Fox Factory Holding Corp. (FOXF) Stock Fell on Reporting a 30% YoY Decline in Specialty Sports Segment
Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the fund delivered 4.10% gross and 3.87% net of fees compared to a 7.05% return for the Russell 2000 Growth Index. The firm believes that a time-tested and disciplined investment process and a portfolio built for resilience help to face the challenges of rapidly changing market sentiment. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. Small Company Growth Strategy highlighted stocks like Fox Factory Holding Corp. (NASDAQ:FOXF) in the second quarter 2023 investor letter. Headquartered in Duluth, Georgia, Fox Factory Holding Corp. (NASDAQ:FOXF) is a ride dynamics products manufacturer. On August 15, 2023, Fox Factory Holding Corp. (NASDAQ:FOXF) stock closed at $110.20 per share. One-month return of Fox Factory Holding Corp. (NASDAQ:FOXF) was -4.32%, and its shares gained 3.17% of their value over the last 52 weeks. Fox Factory Holding Corp. (NASDAQ:FOXF) has a market capitalization of $4.662 billion.
Polen U.S. Small Company Growth Strategy made the following comment about Fox Factory Holding Corp. (NASDAQ:FOXF) in its second quarter 2023 investor letter:
"Lastly, Fox Factory Holding Corp. (NASDAQ:FOXF), a maker of high-performance shocks and suspensions for bikes and power vehicles, was a top detractor in the period. The stock fell on the back of results that featured a 30% YoY decline in their specialty sports segment as the company returns to more normal seasonality in that business after heightened pandemic-related demand and supply shortages. The company offset this weakness with robust results in its powered vehicles segment, but the market was fixated on the worse-than-expected results in the specialty sports segment. We think the worst is behind the company with this well-telegraphed reset and see a path to margin improvement in the future."
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Fox Factory Holding Corp. (NASDAQ:FOXF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Fox Factory Holding Corp. (NASDAQ:FOXF) at the end of first quarter which was 16 in the previous quarter.
We discussed Fox Factory Holding Corp. (NASDAQ:FOXF) in another article and shared Conestoga Small Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
