The London Company, an investment management company, released “The London Company Mid Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Equities declined broadly in Q3, with the Russell 3000 Index down 3.3% after three consecutive quarterly gains. In the third quarter, the fund declined 3.0% (-3.1% net) during the quarter compared to a 4.7% drop in the Russell Midcap Index. The outperformance was due to positive stock selection, however, there were some challenges from the sector exposure. 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 Lennox International Inc. (NYSE:LII) in the third quarter 2023 investor letter. Headquartered in Richardson, Texas, Lennox International Inc. (NYSE:LII) designs, manufactures, and markets products for heating, ventilation, air conditioning, and refrigeration. On November 7, 2023, Lennox International Inc. (NYSE:LII) stock closed at $391.42 per share. One-month return of Lennox International Inc. (NYSE:LII) was 0.31%, and its shares gained 65.65% of their value over the last 52 weeks. Lennox International Inc. (NYSE:LII) has a market capitalization of $13.911 billion.
The London Company Mid Cap Strategy made the following comment about Lennox International Inc. (NYSE:LII) in its Q3 2023 investor letter:
“Lennox International Inc. (NYSE:LII) – LII continued to perform well, reflecting a faster than expected recovery in its Commercial HVAC segment. We have been pleased with LII’s operational performance and progress on exiting non-core business lines since CEO, Alok Maskara, took over. While we remain attracted to the business longer term, we took advantage of strength and trimmed the position in the quarter.”
An engineer wearing a hardhat inspecting a newly-installed air conditioner system.
Lennox International Inc. (NYSE:LII) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Lennox International Inc. (NYSE:LII) at the end of second quarter which was 31 in the previous quarter.
We discussed Lennox International Inc. (NYSE:LII) in another article and shared The London Company Mid Cap Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
