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Canada Goose Holdings (GOOS) Fell due to Continuous Underperformance

Soumya Eswaran
·2 min read

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 11.10% (net) lagging behind the benchmark, the Russell 2500 Growth Index’s 12.59% return. The investment strategy of the Fund emphasizes investing in high-quality companies with recurring revenue and sustainable competitive advantages. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Meridian Growth Fund featured stocks like Canada Goose Holdings Inc. (NYSE:GOOS) in the fourth quarter 2023 investor letter. Headquartered in Toronto, Canada, Canada Goose Holdings Inc. (NYSE:GOOS) designs, manufactures, and sells performance luxury apparel. On March 28, 2024, Canada Goose Holdings Inc. (NYSE:GOOS) stock closed at $12.06 per share. One-month return of Canada Goose Holdings Inc. (NYSE:GOOS) was -11.39%, and its shares lost 34.03% of their value over the last 52 weeks. Canada Goose Holdings Inc. (NYSE:GOOS) has a market capitalization of $1.169 billion.

Meridian Growth Fund stated the following regarding Canada Goose Holdings Inc. (NYSE:GOOS) in its fourth quarter 2023 investor letter:

"Canada Goose Holdings Inc. (NYSE:GOOS) is a global lifestyle brand and manufacturer of performance luxury apparel. The firm, widely known for its iconic down parkas, has expanded its product offerings in recent years and has embarked on a strategic shift from a wholesaling model toward a vertically integrated direct-to-consumer model. The stock fell during the quarter as the company continued to underperform its luxury peer's post-pandemic. The company’s significant investments in brick-and-mortar stores also underperformed, particularly in China, where the slow-to-materialize consumer recovery has weighed on results. While there are signs that the strategic transition may pay off, our concerns around weaker topline performance, generally elevated inventories, management turnover, and overall execution led us to exit the position during the quarter."

A shop window in a city skyline, showcasing the company's luxurious parkas.

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Canada Goose Holdings Inc. (NYSE:GOOS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Canada Goose Holdings Inc. (NYSE:GOOS) was held by 11 hedge fund portfolios, compared to 4 in the previous quarter, according to our database.

We discussed Canada Goose Holdings Inc. (NYSE:GOOS) in another article and shared Patient Capital Management's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

 

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