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Concentrix (CNXC) Tumbles Amid Worries About AI Potential

Investment Management Company First Pacific Advisors Releases Fourth Quarter 2023 Investor Letter

First Pacific Advisors, an investment management company, recently released its “FPA Queens Road Small Cap Value Fund” fourth quarter 2023 investor letter. The letter provides insights into the performance of the fund during the quarter and highlights some of its top holdings. Investors can download a copy of the letter here.

According to the investor letter, the FPA Queens Road Small Cap Value Fund returned 13.09% in the fourth quarter, slightly underperforming the Russell 2000 Value Index, which returned 15.26%. However, the fund delivered a strong performance for the year, returning 16.00% in 2023 compared to 14.65% for the index.

One of the featured stocks in the fund’s fourth quarter 2023 investor letter was Concentrix Corporation (NASDAQ:CNXC). Concentrix Corporation, based in Newark, California, offers technology-infused customer experience solutions. The stock closed at $72.45 per share on February 29, 2024, with a one-month return of -17.17% and a 47.52% decline over the last 52 weeks. The company has a market capitalization of $4.804 billion.

Concentrix Corporation (NASDAQ:CNXC) is one of two top customer experience vendors globally. The company has evolved into a high-tech business process outsourcer that designs and runs customer-facing websites and apps, integrates data, and optimizes customer interactions. The market is currently concerned about the potential of artificial intelligence to disrupt Concentrix’ core call center business, which has resulted in the underperformance of shares of all CX companies.

Concentrix Corporation was held by 20 hedge fund portfolios at the end of the fourth quarter, according to data. While the company is not on the list of the 30 Most Popular Stocks Among Hedge Funds, it remains an interesting pick for investors.

For more insights on potential investment opportunities and market trends, investors can explore the list of stocks that are projected to double in 2024. Additionally, accessing hedge fund investor letters for the fourth quarter of 2023 can provide valuable information on the strategies and picks of leading investors.

Stay informed and updated with the latest market news and investment analysis from Insider Monkey. For more articles and disclosures, visit the Insider Monkey website.

Leah Sirama
Leah Sirama
Leah Sirama, a lifelong enthusiast of Artificial Intelligence, has been exploring technology and the digital realm since childhood. Known for his creative thinking, he's dedicated to improving AI experiences for all, making him a respected figure in the field. His passion, curiosity, and creativity drive advancements in the AI world.
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