L1 Capital, an investment management firm, released its “L1 Long Short Fund” second quarter 2023 investor letter, a copy of the same can be downloaded here. Global markets were mixed over the quarter, while the US stock market performed strongly due to the strength in technology mega-cap stocks. The portfolio returned 0.1% in the second quarter compared to 1.0% for the S&P ASX200 Accum Index. For the financial year, the portfolio returned 13.5%. In addition, please check the fund’s top 5 holdings to know about its top bets for 2023.
L1 Long Short Fund highlighted stocks like James Hardie Industries plc (NYSE:JHX) in the second quarter 2023 investor letter. Based in Dublin, Ireland, James Hardie Industries plc (NYSE:JHX) manufactures and supplies fiber cement, fiber gypsum, and cement-bonded building products. On September 1, 2023, James Hardie Industries plc (NYSE:JHX) stock closed at $30.52 per share. One-month return of James Hardie Industries plc (NYSE:JHX) was 13.04%, and its shares gained 35.95% of their value over the last 52 weeks. James Hardie Industries plc (NYSE:JHX) has a market capitalization of $13.433 billion.
L1 Long Short Fund made the following comment about James Hardie Industries plc (NYSE:JHX) in its second quarter 2023 investor letter:
“James Hardie Industries plc (NYSE:JHX) (Long +25%) shares rose after announcing Q1 FY23 earnings guidance well above market expectations. There continues to be uncertainty in terms of the impact that rising interest rates will have on housing, and on repair and remodel demand. However, the company provided confidence that it can maintain strong operating margins even allowing for a sharp decline in fibre cement volumes. This is driven by its more resilient end-market exposure, the benefits of its product mix shifting towards higher-margin products and its proactive cost management program. We continue to believe James Hardie is well placed to manage through the current period of softer demand and thereafter, to continue to grow at an above-market rate for many years to come.”
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James Hardie Industries plc (NYSE:JHX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 5 hedge fund portfolios held James Hardie Industries plc (NYSE:JHX) at the end of second quarter which was 4 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
