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SouthernSun Asset Management, LLC, an investment management firm, released its “SouthernSun Small Cap Strategy” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The uncertainly prevailing in the market seems to be fueled by constant speculation about macro causes over which the businesses have any control and so much capital concentrated in few enterprises. In the fourth quarter, the strategy returned -7.55% on a gross basis (-7.73% net) compared to a 0.33% return for the Russell 2000 Index and -1.06% for the Russell 2000 Value Index. The strategy returned 5.53% on a gross basis (4.73% net) for the trailing twelve months compared to 11.54% and 11.54% respectively for the indexes over the same period. In addition, please check the top 5 holdings of the strategy to know its best pick in 2024.
In its fourth quarter 2024 investor letter, SouthernSun Small Cap Strategy emphasized stocks such as Oxford Industries, Inc. (NYSE:OXM). Headquartered in Atlanta, Georgia, Oxford Industries, Inc. (NYSE:OXM) is an apparel company that offers men's and women's sportswear and related products. The one-month return Oxford Industries, Inc. (NYSE:OXM) was -13.93%, and its shares lost 24.63% of their value over the last 52 weeks. On February 6, 2024, Oxford Industries, Inc. (NYSE:OXM) stock closed at $74.04 per share, with a market capitalization of $1.163 billion.
SouthernSun Small Cap Strategy stated the following regarding Oxford Industries, Inc. (NYSE:OXM) in its Q4 2024 investor letter:
"In the fourth quarter, we initiated a position in Oxford Industries, Inc. (NYSE:OXM). The company is a portfolio of high margin brands that (in their words) “evoke happiness.” The business has been built by acquisitions, and they own several well-known clothing brands, including: Tommy Bahama, Lilly Pulitzer, Johnny Was, Southern Tides, Beaufort Bonnet and Duck Head.