Harding Loevner, an asset management company, released its “International Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. HL International Equity returned 7.72% (Net of fees) compared to a 7% return for the MSCI All Country World ex-US Index and 8.62% for the MSCI EAFE Index. Sector and regional allocation are the sources of the relative performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
HL International Equity Strategy highlighted stocks like Rio Tinto Group (NYSE:RIO) in the first quarter 2023 investor letter. Headquartered in London, the United Kingdom, Rio Tinto Group (NYSE:RIO) engages in mining and processing of mineral resources. On June 14, 2023, Rio Tinto Group (NYSE:RIO) stock closed at $67.26 per share. One-month return of Rio Tinto Group (NYSE:RIO) was 7.38%, and its shares lost 3.25% of their value over the last 52 weeks. Rio Tinto Group (NYSE:RIO) has a market capitalization of $109.108 billion.
HL International Equity Strategy made the following comment about Rio Tinto Group (NYSE:RIO) in its first quarter 2023 investor letter:
“In terms of geographical performance, the eurozone emerged as the top-performing region, and our stocks did better still, fueled by the strong performance of Infineon, L’Oréal, and Schneider Electric. EMs, which lagged the index, were boosted by the improving outlook for semiconductor companies TSMC and Samsung. Mexico’s FEMSA also contributed strongly to relative returns. Europe ex EMU was the weakest region primarily due to the underperformance of SE Banken and UK miner Rio Tinto Group (NYSE:RIO). The latter was affected by concerns over softer iron ore pricing in the current year, another reflection of manufacturing weakness in steelmaking giant China.”
Photo by Ricardo Gomez Angel on Unsplash
Rio Tinto Group (NYSE:RIO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Rio Tinto Group (NYSE:RIO) at the end of first quarter 2023 which was 29 in the previous quarter.
We discussed Rio Tinto Group (NYSE:RIO) in another article and shared the list of lithium stocks billionaires are loading up on. 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.
