Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Fund had a good year this time. The fund returned 7.99% in the fourth quarter, compared to S&P’s 11.69% return and Russell 1000 Value’s 9.50% return. The fund had 24.49% yearly returns compared to 26.29% and 11.46 % returns for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund featured stocks such as Lumen Technologies, Inc. (NYSE:LUMN) in the fourth quarter 2023 investor letter. Headquartered in Monroe, Louisiana, Lumen Technologies, Inc. (NYSE:LUMN) is a technology and communications company that provides various integrated products and services. On January 23, 2024, Lumen Technologies, Inc. (NYSE:LUMN) stock closed at $1.37 per share. One-month return of Lumen Technologies, Inc. (NYSE:LUMN) was -24.31%, and its shares lost 74.15% of their value over the last 52 weeks. Lumen Technologies, Inc. (NYSE:LUMN) has a market capitalization of $1.382 billion.
Longleaf Partners Fund stated the following regarding Lumen Technologies, Inc. (NYSE:LUMN) in its fourth quarter 2023 investor letter:
“Lumen Technologies, Inc. (NYSE:LUMN) – Global fiber company Lumen was the top detractor for the year, and we sold our position in the first half, when it became clearer the new management team under CEO Kate Johnson would not pursue a strategic path to monetizing Lumen’s consumer business. Lumen represented a permanent capital loss for the Fund, a significant opportunity cost for the portfolio and a disappointing long-term mistake. Lumen has reinforced the importance of limiting overweight positions in the portfolio, being cautious of leverage and value declines, and fully re-underwriting a case – and being willing to move on – when the people and/or underlying facts change.”
A techie working at a server station in a telecommunications building.
Lumen Technologies, Inc. (NYSE:LUMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Lumen Technologies, Inc. (NYSE:LUMN) at the end of third quarter which was 24 in the previous quarter.
We discussed Lumen Technologies, Inc. (NYSE:LUMN) in another article and shared the list of best penny stocks to buy for 2024. 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.
