Should You Hold Fabrinet (FN) for the Long Term?
Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 0.70% compared to a -0.66% return for the Russell 2000 Value Index. The firm expects the fund to outperform in down markets and trail in speculative markets. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
FPA Queens Road Small Cap Value Fund highlighted stocks like Fabrinet (NYSE:FN) in the first quarter 2023 investor letter. Based in George Town, the Cayman Islands, Fabrinet (NYSE:FN) is a manufacturing company that provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services. On May 3, 2023, Fabrinet (NYSE:FN) stock closed at $93.32 per share. One-month return of Fabrinet (NYSE:FN) was -9.06%, and its shares gained 4.31% of their value over the last 52 weeks. Fabrinet (NYSE:FN) has a market capitalization of $3.416 billion.
FPA Queens Road Small Cap Value Fund made the following comment about Fabrinet (NYSE:FN) in its Q1 2023 investor letter:
"Fabrinet (NYSE:FN) is a contract manufacturer of optical communications sensors and equipment. The company has a niche in hard to replicate precision manufacturing technologies and an enviable track record of execution. The majority of sales go into the optical communications OEMs (original equipment manufacturing), but Fabrinet has been successfully diversifying into the industrial, auto and medical endmarkets. The stock performed well last year due to strong results but has been weaker this year as guidance has moderated and competitor Lumentum reported disappointing preliminary results."
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Fabrinet (NYSE:FN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Fabrinet (NYSE:FN) at the end of the fourth quarter which was 20 in the previous quarter.
We discussed Fabrinet (NYSE:FN) in another article and shared FPA Queens Road Small Cap Value Fund's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.
