Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned 6.60% in the first quarter, compared to S&P’s 10.56% return and Russell 1000 Value’s 8.99% return. Strong performance across the portfolio holdings delivered significant reruns in the quarter where value investing faced challenges compared to growth strategies. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Longleaf Partners Fund highlighted stocks like CNX Resources Corporation (NYSE:CNX), in the first quarter 2024 investor letter. CNX Resources Corporation (NYSE:CNX) is an independent natural gas and midstream company with a market capitalization of $3.756 billion (intraday). One-month return of CNX Resources Corporation (NYSE:CNX) was 1.70%, and its shares gained 52.43% of their value over the last 52 weeks. The stock gained 22.92% over the previous three months. On May 20, 2024, CNX Resources Corporation (NYSE:CNX) stock closed at $24.51 per share.
Longleaf Partners Fund stated the following regarding CNX Resources Corporation (NYSE:CNX) in its first quarter 2024 investor letter:
“CNX Resources Corporation (NYSE:CNX) – Natural gas company CNX Resources was another top performer in the quarter. It has been a tough natural gas price environment over the last several months, but CNX came into this year more hedged than peers and with a strong balance sheet that has funded continued share repurchase at a double-digit annualized pace. The company is also executing well operationally. Our partners CEO Nick DeIuliis and Chairman Will Thorndike continue focusing on growing long term FCF and value per share. The quarter saw EQT, a larger competitor in the Appalachian basin, decide to recombine its pipeline business with its upstream business. CNX had already done this in 2020 at what we believe was a better time and a better price, so it was nice to see additional validation of this decision. CNX remains very discounted and one of our stronger value growers over the last few years, which is why we added to our position earlier in the quarter when it was trading at a larger discount.”
A long line of heavy-duty trucks transporting natural gas across a rural highway.
CNX Resources Corporation’s (NYSE:CNX) trailing 12 months revenue is $1.33 billion. CNX Resources Corporation (NYSE:CNX) generated $25 million in free cashflow in the first quarter indicating the 17th consecutive quarter of free cash flow generation.
CNX Resources Corporation (NYSE:CNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held CNX Resources Corporation (NYSE:CNX) at the end of the fourth quarter which was 28 in the previous quarter.
In another article, we discussed CNX Resources Corporation (NYSE:CNX) and shared the list of stocks Billionaire Ray Dalio and insiders love. 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.
