The London Company, an investment management company, released “The London Company SMID Cap Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. US markets posted solid returns in Q1. The portfolio gained 9.4% (9.2% net) during the quarter compared to 6.9% returns for the Russell 2500 Index. Both stock selection and sector exposure led the portfolio to outperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
The London Company SMID Cap Strategy featured stocks like Lancaster Colony Corporation (NASDAQ:LANC) in its Q1 2024 investor letter. Based in Westerville, Ohio, Lancaster Colony Corporation (NASDAQ:LANC) is a food products manufacturing company that operates through Retail and Foodservice segments. On May 3, 2024, Lancaster Colony Corporation (NASDAQ:LANC) stock closed at $191.50 per share. One-month return of Lancaster Colony Corporation (NASDAQ:LANC) was -6.21%, and its shares lost 12.49% of their value over the last 52 weeks. Lancaster Colony Corporation (NASDAQ:LANC) has a market capitalization of $5.271 billion.
The London Company SMID Cap Strategy stated the following regarding Lancaster Colony Corporation (NASDAQ:LANC) in its first quarter 2024 investor letter:
“Lancaster Colony Corporation (NASDAQ:LANC) – LANC was not immune to pressures across the packaged food industry last year, but began this year on a strong note. Margins in 4Q surprised to the upside, helped by commodity deflation in key ingredients. More importantly, both the Enterprise Resource Planning (ERP) implementation and capacity expansion projects are behind the company and we see an attractive runway for cash flow to expand in coming years. Trailing twelve-month free cash flow at LANC doubled from 2022 to 2023. The cash balance sheet with no debt provides an additional element of downside protection.”
A retired farmer in a wheat field, pleased with the quality of a Food products product he purchased from the company.
Lancaster Colony Corporation (NASDAQ:LANC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Lancaster Colony Corporation (NASDAQ:LANC) was held by 21 hedge fund portfolios, compared to 13 in the previous quarter, according to our database.
We previously discussed Lancaster Colony Corporation (NASDAQ:LANC) in another article, where we shared Bernzott Capital Advisors US Small Cap Value Fund’s views on the company. 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:
- 30 Most Dangerous Cities in the US
- 30 Most Fun Cities in the US in 2024
- 15 Most Common Counterfeit Foods in the US
Disclosure: None. This article is originally published at Insider Monkey.
