Lennar Corporation (LEN) Outperformed in the Violent Fed Tightening

Smead Capital Management, an investment management company, released its “Smead Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered -0.02% compared to a 7.50% gain for the S&P 500 Index and a 1.01% rise for the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Smead Value Fund highlighted stocks like Lennar Corporation (NYSE:LEN) in the first quarter 2023 investor letter. Based in Miami, Florida, Lennar Corporation (NYSE:LEN) is a home builder. On July 3, 2023, Lennar Corporation (NYSE:LEN) stock closed at $125.28 per share. One-month return of Lennar Corporation (NYSE:LEN) was 8.00%, and its shares gained 61.88% of their value over the last 52 weeks. Lennar Corporation (NYSE:LEN) has a market capitalization of $35.778 billion.

Smead Value Fund made the following comment about Lennar Corporation (NYSE:LEN) in its first quarter 2023 investor letter:

“Our best-performing stocks in the quarter were Warner Discovery (WBD), NVR (NVR) and Lennar Corporation (NYSE:LEN). Warner was our worst performer in Q4 2022 and bounced back from tax selling. The home builders fooled everyone by growing their market share and making good money in the violent Fed tightening of 2022-2023.”

Lennar Corporation (NYSE:LEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Lennar Corporation (NYSE:LEN) at the end of first quarter 2023 which was 54 in the previous quarter. 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.