Inflation Pressures Affected Hasbro (HAS) in Q1

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 Hasbro, Inc. (NASDAQ:HAS) in the first quarter 2023 investor letter. Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NASDAQ:HAS) is a play and entertainment company. On June 30, 2023, Hasbro, Inc. (NASDAQ:HAS) stock closed at $64.77 per share. One-month return of Hasbro, Inc. (NASDAQ:HAS) was 7.91%, and its shares lost 20.38% of their value over the last 52 weeks. Hasbro, Inc. (NASDAQ:HAS) has a market capitalization of $8.978 billion.

The London Company Mid Cap Strategy made the following comment about Hasbro, Inc. (NASDAQ:HAS) in its first quarter 2023 investor letter:

“Hasbro, Inc. (NASDAQ:HAS) – Both HAS and Mattel struggled this holiday season, seeing toy and game sales down over 20%. The inflation-pressed consumer spent less and sought out the largest promotions, and retailers left with excess inventory will place fewer orders in 2023. HAS set ambitious goals at its Hivestor Day to turn around the Consumer business, and execution against those initiatives will be paramount this year. A sale of the non-core eOne assets in 2023 should be accretive to margins and free up cash for higher return uses.”

Pixabay/ Public Domain

Hasbro, Inc. (NASDAQ:HAS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Hasbro, Inc. (NASDAQ:HAS) at the end of first quarter 2023 which was 32 in the previous quarter.

We discussed Hasbro, Inc. (NASDAQ:HAS) in another article and shared Goldman Sachs’ top stock picks for 2023. 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.