Curreen Capital: “We Cut a Weed with Conduent (CNDT)”

·2 min read

Curreen Capital, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly portfolio return of 14.61% was recorded by the fund for the fourth quarter of 2021, outperforming the S&P 500 and MSCI Word Index which had an 11.03% and 7.84% gain respectively for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Curreen Capital, in its Q4 2021 investor letter, mentioned Conduent Incorporated (NYSE: CNDT) and discussed its stance on the firm. Conduent Incorporated is a Florham Park, New Jersey-based business services provider company with a $1.1 billion market capitalization. CNDT delivered a -2.25% return since the beginning of the year, while its 12-month returns are up by 8.52%. The stock closed at $5.22 per share on January 18, 2022.

Here is what Curreen Capital has to say about Conduent Incorporated in its Q4 2021 investor letter:

"We cut a weed with Conduent to water a flower with Jackson. Conduent reported weaker than expected results in its third quarter, and indicated that operating earnings the coming year would not grow. This was worse than the rising earnings that have come with the company’s turnaround, and unlike prior quarters, the earnings release was not followed by director and executive share purchases. I remain pleased with Conduent’s CEO and believe that the business is turning around, but our policy is to cut the weeds, so I sold half of our shares (we received $5.94/share) and invested the proceeds in Jackson and Artificial Solutions."

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Our calculations show that Conduent Incorporated (NYSE: CNDT) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. CNDT was in 26 hedge fund portfolios at the end of the third quarter of 2021, compared to 23 funds in the previous quarter. Conduent Incorporated (NYSE: CNDT) delivered a -22.09% return in the past 3 months.

In October 2021, we also shared another hedge fund’s views on CNDT in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.