The London Company, an investment management company, released “The London Company Mid Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 6.5% gross, (6.4% net) compared to a 4.1% return for the Russell Midcap Index. The outperformance of the fund is due to strong stock selection and limited exposure to banks. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Mid Cap Strategy highlighted stocks like Skyworks Solutions, Inc. (NASDAQ:SWKS) in the first quarter 2023 investor letter. Headquartered in Irvine, California, Skyworks Solutions, Inc. (NASDAQ:SWKS) designs, develops and manufactures proprietary semiconductor products. On June 29, 2023, Skyworks Solutions, Inc. (NASDAQ:SWKS) stock closed at $109.88 per share. One-month return of Skyworks Solutions, Inc. (NASDAQ:SWKS) was 4.53%, and its shares gained 20.59% of their value over the last 52 weeks. Skyworks Solutions, Inc. (NASDAQ:SWKS) has a market capitalization of $17.488 billion.
The London Company Mid Cap Strategy made the following comment about Skyworks Solutions, Inc. (NASDAQ:SWKS) in its first quarter 2023 investor letter:
“Skyworks Solutions, Inc. (NASDAQ:SWKS)- SWKS shares significantly outperformed the broader market during Q1. Investor expectations were low reflecting fear of a slowdown in iPhones sales at Apple. SWKS derives 50-70% of revenue from AAPL in any given quarter, so any weakness at Apple can have a big impact on the financials of SWKS. The stock received a boost following earnings, as its more diversified wireless and non-wireless business performed strongly in terms of revenue growth and margin expansion. We own SWKS as it is one of a few global companies in the radio-frequency semiconductor market able to develop incredibly complex chips and supply customers with those chips at scale, while maintaining high margins and strong cash flow.”
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Skyworks Solutions, Inc. (NASDAQ:SWKS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Skyworks Solutions, Inc. (NASDAQ:SWKS) at the end of first quarter 2023 which was 43 in the previous quarter.
We discussed Skyworks Solutions, Inc. (NASDAQ:SWKS) in another article and shared the list of semiconductor stocks to watch during a potential tech pullback. 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.
