Here’s Why Vulcan Value Partners Exited Lam Research Corporation (LRCX)

Investment management company Vulcan Value Partners recently released its third quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, all delivering negative returns in the third quarter. The fund’s Large Cap Composite returned -4.2% net of fees and expenses, the Small Cap Composite returned -5.7% net, the Focus Composite returned -1.9% net, the Focus Plus composite returned -2.0%, and the All-Cap Composite returned -4.9% net. You can check the top 5 holdings of the fund to know its best picks in 2023.

Vulcan Value Partners highlighted stocks like Lam Research Corporation (NASDAQ:LRCX) in the third quarter 2023 investor letter. Headquartered in Fremont, California, Lam Research Corporation (NASDAQ:LRCX) manufactures and services wafer-processing semiconductor manufacturing equipment. On October 13, 2023, Lam Research Corporation (NASDAQ:LRCX) stock closed at $645.12 per share. One-month return of Lam Research Corporation (NASDAQ:LRCX) was 1.49%, and its shares gained 104.53% of their value over the last 52 weeks. Lam Research Corporation (NASDAQ:LRCX) has a market capitalization of $85.299 billion.

Vulcan Value Partners made the following comment about Lam Research Corporation (NASDAQ:LRCX) in its Q3 2023 investor letter:

Lam Research Corporation (NASDAQ:LRCX) designs and manufactures equipment used in the fabrication of semiconductors. Lam is a wonderful business with great long-term prospects. The company has shown tremendous financial resilience against what is currently a challenging industry backdrop. After a significant increase in its stock price over the last year, our margin of safety narrowed. We followed our discipline and sold our position to reallocate capital into businesses with larger discounts.”

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Lam Research Corporation (NASDAQ:LRCX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Lam Research Corporation (NASDAQ:LRCX) at the end of second quarter which was 64 in the previous quarter.

We discussed Lam Research Corporation (NASDAQ:LRCX) in another article and shared top semiconductor market share by company. In addition, please check out our hedge fund investor letters Q3 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.