Reasons for the Outperformance of Cimpress plc (CMPR) in Q2
Diamond Hill Capital, an investment management company, released its “Select Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell 3000 Index returning 10.40% net of fees compared to an 8.39% return for the Index. Strength in industrials and healthcare holdings helped the relative performance of the strategy along with discretionary and financials holdings. On the other hand, technology holdings were underweight, which negatively affected the performance during the quarter. Likewise, investments in materials trailed the benchmark and dragged the relative returns. You can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Select Strategy highlighted stocks like Cimpress plc (NASDAQ:CMPR) in the second quarter 2023 investor letter. Headquartered in Dundalk, Ireland, Cimpress plc (NASDAQ:CMPR) offers mass customization of printing and related products. On September 19, 2023, Cimpress plc (NASDAQ:CMPR) stock closed at $69.93 per share. One-month return of Cimpress plc (NASDAQ:CMPR) was 9.40%, and its shares gained 168.86% of their value over the last 52 weeks. Cimpress plc (NASDAQ:CMPR) has a market capitalization of $1.844 billion.
Diamond Hill Select Strategy made the following comment about Cimpress plc (NASDAQ:CMPR) in its Q2 2023 investor letter:
"Other top contributors in Q2 included Cimpress plc (NASDAQ:CMPR), CarMax and Amazon. Cimpress is a provider of mass customized print and related products. We like its Vistaprint business, which has scale advantages and dominant market share. Further, the company is well-run by a management team with a record of effective capital allocation and cost base and debt reduction, which resulted in a healthier balance sheet than before the pandemic. In Q2, the company continued making progress toward its earnings growth goal and announced a debt repurchase at a meaningful discount to par value."
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Cimpress plc (NASDAQ:CMPR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Cimpress plc (NASDAQ:CMPR) at the end of second quarter which was 11 in the previous quarter.
We discussed Cimpress plc (NASDAQ:CMPR) in another article and shared the list of largest commercial printing companies in the world. 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.
