The London Company, an investment management company, released “The London Company Mid Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 10.3% gross (10.2% net) compared to a 4.8% return for the Russell Midcap Index. The portfolio outperformed the benchmark in a strong market environment, despite headwinds from factor performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Mid Cap Strategy highlighted stocks like Vulcan Materials Company (NYSE:VMC) in the second quarter 2023 investor letter. Headquartered in Birmingham, Alabama, Vulcan Materials Company (NYSE:VMC) is a construction aggregates producer and supplier. On August 2, 2023, Vulcan Materials Company (NYSE:VMC) stock closed at $223.08 per share. One-month return of Vulcan Materials Company (NYSE:VMC) was 2.33%, and its shares gained 30.90% of their value over the last 52 weeks. Vulcan Materials Company (NYSE:VMC) has a market capitalization of $29.683 billion.
The London Company Mid Cap Strategy made the following comment about Vulcan Materials Company (NYSE:VMC) in its second quarter 2023 investor letter:
“Vulcan Materials Company (NYSE:VMC) – Strong pricing power, dominant positions in local markets, and targeted exposure to high growth metropolitan areas contributed to VMC’s outperformance in 02. As the largest aggregates business in the country, VMC is well positioned to benefit from the Infrastructure Investment and Jobs Act over the next several years. We continue to view VMC’s pricing power through the cycle, exposure to publicly funded projects and strong balance sheet as sources of downside protection. We also believe Vulcan’s ongoing investments in technology and market intelligence should continue to support the business’s market leadership, pricing power, and best-in-class operations capabilities over the long-term.”
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Vulcan Materials Company (NYSE:VMC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Vulcan Materials Company (NYSE:VMC) at the end of first quarter which was 43 in the previous quarter.
We discussed Vulcan Materials Company (NYSE:VMC) in another article and shared Baron Real Estate Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
