L1 Capital, an investment management firm, released its “L1 Capital International Fund” first quarter 2023 investor letter, a copy of the same can be downloaded here. In the first quarter, the L1 Capital International Fund returned 13.7% (net of fees) compared to its benchmark’s (MSCI World Net Total Return Index in AUD) 9.1% return for the same period. The Australian dollar depreciated 1.2% against the U.S. dollar and depreciated 3.2% against the Euro in the quarter increasing the Fund and Benchmark Australian dollar reported returns. The Fund’s strong performance in the quarter was broad-based. Please check the top five holdings of the fund to know its best picks in 2023.
L1 Capital International Fund highlighted stocks like Graphic Packaging Holding Company (NYSE:GPK) in the first quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Graphic Packaging Holding Company (NYSE:GPK) is a paper-based packaging solutions provider. On June 27, 2023, Graphic Packaging Holding Company (NYSE:GPK) stock closed at $24.22 per share. One-month return of Graphic Packaging Holding Company (NYSE:GPK) was 1.34%, and its shares gained 17.12% of their value over the last 52 weeks. Graphic Packaging Holding Company (NYSE:GPK) has a market capitalization of $7.439 billion.
L1 Capital International Fund made the following comment about Graphic Packaging Holding Company (NYSE:GPK) in its first quarter 2023 investor letter:
“The share price of Portfolio stalwart, Graphic Packaging Holding Company (NYSE:GPK), increased 15% during the March 2023 quarter, reaching an all-time high. We continue to view the current share price is meaningfully undervaluing this low profile but high-quality business. Graphic Packaging International is currently trading on ~9x 2023F P/E while investing in a new highly efficient, environmentally beneficial manufacturing plant as well as reducing financial leverage.”
Copyright: bialasiewicz / 123RF Stock Photo
Graphic Packaging Holding Company (NYSE:GPK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Graphic Packaging Holding Company (NYSE:GPK) at the end of first quarter 2023 which was 41 in the previous quarter.
We discussed Graphic Packaging Holding Company (NYSE:GPK) in another article and shared stock picks of David Einhorn’s 2023 portfolio. In addition, please check out our hedge fund investor letters Q1 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.
