Here’s Why Saga Communications (SGA) Increased in Q4
Merion Road Capital, an investment advisor, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Merion Road Small Cap Fund returned 11.2% and 11.5% for the full year. From an attribution perspective, +5.2% came from the risk-free rate, +3.9% from our market exposure, and +2.5% from alpha. Similarly, the long-only portfolio increased by 9.8% in Q4, bringing the yearly returns to 38.7%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Merion Road Capital featured stocks such as Saga Communications, Inc. (NASDAQ:SGA) in the fourth quarter 2023 investor letter. Headquartered in Grosse Pointe Farms, Michigan, Saga Communications, Inc. (NASDAQ:SGA) is a broadcast company. On January 23, 2024, Saga Communications, Inc. (NASDAQ:SGA) stock closed at $23.03 per share. One-month return of Saga Communications, Inc. (NASDAQ:SGA) was 2.95%, and its shares lost 7.14% of their value over the last 52 weeks. Saga Communications, Inc. (NASDAQ:SGA) has a market capitalization of $141.025 million.
Merion Road Capital stated the following regarding Saga Communications, Inc. (NASDAQ:SGA) in its fourth quarter 2023 investor letter:
"Like the broader small-capitalization market, most (all) of our returns came in December. Unlike the index, however, this was driven by a few catalysts that positively impacted our portfolio. Entering December our second largest position was in an oil and gas company, Unit Corp (“UNTC”). UNTC declared a special and common dividend equal to 40% of its then market capitalization. Similar to UNTC, our position in the small radio broadcaster, Saga Communications, Inc. (NASDAQ:SGA), benefitted from a special dividend equal to 10% of its then market capitalization."
A close-up of a radio broadcast tower reaching to the skies.
Saga Communications, Inc. (NASDAQ:SGA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 3 hedge fund portfolios held Saga Communications, Inc. (NASDAQ:SGA) at the end of third quarter which was 5 in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
