Cimpress plc (CMPR) Recovered in Q3
Diamond Hill Capital, an investment management company, released its “Select Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3, the portfolio fell behind the Russell 3000 Index. Relative weakness was concentrated among staples holdings, and discretionary holdings also trailed benchmark peers, impacting the relative performance. On the other hand, the financial sector holdings and overweight to the sector contributed to a slight tailwind in Q3. The strategy returned -5.99% net of fees in Q3 compared to the Russell 3000 Index’s -3.25% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Select Strategy highlighted stocks like Cimpress plc (NASDAQ:CMPR) in the third quarter 2023 investor letter. Headquartered in Dundalk, Ireland, Cimpress plc (NASDAQ:CMPR) offers mass customization of printing and related products. On November 28, 2023, Cimpress plc (NASDAQ:CMPR) stock closed at $69.83 per share. One-month return of Cimpress plc (NASDAQ:CMPR) was 21.66%, and its shares gained 135.99% of their value over the last 52 weeks. Cimpress plc (NASDAQ:CMPR) has a market capitalization of $1.857 billion.
Diamond Hill Select Strategy made the following comment about Cimpress plc (NASDAQ:CMPR) in its Q3 2023 investor letter:
"Other top contributors included Cimpress plc (NASDAQ:CMPR), Mr. Cooper Group and KKR. Custom printing services provider Cimpress continues its recovery from pandemic-induced weakness (tied to its heavy exposure to small-business activity) and its untimely levering of its balance sheet. During the quarter, the company announced strong earnings in line with its guidance for the year, and it deployed a modest amount of capital repurchasing debt, which is trading at a significant discount to par value."
A modern printing press operating in a warehouse, signaling the company's commercial printing services.
Cimpress plc (NASDAQ:CMPR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Cimpress plc (NASDAQ:CMPR) at the end of third quarter which was 14 in the previous quarter.
We discussed Cimpress plc (NASDAQ:CMPR) in another article and shared the list of stock picks of a top performing hedge fund that is up 88% this year. 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.
