L1 Capital International, an investment management company, released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned -10.1% net of fees in the second quarter compared to the benchmark return of -8.5%. Current macroeconomic issues and geopolitical situations affected the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
L1 Capital International discussed stocks like Marsh & McLennan Companies, Inc. (NYSE:MMC) in the second quarter investor letter. Marsh & McLennan Companies, Inc. (NYSE:MMC) is professional services providing company headquartered in New York, New York. On September 6, 2022, Marsh & McLennan Companies, Inc. (NYSE:MMC) stock closed at $161.57 per share. Marsh & McLennan Companies, Inc. (NYSE:MMC) had a return of -4.78% for the past month, and its shares gained 1.62% of their value in the last 52 weeks. Marsh & McLennan Companies, Inc. (NYSE:MMC) has a market capitalization of $80.626 billion.
Here is what L1 Capital International specifically said about Marsh & McLennan Companies, Inc. (NYSE:MMC) in its Q2 2022 investor letter:
“Marsh & McLennan Companies, Inc. (NYSE:MMC) is another of our steady, compounding, ‘picks and shovels’ type businesses, this time to the global insurance, reinsurance, retirement, and health benefits industries. Marsh & McLennan does not assume any insurance risk itself, but rather provides analytical and consulting services to help clients manage their risk, acting as the middle person between the client and the insurance provider.
The essential, non-discretionary nature of most of Marsh and McLennan’s services means financial performance is likely to be robust in the face of challenging economic conditions. Revenue increased in 2020 despite the pressures of COVID-19 and we expect Marsh & McLennan will continue to deliver on average mid-single digit organic revenue growth in the years to come.
Marsh & McLennan operates in our favourite, ‘Noah’s Ark’ industry structure, with only one genuine global competitor, AON. However, outside of these two global leaders (and to a lesser extent Willis Towers Watson), there remains a large tail of small regional competitors, providing opportunities for consistent market share gains, both organically and through acquisitions.
The defensive nature of Marsh & McLennan’s business is recognised by other investors, with Marsh & McLennan’s share price materially outperforming during the recent market correction. Most of the businesses in our portfolio are trading well below our assessed fair value range. Marsh & McLennan is trading within our fair value range but still provides a sound base case investment return given the lower risk, more defensive nature of the business.”
Marsh & McLennan Companies, Inc. (NYSE:MMC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Marsh & McLennan Companies, Inc. (NYSE:MMC) at the end of the second quarter which was 41 in the previous quarter.
We discussed Marsh & McLennan Companies, Inc. (NYSE:MMC) in another article and shared the stocks to sell according to Ray Dalio. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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