Broyhill Asset Management, a boutique investment firm, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The past two years were mirror images of each other for equity investors. Global stocks increased by 22% in 2022 after declining by 18% the year before. The fourth quarter saw exceptionally high portfolio activity. Although Broyhill’s fully invested managed funds underperformed year-over-year broader equities benchmarks, they avoided problems during the falls in 2021 and 2022, and their relative performance is still well above any longer-term horizon. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Broyhill Asset Management featured stocks such as Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) in the fourth quarter 2023 investor letter. Headquartered in Monterrey, Mexico, Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) is a bottler of Coca-Cola trademark beverages. On February 16, 2024, Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) stock closed at $133.40 per share. One-month return of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) was -0.19%, and its shares gained 40.98% of their value over the last 52 weeks. Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) has a market capitalization of $238.667 billion.
Broyhill Asset Management stated the following regarding Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) in its fourth quarter 2023 investor letter:
“Shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) grew 20% in Q4, as the stock’s multiple rose from 10-year lows to its long-term average forward P/E of 22x. At the end of 2020, we began building positions in FMX and Coca-Cola FEMSA (KOF) and shared our thesis here. In short, we believed the market was underappreciating and undervaluing the company’s Oxxo segment relative to its peers. As the market came around to our view, the discount to private market value closed. We exited our position subsequent to quarter end.”
Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) was held by 27 hedge fund portfolios, up from 24 the previous quarter, according to our database.
We discussed Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) in another article and shared the list of most valuable Latin American companies. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 16 Best Beach Towns to Buy a House/Apartment in USA
- 25 Most Valuable Tech Companies Outside The US
- Top 20 Companies With the Most Cash Reserves
Disclosure: None. This article is originally published at Insider Monkey.
