Clearfield (CLFD) Underperformed in Q3
Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund was down 2.04% year-to-date while the S&P Small Cap 600 TR benchmark was up 0.81%, and the Morningstar U.S. Fund Small Blend was up by 2.91%. The Fund's lack of Energy equities and holdings in the Finance, Technology, Consumer Discretionary, Utilities, and Materials sectors have resulted in year-to-date underperformance relative to the benchmark. Relative outperformance in the consumer staples, real estate, healthcare, industrials, and communications services sectors helped to partially offset this. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund highlighted stocks like Clearfield, Inc. (NASDAQ:CLFD) in the third quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Clearfield, Inc. (NASDAQ:CLFD) manufactures and sells fiber optic management, protection and delivery products. On November 27, 2023, Clearfield, Inc. (NASDAQ:CLFD) stock closed at $25.81 per share. One-month return of Clearfield, Inc. (NASDAQ:CLFD) was 7.45%, and its shares lost 79.17% of their value over the last 52 weeks. Clearfield, Inc. (NASDAQ:CLFD) has a market capitalization of $393.907 million.
Mairs & Power Small Cap Fund made the following comment about Clearfield, Inc. (NASDAQ:CLFD) in its Q3 2023 investor letter:
"Looking at individual stocks, year-to-date relative underperformance was driven in part by several stocks, including Clearfield, Inc. (NASDAQ:CLFD) in Technology, a Minnesota-based supplier of fiber optic access and management products used in broadband infrastructure installations. The company 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 the list of worst performing growth stocks in 2023. In addition, please check out our hedge fund investor letters Q3 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.
