Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund returned 10.27% in the first quarter, compared to a 10.56% return for the S&P 500 Index. The fund has returned an average of 12.96% per year since its inception in August 1991 compared to the index return of 10.51% over the same period. The largest contributors to the fund for the quarter were financials and consumer discretionary and there were no detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Oakmark Fund featured stocks like Delta Air Lines, Inc. (NYSE:DAL) in the first quarter 2024 investor letter. Headquartered in Atlanta, Georgia, Delta Air Lines, Inc. (NYSE:DAL) offers air transportation for passengers and cargo. On April 5, 2024, Delta Air Lines, Inc. (NYSE:DAL) stock closed at $46.06 per share. One-month return of Delta Air Lines, Inc. (NYSE:DAL) was 7.92%, and its shares gained 35.59% of their value over the last 52 weeks. Delta Air Lines, Inc. (NYSE:DAL) has a market capitalization of $29.632 billion.
Oakmark Fund stated the following regarding Delta Air Lines, Inc. (NYSE:DAL) in its first quarter 2024 investor letter:
“Delta Air Lines, Inc. (NYSE:DAL) is a leading global airline. Of the big three U.S.-based airlines (Delta, United and American), we see Delta as the most competitively advantaged. We believe the company’s years of industry-leading operational performance and investments in the customer experience have established Delta as the premium brand in the industry. We also think its geographically optimal hubs, high local market share, robust loyalty program and unique corporate culture all support healthy returns on capital. Delta currently trades at 6x our estimate of normalized earnings per share. We believe this is an attractive valuation for a competitively advantaged and growing business in an out-of-favor industry.”
An aerial view of a commercial aircraft taking off from a coastal hub.
Delta Air Lines, Inc. (NYSE:DAL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Delta Air Lines, Inc. (NYSE:DAL) was held by 53 hedge fund portfolios, compared to 53 in the previous quarter, according to our database.
We discussed Delta Air Lines, Inc. (NYSE:DAL) in another article and shared the list of dirt-cheap stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 25 Best Countries for Remote Working
- 15 Best Places to Retire in Colorado
- Jim Cramer is Bearish On These 10 Stocks in April
Disclosure: None. This article is originally published at Insider Monkey.
