Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Fund had a good year this time. The fund returned 7.99% in the fourth quarter, compared to S&P’s 11.69% return and Russell 1000 Value’s 9.50% return. The fund had 24.49% yearly returns compared to 26.29% and 11.46 % returns for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund featured stocks such as MGM Resorts International (NYSE:MGM) in the fourth quarter 2023 investor letter. Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) owns and operates casino, hotel, and entertainment resorts. On January 23, 2024, MGM Resorts International (NYSE:MGM) stock closed at $43.05 per share. One-month return of MGM Resorts International (NYSE:MGM) was -3.88%, and its shares gained 6.88% of their value over the last 52 weeks. MGM Resorts International (NYSE:MGM) has a market capitalization of $14.705 billion.
Longleaf Partners Fund stated the following regarding MGM Resorts International (NYSE:MGM) in its fourth quarter 2023 investor letter:
“MGM Resorts International (NYSE:MGM) & Hyatt – Hospitality companies MGM Resorts and Hyatt were both strong performers in the fourth quarter and for the year, outperforming expectations that the post-COVID travel rebound would ease in 2023. Casino and online gaming company MGM saw double-digit revenue growth and strong 2023 bookings in Las Vegas in the first half, which moderated in the second half but remained solid. A cybersecurity attack negatively impacted 3Q results, but MGM does not expect the $100 million hit to have a material effect on its financial condition and operational results for the year. MGM bought back discounted shares at a 15% annualized rate and authorized another $2 billion buyback in 4Q, which represents another 15% of the company.”
Aerial photo of sprawling resort complex with a lake in the background.
MGM Resorts International (NYSE:MGM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held MGM Resorts International (NYSE:MGM) at the end of third quarter which was 50 in the previous quarter.
We discussed MGM Resorts International (NYSE:MGM) in another article and shared the list of best sin stocks to invest in 2024. 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.
