180 Degree Capital Corp., an investment management firm, recently released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund performed well in a challenging and bear market for microcap funds and was able to gain a +5.7% gross total return for the first quarter of 2023. The Russell Microcap Index returned a -2.9% for the same quarter. The gross total return of the fund since inception in 2017 was +243.6% compared to 31.8% return for the Index. The consumer discretionary, industrials, and information technology sectors were the positive contributors while the communication services sector detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
180 Degree Capital Corp. highlighted stocks like Potbelly Corporation (NASDAQ:PBPB) in the first quarter 2023 investor letter. Based in Chicago, Illinois, Potbelly Corporation (NASDAQ:PBPB) owns and operates Potbelly sandwich restaurants. On June 5, 2023, Potbelly Corporation (NASDAQ:PBPB) stock closed at $8.10 per share. One-month return of Potbelly Corporation (NASDAQ:PBPB) was 1.12%, and its shares gained 44.64% of their value over the last 52 weeks. Potbelly Corporation (NASDAQ:PBPB) has a market capitalization of $236.115 million.
180 Degree Capital Corp. made the following comment about Potbelly Corporation (NASDAQ:PBPB) in its Q1 2023 investor letter:
“Potbelly Corporation (NASDAQ:PBPB): PBPB pre-announced strong results for Q4 2022, across all financial and shop-level metrics that exceeded expectations and guidance. PBPB also announced the refinancing of its short-term debt facility to a 5-year term loan. PBPB announced expansion plans in New York City with a new development agreement and its first refranchise deal. 180 sold ~11% of its position in PBPB at an average sale price of $7.91 per share. For the quarter, PBPB increased NAV by $0.42 per share, or $4.3 million.”
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Potbelly Corporation (NASDAQ:PBPB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Potbelly Corporation (NASDAQ:PBPB) at the end of first quarter 2023 which was 7 in the previous quarter.
We discussed Potbelly Corporation (NASDAQ:PBPB) in another article and shared the list of top restaurant stocks under $10. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.