The London Company, an investment management company, released “The London Company Mid Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. Q4 saw a remarkable broadening of market strength, with small and mid-cap companies posting robust increases. In Q4, the fund gained 12.9% (12.8, net) vs a 12.8% gain for the Russell Midcap Index. Positive stock selection boosted the fund’s outperformance in the quarter, partly offset by headwinds from sector exposure. 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 featured stocks such as STERIS plc (NYSE:STE) in the fourth quarter 2023 investor letter. Headquartered in Dublin, Ireland, STERIS plc (NYSE:STE) provides infection prevention products and services. On February 7, 2024, STERIS plc (NYSE:STE) stock closed at $225.87 per share. One-month return of STERIS plc (NYSE:STE) was 1.46%, and its shares gained 17.43% of their value over the last 52 weeks. STERIS plc (NYSE:STE) has a market capitalization of $22.316 billion.
The London Company Mid Cap Strategy stated the following regarding STERIS plc (NYSE:STE) in its fourth quarter 2023 investor letter:
“STERIS plc (NYSE:STE)-STE underperformed in 40 reflecting cautious Investor sentiment with respect to normalization of the company’s healthcare capital equipment backlog, as well as continued softness in the Dental business. Fiscal 20 results (reported in November) were solid relative to expectations and guidance was maintained, but there were enough concerns to keep the stock in check relatively flat in an up market. Big picture, we continue to view STE as a solid compounder, and the near-term concerns do not alter our view on competitive positioning. longer-term growth, or ability to operate efficiently and control casts.”
A hospital worker in full protective gear demonstrating the companies infection prevention solutions.
STERIS plc (NYSE:STE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held STERIS plc (NYSE:STE) at the end of third quarter which was 31 in the previous quarter.
We discussed STERIS plc (NYSE:STE) in another article and shared ClearBridge 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.
