The London Company, an investment management company, released “The London Company Large Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 2.7% gross, (2.6% net) compared to a 7.5% increase in the Russell 1000 Index. Both Stock Selection and sector allocation affected the portfolio’s relative performance in the quarter. 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 highlighted stocks like Norfolk Southern Corporation (NYSE:NSC) in the first quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Norfolk Southern Corporation (NYSE:NSC) is a rail transportation company. On June 29, 2023, Norfolk Southern Corporation (NYSE:NSC) stock closed at $225.98 per share. One-month return of Norfolk Southern Corporation (NYSE:NSC) was 4.68%, and its shares lost 1.12% of their value over the last 52 weeks. Norfolk Southern Corporation (NYSE:NSC) has a market capitalization of $51.442 billion.
The London Company Large Cap Strategy made the following comment about Norfolk Southern Corporation (NYSE:NSC) in its first quarter 2023 investor letter:
“Norfolk Southern Corporation (NYSE:NSC) – NSC was a significant underperformer this quarter reflecting weaker than expected quarterly earnings and news of a train derailment in Ohio. Fortunately, there were no fatalities related to the derailment, but there was environmental damage. Historically, the financial impact from train derailments have been relatively small and NSC’s insurance coverage could help cushion the blow. We believe NSC will emerge from this relatively unscathed, but will have to reinforce some of their network due to changes made from precision scheduled railroading efforts.”
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Norfolk Southern Corporation (NYSE:NSC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Norfolk Southern Corporation (NYSE:NSC) at the end of first quarter 2023 which was 43 in the previous quarter.
We discussed Norfolk Southern Corporation (NYSE:NSC) in another article and shared Aristotle Atlantic Large Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
