The London Company, an investment management company, released “The London Company Large Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund gained 7.6% (7.5%, net) during the quarter compared to a 12% rise in the Russell 1000 Index. Headwinds from stock selection and sector exposure led the fund to underperform in Q4. The Large Cap portfolio underperformed its benchmark in 4Q, falling short of 85-90% upside capture estimates. As was the case throughout the year, a lack of exposure to high volatility and growth factors, as well as an overexposure to quality factors, acted as headwinds. 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 featured stocks such as Albemarle Corporation (NYSE:ALB) in the fourth quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Albemarle Corporation (NYSE:ALB) develops and markets engineered specialty chemicals. On February 9, 2024, Albemarle Corporation (NYSE:ALB) stock closed at $115.78 per share. One-month return of Albemarle Corporation (NYSE:ALB) was -8.15%, and its shares lost 57.11% of their value over the last 52 weeks. Albemarle Corporation (NYSE:ALB) has a market capitalization of $13.587 billion.
The London Company Large Cap Strategy stated the following regarding Albemarle Corporation (NYSE:ALB) in its fourth quarter 2023 investor letter:
“Albemarle Corporation (NYSE:ALB) – ALB underperformed as weak lithium prices drove downward revisions to earnings expectations, and sentiment became more negative regarding demand for electric vehicles. Commodity prices are inherently uncertain, but we continue to view ALB-as a winner in this growing industry and favorably positioned on the cost curve. Our long- term view of ALB is not affected by short-term supply- demand dynamics for the commodity.”
A team of scientists in a laboratory observing the sophisticated engineering of specialty chemicals.
Albemarle Corporation (NYSE:ALB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Albemarle Corporation (NYSE:ALB) at the end of third quarter which was 41 in the previous quarter.
We discussed Albemarle Corporation (NYSE:ALB) in another article and shared the list of stocks receiving price-target cut from analysts. 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.
