BlackRock (BLK) Benefited from Market Performance

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 BlackRock, Inc. (NYSE:BLK) in its Q4 2023 investor letter. Based in New York City, BlackRock, Inc. (NYSE:BLK) is an investment manager. On February 9, 2024, BlackRock, Inc. (NYSE:BLK) stock closed at $797.21 per share. One-month return of BlackRock, Inc. (NYSE:BLK) was -0.30%, and its shares gained 8.18% of their value over the last 52 weeks. BlackRock, Inc. (NYSE:BLK) has a market capitalization of $118.386 billion.

The London Company Large Cap Strategy stated the following regarding BlackRock, Inc. (NYSE:BLK) in its fourth quarter 2023 investor letter:

“BlackRock, Inc. (NYSE:BLK) – BLK rallied in 4Q after underperforming earlier in the year. BLK performance from quarter to quarter is often a function of market performance, which drives the company’s assets under management. Our conviction in BLK remains high, based on the company’s durable competitive position.”

A professional asset manager making an investment decision at their office.

BlackRock, Inc. (NYSE:BLK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held BlackRock, Inc. (NYSE:BLK) at the end of third quarter which was 57 in the previous quarter.

We discussed BlackRock, Inc. (NYSE:BLK) in another article and shared the list of best asset management stocks to buy. 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.