What Made Fabrinet (FN) Outperform in Q2?
Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 4.20% compared to a 3.18% return for the Russell 2000 Value Index. The Fund returned 4.93% in the first half compared to 2.50% for the index. 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 second quarter 2023 investor letter. Based in Grand Cayman, the Cayman Islands, Fabrinet (NYSE:FN) is a manufacturing company that provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services. On September 11, 2023, Fabrinet (NYSE:FN) stock closed at $152.06 per share. One-month return of Fabrinet (NYSE:FN) was 25.59%, and its shares gained 50.55% of their value over the last 52 weeks. Fabrinet (NYSE:FN) has a market capitalization of $5.503 billion.
FPA Queens Road Small Cap Value Fund made the following comment about Fabrinet (NYSE:FN) in its Q2 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 to the optical communications OEMs (original equipment manufacturing), but Fabrinet has been successfully diversifying into the industrial, auto and medical end markets. The company has a large data center business with growing exposure to artificial intelligence and the stock jumped when Nvidia reported blowout earnings and guidance in May 2023."
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Fabrinet (NYSE:FN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Fabrinet (NYSE:FN) at the end of second quarter which was 24 in the previous quarter.
We discussed Fabrinet (NYSE:FN) in another article and shared the list of best electronic components stocks to buy. 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.
