Investment management company Vulcan Value Partners recently released its third quarter 2023 investor letter. You can download the letter here. Surprisingly, all of the firm’s five strategies delivered negative returns in the third quarter. The Large Cap Composite fund returned a net of -4.2% in returns and expenses, while the Small Cap Composite fund returned -5.7% net. Additionally, the Focus Composite fund returned -1.9% net, the Focus Plus composite fund returned -2.0%, and the All-Cap Composite fund returned -4.9% net. If you’re curious about the fund’s top picks for 2023, you can check out its five best holdings.
One notable stock highlighted in Vulcan Value Partners’ Q3 2023 investor letter is MillerKnoll, Inc. (NASDAQ:MLKN). This company, based in Zeeland, Michigan, specializes in the design, manufacturing, and distribution of interior furnishings. As of October 13, 2023, MillerKnoll stock closed at $24.50 per share. The stock has experienced a one-month return of 35.06%, and over the past 52 weeks, its value has increased by 37.18%. MillerKnoll currently boasts a market capitalization of $1.8 billion.
In its Q3 2023 investor letter, Vulcan Value Partners made the following comment about MillerKnoll, Inc. (NASDAQ:MLKN):
“MillerKnoll, Inc. (NASDAQ:MLKN) is a designer and manufacturer of premium furniture for the office and home. Despite the uncertainty surrounding the future of office settings, the company performed admirably in the quarter due to strong execution, cost containment efforts, and signs of increased demand. We have great confidence in MillerKnoll’s collection of brands, its diverse distribution model, and its exceptional management team.”
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Interestingly, MillerKnoll, Inc. (NASDAQ:MLKN) is not included in our list of the 30 Most Popular Stocks Among Hedge Funds. However, according to our database, 22 hedge fund portfolios held shares of MillerKnoll, Inc. (NASDAQ:MLKN) at the end of the second quarter, compared to 16 in the previous quarter.
If you’re interested in learning more about MillerKnoll, Inc. (NASDAQ:MLKN), you can read another article where we discussed the company and shared Vulcan Value Partners’ views from the previous quarter. Additionally, don’t miss our hedge fund investor letters Q3 2023 page for more informative investor letters from top hedge funds and other leading investors.
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Disclosure: None. This article was originally published at Insider Monkey.
Olivia Carter revs up excitement in the world of NASCAR. As a dedicated motorsports enthusiast, she covers race results, driver profiles, and the latest developments in the NASCAR world, keeping fans on the edge of their seats.
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