Should You Hold BlackRock (BLK)?

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 BlackRock, Inc. (NYSE:BLK) in the first quarter 2023 investor letter. based in New York City, BlackRock, Inc. (NYSE:BLK) is an investment manager. On June 29, 2023, BlackRock, Inc. (NYSE:BLK) stock closed at $688.21 per share. One-month return of BlackRock, Inc. (NYSE:BLK) was 0.93%, and its shares gained 11.60% of their value over the last 52 weeks. BlackRock, Inc. (NYSE:BLK) has a market capitalization of $103.068 billion.

The London Company Large Cap Strategy made the following comment about BlackRock, Inc. (NYSE:BLK) in its first quarter 2023 investor letter:

“BlackRock, Inc. (NYSE:BLK)- BLK underperformed in Q1, but our conviction in BLK remains high based on the durability of its competitive position, an under-levered balance sheet, persistently strong profitability, and capital return. BLK has experienced some margin pressure on market-driven AUM declines, but has responded with cost control measures. We continue to view BLK as a well-run company that is likely to outperform the industry over the long term.”

BlackRock, Inc. (NYSE:BLK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held BlackRock, Inc. (NYSE:BLK) at the end of first quarter 2023 which was 49 in the previous quarter.

We discussed BlackRock, Inc. (NYSE:BLK) in another article and shared the list of best asset management stocks to buy according to hedge funds. 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.