Here’s Why Clearfield (CLFD) Declined in Q2
Mairs & Power, an investment advisor, released “Mairs & Power Small Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund has gained 6.43% for year-to-date 2023, while the S&P Small Cap 600 TR benchmark has gained 6.03% and the Morningstar U.S. Fund Small Blend has gained 7.42% for the same period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund highlighted stocks like Clearfield, Inc. (NASDAQ:CLFD) in the second quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Clearfield, Inc. (NASDAQ:CLFD) manufactures and sells fiber optic management, protection and delivery products. On August 25, 2023, Clearfield, Inc. (NASDAQ:CLFD) stock closed at $34.52 per share. One-month return of Clearfield, Inc. (NASDAQ:CLFD) was -26.14%, and its shares lost 71.44% of their value over the last 52 weeks. Clearfield, Inc. (NASDAQ:CLFD) has a market capitalization of $526.837 million.
Mairs & Power Small Cap Fund made the following comment about Clearfield, Inc. (NASDAQ:CLFD) in its second quarter 2023 investor letter:
"Relative underperformance outside of the banking sector was driven by Clearfield, Inc. (NASDAQ:CLFD) in Technology, a Minnesota-based supplier of fiber optic access and management products used in broadband infrastructure installations that is working through a buildup in inventory, and some new uncertainty pertaining to the timing of a multi-year Federal broadband stimulus spending initiative."
Photo by Mika Baumeister on Unsplash
Clearfield, Inc. (NASDAQ:CLFD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Clearfield, Inc. (NASDAQ:CLFD) at the end of second quarter which was 16 in the previous quarter.
We discussed Clearfield, Inc. (NASDAQ:CLFD) in another article and shared Mairs & Power Small Cap Fund’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.
