The London Company, an investment management company, released “The London Company Large Cap Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. During 1Q, U.S. stocks made significant gains due to steady economic growth, decreasing inflation, and a slightly weaker labor market, increasing the likelihood of a soft landing. The fund gained 8.3% (8.2%, net) during the quarter compared to a 10.3% rise in the Russell 1000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
The London Company Large Cap Strategy featured stocks like Martin Marietta Materials, Inc. (NYSE:MLM) in the first quarter 2024 investor letter. Headquartered in Raleigh, North Carolina, Martin Marietta Materials, Inc. (NYSE:MLM) is a natural resource-based building materials company. On May 2, 2024, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $589.96 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was -4.75%, and its shares gained 48.36% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $36.365 billion.
The London Company Large Cap Strategy stated the following regarding Martin Marietta Materials, Inc. (NYSE:MLM) in its first quarter 2024 investor letter:
“Martin Marietta Materials, Inc. (NYSE:MLM)-MLM reached all-time highs during the quarter as the company executes on its value-over-volume strategy, exhibiting strong pricing power and margin expansion. The company continues to increase its leading position in aggregates by adding strategic assets that will be beneficial to overall profitability. Strategic M&A, strong financials, and resilient end market outlooks gives us confidence that the company will benefit from growth in infrastructure and construction spending for many years.”
A large construction project with cranes and forklifts in action, demonstrating the company’s building materials business.
Martin Marietta Materials, Inc. (NYSE:MLM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Martin Marietta Materials, Inc. (NYSE:MLM) was held by 52 hedge fund portfolios, compared to 50 in the previous quarter, according to our database.
We previously discussed Martin Marietta Materials, Inc. (NYSE:MLM) in another article, where we shared the list of best construction materials stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 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.
