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.
Palm Valley Capital highlighted stocks like Amdocs Limited (NASDAQ:DOX) in its Q4 2022 investor letter. Headquartered in Saint Louis, Missouri, Amdocs Limited (NASDAQ:DOX) is a global software and services company. On January 6, 2023, Amdocs Limited (NASDAQ:DOX) stock closed at $91.84 per share. One-month return of Amdocs Limited (NASDAQ:DOX) was 2.73%, and its shares gained 21.19% of their value over the last 52 weeks. Amdocs Limited (NASDAQ:DOX) has a market capitalization of $11.096 billion.
Palm Valley Capital made the following comment about Amdocs Limited (NASDAQ:DOX) in its Q4 2022 investor letter:
“For the full calendar year, the Fund’s top performers were Coterra Energy (ticker: CTRA), Amdocs Limited (NASDAQ:DOX), and Alamos Gold. Coterra’s stock rose sharply along with energy prices at the beginning of 2022. Amdocs delivered record operating results during the year and demonstrated the strength of its market position serving the world’s leading communication service providers. All the Fund’s precious metals holdings, led by Alamos, contributed positively to performance in 2022, with a 1% collective contribution from gold and silver equities. We think this was a good outcome relative to gold and silver prices that ended the year essentially flat, after a summer swoon. Additionally, precious metals miners were down, on average, in 2022.”
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Amdocs Limited (NASDAQ:DOX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Amdocs Limited (NASDAQ:DOX) at the end of the third quarter which was 27 in the previous quarter.
We discussed Amdocs Limited (NASDAQ:DOX) in another article and shared the best dividend stocks on Robinhood. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.