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 Chevron Corporation (NYSE:CVX) in the fourth quarter 2023 investor letter. Headquartered in San Ramon, California, Chevron Corporation (NYSE:CVX) engages in the integrated energy and chemicals operations through its subsidiaries. On February 9, 2024, Chevron Corporation (NYSE:CVX) stock closed at $151.04 per share. One-month return of Chevron Corporation (NYSE:CVX) was 2.56%, and its shares lost 11.68% of their value over the last 52 weeks. Chevron Corporation (NYSE:CVX) has a market capitalization of $285.165 billion.
The London Company Large Cap Strategy stated the following regarding Chevron Corporation (NYSE:CVX) in its fourth quarter 2023 investor letter:
“Chevron Corporation (NYSE:CVX) – CVX underperformed during 4Q as oil prices fell, 3Q results missed expectations, and CVX negatively adjusted 2024-2025 cash flow guidance for its key asset in Kazakhstan. It is also notable that CVX announced a deal to acquire Hess Corp in a stock-for-stock transaction. While we generally do not maintain a high degree of exposure to pure commodity businesses, we continue to view CVX favorably for its conservative balance sheet, focus on returns, and commitment to the dividend.”
A tanker truck making its way through a refinery facility. .
Chevron Corporation (NYSE:CVX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held Chevron Corporation (NYSE:CVX) at the end of third quarter which was 73 in the previous quarter.
We discussed Chevron Corporation (NYSE:CVX) in another article and shared the list of oil and gas stocks to invest in according to hedge funds. 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.
