Vltava Fund, an investment management company, recently released its first-quarter 2024 investor letter. A copy of the same can be downloaded here. The fund doesn’t own any of the currently largest stocks in the portfolio, except for Berkshire. The stocks in the fund’s portfolio trade at lower earnings multiples compared to the largest ones. The portfolio stocks have more growth potential, as evidenced by the fund’s recent returns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Vltava Fund featured stocks like Lockheed Martin Corporation (NYSE:LMT) in the first quarter 2024 investor letter. Headquartered in Bethesda, Maryland, Lockheed Martin Corporation (NYSE:LMT) is a security and aerospace company. On April 5, 2024, Lockheed Martin Corporation (NYSE:LMT) stock closed at $455.38 per share. One-month return of Lockheed Martin Corporation (NYSE:LMT) was 4.75%, and its shares lost 8.33% of their value over the last 52 weeks. Lockheed Martin Corporation (NYSE:LMT) has a market capitalization of $109.517 billion.
Vltava Fund stated the following regarding Lockheed Martin Corporation (NYSE:LMT) in its first quarter 2024 investor letter:
“We sold three positions: Lockheed Martin Corporation (NYSE:LMT), LabCorp, and Celanese. Lockheed and LabCorp were two very profitable positions that also helped us when the market was in tough times. When Russia invaded Ukraine in February 2022, arms companies’ shares surged upwards for obvious reasons. This was due to higher expectations for their long-term sales and profits. Lockheed’s stock did not miss out on this trend. It climbed to a new record high during 2022, which was all the more pleasing because it happened in a year when stock markets were down significantly. Shares of both LabCorp and Lockheed thus reached levels that made them only modestly attractive going forward, and even their relative valuations were not appealing vis-à-vis other opportunities open to us. We gradually sold down both stocks, moved the money into other stocks, and eventually both LabCorp and Lockheed disappeared from the portfolio altogether.”
Two fighter jets in flight, highlighting the technology and experience of the companies combat aircraft.
Lockheed Martin Corporation (NYSE:LMT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Lockheed Martin Corporation (NYSE:LMT) was held by 58 hedge fund portfolios, compared to 60 in the previous quarter, according to our database.
We discussed Lockheed Martin Corporation (NYSE:LMT) in another article and shared the list of best cheap dividend stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.
