The London Company, an investment management company, released “The London Company Large Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Shares of larger companies performed better as stocks traded lower across the market cap spectrum for the third consecutive quarter, indicating a preference for growth. The fund declined 3.8% (-3.9% net) during the quarter compared to a 3.2% drop in the Russell 1000 Index. Headwinds from stock selection offset a benefit from sector allocation. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Large Cap Strategy highlighted stocks like Albemarle Corporation (NYSE:ALB) in the third quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Albemarle Corporation (NYSE:ALB) develops and markets engineered specialty chemicals. On November 7, 2023, Albemarle Corporation (NYSE:ALB) stock closed at $122.11 per share. One-month return of Albemarle Corporation (NYSE:ALB) was -25.90%, and its shares lost 59.31% of their value over the last 52 weeks. Albemarle Corporation (NYSE:ALB) has a market capitalization of $14.33 billion.
The London Company Large Cap Strategy made the following comment about Albemarle Corporation (NYSE:ALB) in its Q3 2023 investor letter:
“Albemarle Corporation (NYSE:ALB) – ALB underperformed due to declining lithium spot prices in the quarter. We remain attracted to ALB, reflecting its low cost position in two consolidated industries (lithium & bromine). However, we recognize quarterly results can be volatile, driven by short-term supply-demand dynamics for the underlying commodities. It is important to note that ALB’s favorable position on the cost curve means the company can likely maintain healthy profitability even at trough prices.”
A chemist in a laboratory mixing specialty chemicals and materials for research.
Albemarle Corporation (NYSE:ALB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Albemarle Corporation (NYSE:ALB) at the end of second quarter which was 41 in the previous quarter.
We discussed Albemarle Corporation (NYSE:ALB) in another article and shared the list of stocks with the potential to skyrocket. In addition, please check out our hedge fund investor letters Q3 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.
