Will Shareholders Benefit From Global Indemnity Group, LLC (GBLI)?
Investment management company Cove Street Capital recently released its “Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. On a relative and absolute basis, the fund continued its solid upward movement in the second quarter and returned 14.8% compared to 5.21% for the Russell 2000 Index and 3.18% for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Cove Street Capital highlighted stocks like Global Indemnity Group, LLC (NYSE:GBLI) in the second quarter 2023 investor letter. Headquartered in Wilmington, Delaware, Global Indemnity Group, LLC (NYSE:GBLI), is a property and casualty insurance, and reinsurance products provider. On July 11, 2023, Global Indemnity Group, LLC (NYSE:GBLI) stock closed at $ 33.75 per share. One-month return of Global Indemnity Group, LLC (NYSE:GBLI) was 0.48%, and its shares gained 25.00% of their value over the last 52 weeks. Global Indemnity Group, LLC (NYSE:GBLI) has a market capitalization of $454.488 million.
Cove Street Capital made the following comment about Global Indemnity Group, LLC (NYSE:GBLI) in its second quarter 2023 investor letter:
"Global Indemnity Group, LLC (NYSE:GBLI) is classic value stock, which means there is a problem with which to contend. It is a collection of insurance assets led by a controlling shareholder, Saul Fox. It is clear Saul has done very well for himself. Shareholders? Not so much. We began a position at a 50% discount to book value. What we have seen since is an abrupt change in corporate strategy that rips out costs, eliminates a growth plan and has aggressively bought back stock. Toward the end of the quarter, the company issued a press release that conceptually confirmed certain public rumors that the company is for sale. We think there is an end game here that will benefit shareholders. But we are not without our doubts."
Global Indemnity Group, LLC (NYSE:GBLI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 4 hedge fund portfolios held Global Indemnity Group, LLC (NYSE:GBLI) at the end of first quarter which was 5 in the previous quarter.
We discussed Global Indemnity Group, LLC (NYSE:GBLI) in another article and shared Cove Street Capital’s views on the company in the previous quarter. 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.
