Greenlight Capital, an investment management firm, released its fourth quarter 2023 investor letter, a copy of which can be downloaded here. In 2023, the Greenlight Capital funds returned 22.1% net of fees and expenses, compared to 26.3% for the S&P 500 index. The Partnerships have returned 2,902.1% cumulatively or 13.1% annualized since Greenlight Capital’s inception in May 1996, both net of fees and expenditures. The index has returned 1,117.1% or 9.5% annualized, over the same period. 2023 was a great year for the Partnerships. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greenlight Capital featured stocks such as Southwestern Energy Company (NYSE:SWN) in the fourth quarter 2023 investor letter. Headquartered in Spring, Texas, Southwestern Energy Company (NYSE:SWN) is an independent energy company, On January 24, 2024, Southwestern Energy Company (NYSE:SWN) stock closed at $6.42 per share. One-month return of Southwestern Energy Company (NYSE:SWN) was -3.17%, and its shares gained 15.47% of their value over the last 52 weeks. Southwestern Energy Company (NYSE:SWN) has a market capitalization of $7.071 billion.
Greenlight Capital stated the following regarding Southwestern Energy Company (NYSE:SWN) in its fourth quarter 2023 investor letter:
“We sold our iShares Silver Trust at a modest loss, and we exited Southwestern Energy Company (NYSE:SWN) about flat. SWN was a frustrating investment. The company hedged natural gas prices when they were low and failed to meaningfully hedge when they were high. The result was much less free cash flow than we anticipated. The fall brought warm weather and lower gas prices. In October, there were news reports that the company could be a takeover target for Chesapeake Energy. With that enthusiasm in the background, we chose to exit our position.”
A vertical offshore oil rig in the middle of a calm sea, symbolizing the company’s oil and gas exploration.
Southwestern Energy Company (NYSE:SWN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Southwestern Energy Company (NYSE:SWN) at the end of third quarter which was 44 in the previous quarter.
We discussed Southwestern Energy Company (NYSE:SWN) in another article and shared the list of hot oil 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.
