The London Company, an investment management company, released “The London Company Small Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, US stocks experienced a significant surge, causing major indices to record double-digit gains. In the quarter, the fund returned 11.9% (11.7% net) compared to a 14% increase in the Russell 2000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Small Cap Strategy featured stocks such as Atlantic Union Bankshares Corporation (NYSE:AUB) in the fourth quarter 2023 investor letter. Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE:AUB) is a holding company for Atlantic Union Bank. On February 7, 2024, Atlantic Union Bankshares Corporation (NYSE:AUB) stock closed at $33.36 per share. One-month return of Atlantic Union Bankshares Corporation (NYSE:AUB) was -6.35%, and its shares lost 13.91% of their value over the last 52 weeks. Atlantic Union Bankshares Corporation (NYSE:AUB) has a market capitalization of $2.503 billion.
The London Company Small Cap Strategy stated the following regarding Atlantic Union Bankshares Corporation (NYSE:AUB) in its fourth quarter 2023 investor letter:
“Atlantic Union Bankshares Corporation (NYSE:AUB) – AUB rallied during 4Q after reporting solid earnings. The bank has been quite active on many fronts, including the planned acquisition of a smaller bank in Southeast Virginia, solid execution on their cost reduction program, the sale-leaseback of several branch properties, and the restructuring of the securities portfolio in order to achieve much higher yields. Additionally, recent sentiment around banks ebbs and flows with the potential for Fed rate cuts, as higher rates are typically better for banks.”
A view of a busy banking hall, customers engaging with banking staff to conduct their financial transactions.
Atlantic Union Bankshares Corporation (NYSE:AUB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Atlantic Union Bankshares Corporation (NYSE:AUB) at the end of third quarter which was 5 in the previous quarter.
We discussed Atlantic Union Bankshares Corporation (NYSE:AUB) in another article and shared The London Company Small Cap Strategy’s views on the company in the previous quarter. 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.
