The London Company, an investment management company, released “The London Company Large Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund gained 7.6% (7.5%, net) during the quarter compared to a 12% rise in the Russell 1000 Index. Headwinds from stock selection and sector exposure led the fund to underperform in Q4. The Large Cap portfolio underperformed its benchmark in 4Q, falling short of 85-90% upside capture estimates. As was the case throughout the year, a lack of exposure to high volatility and growth factors, as well as an overexposure to quality factors, acted as headwinds. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Large Cap Strategy featured stocks such as Martin Marietta Materials, Inc. (NYSE:MLM) in the fourth quarter 2023 investor letter. Headquartered in Raleigh, North Carolina, Martin Marietta Materials, Inc. (NYSE:MLM) is a natural resource-based building materials company. On February 9, 2024, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $527.14 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was 6.30%, and its shares gained 47.89% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $32.581 billion.
The London Company Large Cap Strategy stated the following regarding Martin Marietta Materials, Inc. (NYSE:MLM) in its fourth quarter 2023 investor letter:
“Martin Marietta Materials, Inc. (NYSE:MLM) – MLM outperformed in 4Q as it continued to exhibit strong pricing power despite lower aggregate volumes. Management noted their expectations for strong revenue growth next year supported by higher prices and accelerating infrastructure spend. MLM’s leadership position within aggregates and exposure to key markets gives us confidence that it will benefit from growth in construction and infrastructure spending for years to come.”
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Martin Marietta Materials, Inc. (NYSE:MLM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Martin Marietta Materials, Inc. (NYSE:MLM) at the end of third quarter which was 47 in the previous quarter.
We discussed Martin Marietta Materials, Inc. (NYSE:MLM) in another article and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
