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Palm Valley Capital: “Smith & Nephew (SNN) Exceeded Our Calculated Valuations”

Palm Valley Capital Management, an investment management firm, released its fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Palm Valley Capital Fund returned 3.86% compared to a 9.19% rise for the S&P SmallCap 600 Index and an 8.05% return for the Morningstar Small Cap Index. A large cash position led the fund to underperform its benchmark index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In its Q3 2022 investor letter, Palm Valley Capital Management mentioned Smith & Nephew plc (NYSE:SNN) and explained its insights for the company. Founded in 1856, Smith & Nephew plc (NYSE:SNN) is a London, United Kingdom-based multinational medical equipment manufacturing company with a $12.4 billion market capitalization. Smith & Nephew plc (NYSE:SNN) delivered a 5.91% return since the beginning of the year, while its 12-month returns are down by -14.63%. The stock closed at $28.48 per share on January 20, 2023.

Here is what Palm Valley Capital Management has to say about Smith & Nephew plc (NYSE:SNN) in its Q3 2022 investor letter:

"We did not purchase any new holdings during the fourth quarter. We sold three positions entirely which includes Smith & Nephew plc (NYSE:SNN). Smith & Nephew appreciated quickly after purchase and exceeded our calculated valuations."

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Our calculations show that Smith & Nephew plc (NYSE:SNN) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Smith & Nephew plc (NYSE:SNN) was in 12 hedge fund portfolios at the end of the second quarter of 2022, compared to 12 funds in the previous quarter. Smith & Nephew plc (NYSE:SNN) delivered a 22.71% return in the past 3 months.

In October 2022, we also shared another hedge fund’s views on Smith & Nephew plc (NYSE:SNN) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q4 2022 page.

 

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Disclosure: None. This article is originally published at Insider Monkey.