Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund returned 10.27% in the first quarter, compared to a 10.56% return for the S&P 500 Index. The fund has returned an average of 12.96% per year since its inception in August 1991 compared to the index return of 10.51% over the same period. The largest contributors to the fund for the quarter were financials and consumer discretionary and there were no detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Oakmark Fund featured stocks like Kenvue Inc. (NYSE:KVUE) in the first quarter 2024 investor letter. Headquartered in Skillman, New Jersey, Kenvue Inc. (NYSE:KVUE) is a consumer health company. On April 5, 2024, Kenvue Inc. (NYSE:KVUE) stock closed at $20.25 per share. One-month return of Kenvue Inc. (NYSE:KVUE) was 0.50%, and YTD its shares lost 5.95% of their value. Kenvue Inc. (NYSE:KVUE) has a market capitalization of $38.77 billion.
Oakmark Fund stated the following regarding Kenvue Inc. (NYSE:KVUE) in its first quarter 2024 investor letter:
“Kenvue Inc. (NYSE:KVUE) became the largest standalone consumer health company following its split-off from Johnson & Johnson in May 2023. The company’s highly recognizable brands, such as Neutrogena, Listerine, Tylenol and Band-Aid, have been market share leaders in their respective categories for generations. However, Kenvue’s first year as a public company was clouded by litigation and market share losses in certain categories. As a result, Kenvue now trades for just 16.5x trailing earnings, a substantial discount to the market and other consumer health and packaged goods companies. We see an opportunity for the company to improve efficiency and re-invest the cost savings into increased product development and marketing, which should help improve its growth and brand equity.”
A pharmacist at a local store, stocking shelves with products from the consumer health company.
Kenvue Inc. (NYSE:KVUE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Kenvue Inc. (NYSE:KVUE) was held by 64 hedge fund portfolios, compared to 84 in the previous quarter, according to our database.
We discussed Kenvue Inc. (NYSE:KVUE) in another article and shared the list of best beauty stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 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.
