Broyhill Asset Management, a boutique investment firm, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the portfolio increased 0.9% net of all fees and expenses, and year-to-date, the portfolio returned 12.3% net of all fees and expenses. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Broyhill Asset Management highlighted stocks like Anheuser-Busch InBev SA/NV (NYSE:BUD) in the second quarter 2023 investor letter. Headquartered in Leuven, Belgium, Anheuser-Busch InBev SA/NV (NYSE:BUD) engages in the production and distribution of beer and beverages. On August 4, 2023, Anheuser-Busch InBev SA/NV (NYSE:BUD) stock closed at $56.49 per share. One-month return of Anheuser-Busch InBev SA/NV (NYSE:BUD) was 1.78%, and its shares gained 6.10% of their value over the last 52 weeks. Anheuser-Busch InBev SA/NV (NYSE:BUD) has a market capitalization of $112.061 billion.
Broyhill Asset Management made the following comment about Anheuser-Busch InBev SA/NV (NYSE:BUD) in its second quarter 2023 investor letter:
“The largest detractors to performance over the quarter were First Horizon Corp (FHN), Anheuser-Busch InBev SA/NV (NYSE:BUD), and Bayer (BAYRY). Problems at Anheuser Busch InBev began on April 1 with Dylan Mulvaney’s social media post, which ignited a fiery backlash amongst Bud Light customers across ‘Merica. With volumes down sharply, and competitors gaining share at BUD’s expense, operational deleveraging is set to weigh heavily on US margins amid peak demand pressure in the second quarter. Despite severe US headwinds (second-quarter operating profit maybe half of last year’s levels), we still expect BUD to grow consolidated operating profit at a mid-single-digit rate for the full year. With current issues well understood and investor sentiment in the gutters, we see significant upside in a stock, which is approaching a double-digit FCF yield. With FX headwinds and rising input costs reversing course, increasing margins are likely to drive positive surprises into FY24 as continued deleveraging accrues more value to shareholders.”
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Anheuser-Busch InBev SA/NV (NYSE:BUD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Anheuser-Busch InBev SA/NV (NYSE:BUD) at the end of first quarter which was 15 in the previous quarter.
We discussed Anheuser-Busch InBev SA/NV (NYSE:BUD) in another article and shared the list of best brewery and distillery stocks to buy. 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.
