Clearfield (CLFD) Declined in 2023
Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund was up 11.04% in 2023 compared to the S&P Small Cap 600 TR benchmark's 16.05% return, and the Morningstar U.S. Fund Small Blend's 16.03% gain. The performance of various sectors varied throughout the year, with several sectors experiencing increased volatility. The Fund's year-to-date underperformance compared to the benchmark can be attributed primarily to the strong performance of the Consumer Discretionary sector, in which the Fund has a significant underweight position. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund featured stocks such as Clearfield, Inc. (NASDAQ:CLFD) in the fourth quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Clearfield, Inc. (NASDAQ:CLFD) manufactures and sells fiber optic management, protection and delivery products. On January 31, 2024, Clearfield, Inc. (NASDAQ:CLFD) stock closed at $25.19 per share. One-month return of Clearfield, Inc. (NASDAQ:CLFD) was -11.92%, and its shares lost 64.38% of their value over the last 52 weeks. Clearfield, Inc. (NASDAQ:CLFD) has a market capitalization of $377.588 million.
Mairs & Power Small Cap Fund stated the following regarding Clearfield, Inc. (NASDAQ:CLFD) in its fourth quarter 2023 investor letter:
"Looking at individual stocks, year-to-date relative underperformance was driven in part by several stocks, including Clearfield, Inc. (NASDAQ:CLFD), a Minnesota-based supplier of fiber optic access and management products used in broadband infrastructure installations that is working through a buildup in inventory, and some new uncertainty pertaining to the timing of a multi-year Federal broadband stimulus spending initiative."
A technician wearing protective glasses installing optical fibers and cables.
Clearfield, Inc. (NASDAQ:CLFD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held Clearfield, Inc. (NASDAQ:CLFD) at the end of third quarter which was 10 in the previous quarter.
We discussed Clearfield, Inc. (NASDAQ:CLFD) in another article and shared Mairs & Power Small Cap Fund's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
