Multiple Headwinds Dragged Quaker Chemical Corporation (KWR) in Q3
Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3 2023, small-cap stocks posted negative returns after a mostly positive first-half performance. Russell 2000 Growth Index declined 7.32%, significantly underperforming the Russell 2000 Value Index (down 2.97%). In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Carillon Eagle Small Cap Growth Fund highlighted stocks like Quaker Chemical Corporation (NYSE:KWR) in the third quarter 2023 investor letter. Headquartered in Conshohocken, Pennsylvania, Quaker Chemical Corporation (NYSE:KWR) develops, produces, and markets various formulated chemical specialty products. On October 26, 2023, Quaker Chemical Corporation (NYSE:KWR) stock closed at $139.80 per share. One-month return of Quaker Chemical Corporation (NYSE:KWR) was -12.63%, and its shares lost 16.01% of their value over the last 52 weeks. Quaker Chemical Corporation (NYSE:KWR) has a market capitalization of $2.516 billion.
Carillon Eagle Small Cap Growth Fund made the following comment about Quaker Chemical Corporation (NYSE:KWR) in its Q3 2023 investor letter:
"Quaker Chemical Corporation (NYSE:KWR) is a global provider of formulated industrial process fluids and related services. The company’s shares underperformed as volumes continued to be pressured and remained below pre-pandemic levels. Trickle-down effects from the United Auto Workers’ strike perhaps provided an additional headwind to the stock. Despite this, Quaker has made notable strides with a strategy that emphasizes profitable growth driven by strong pricing and margin expansion, and we believe the company should be well-positioned for an eventual upward inflection in volumes. Additionally, the company’s direct exposure to North American automobile manufacturing companies affected by the strike appears to be manageable for the time being."
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Quaker Chemical Corporation (NYSE:KWR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Quaker Chemical Corporation (NYSE:KWR) at the end of second quarter which was 11 in the previous quarter.
We discussed Quaker Chemical Corporation (NYSE:KWR) in another article and shared millionaire Chuck Royce’s investment portfolio’s top five stocks. In addition, please check out our hedge fund investor letters Q3 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.
