significant pressure due to the Covid outbreak. New CEO, Molly Langenstein has been successfully executing the new transformation plan, closing unprofitable stores, streamlining their operations, expanding digital and omnichannel efforts and significantly enhancing their branded merchandise. With the take-out price more than 6x above our initial cost, Chicos has been one of our strategy’s top positive contributors over the past 3 years."
A proud woman in business clothing, standing in a modern store stocking up on women's apparel. Editorial photo for a financial news article. 8k. --ar 16:9
Chico’s FAS, Inc. (NYSE:CHS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Chico’s FAS, Inc. (NYSE:CHS) at the end of second quarter which was 16 in the previous quarter. 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.
