Chuck Royce's Strategic Moves in Q2 2024: Spotlight on Academy Sports and Outdoors Inc
Insights into the Investment Shifts of a Small-Cap Pioneer
Chuck Royce (Trades, Portfolio), a venerated figure in small-cap investing, recently disclosed his investment activities for the second quarter of 2024 through the latest 13F filing. Steering the Royce Pennsylvania Mutual Fund since 1972, Royce's investment philosophy centers on uncovering undervalued small-cap stocks with robust financials and promising futures. His academic credentials include a bachelor's degree from Brown University and an MBA from Columbia University. This quarter, Royce's strategic decisions reflect his deep analytical approach to value investing.
Summary of New Buys
Chuck Royce (Trades, Portfolio) expanded his portfolio by adding 14 new stocks. Noteworthy new positions include:
Burke & Herbert Financial Services Corp (NASDAQ:BHRB) with 99,621 shares, making up 0.05% of the portfolio at a value of $5.08 million.
Comstock Resources Inc (NYSE:CRK), acquiring 385,000 shares, which represent 0.04% of the portfolio, valued at $3.99 million.
Covenant Logistics Group Inc (NYSE:CVLG) with 78,999 shares, accounting for 0.04% of the portfolio, totaling $3.89 million.
Key Position Increases
Chuck Royce (Trades, Portfolio) also significantly increased his stakes in 73 stocks. Major increases include:
Academy Sports and Outdoors Inc (NASDAQ:ASO), where he added 375,435 shares, bringing the total to 585,327 shares. This increase of 178.87% in shares now impacts 0.19% of the portfolio, with a total value of $31.17 million.
Banc of California Inc (NYSE:BANC), with an additional 1,549,381 shares, bringing the total to 1,587,963 shares. This represents a 4,015.81% increase in share count, valued at $20.29 million.
Summary of Sold Out Positions
During this quarter, Chuck Royce (Trades, Portfolio) exited several positions, reflecting strategic portfolio realignments. Key exits include:
Ares Management Corp (NYSE:ARES), where he sold off 150,142 shares, resulting in a 72.38% decrease and a -0.18% portfolio impact. The stock had an average trading price of $136.56 during the quarter.
Builders FirstSource Inc (NYSE:BLDR), reducing his stake by 46,069 shares, a 33.07% decrease, impacting the portfolio by -0.09%. The stock's average price was $169.76, with a 3-month return of -4.73% and a year-to-date return of -4.48%.
Portfolio Overview
As of the second quarter of 2024, Chuck Royce (Trades, Portfolio)'s portfolio comprises 868 stocks. Top holdings include 1.25% in Air Lease Corp (NYSE:AL), 1.11% in Arcosa Inc (NYSE:ACA), and 0.55% each in Alamos Gold Inc (NYSE:AGI) and Bio-Techne Corp (NASDAQ:TECH). The portfolio is predominantly invested across ten industries, with significant allocations in Industrials, Technology, and Consumer Cyclical sectors.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.