Ensemble Capital Management, an investment management company, released its first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy gained 10.48% compared to the S&P 500’s 10.56% return. The stock market rallied by 10.56% in Q1 2024, adding to the 11.69% rally in Q4 2023. The strategy performed in line with the S&P 500 returns this quarter after outperforming last quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ensemble Capital Management featured stocks like First American Financial Corporation (NYSE:FAF) in the first quarter 2024 investor letter. Headquartered in Santa Ana, California, First American Financial Corporation (NYSE:FAF) provides financial services. On April 15, 2024, First American Financial Corporation (NYSE:FAF) stock closed at $56.10 per share. One-month return of First American Financial Corporation (NYSE:FAF) was 1.69%, and its shares lost 2.67% of their value over the last 52 weeks. First American Financial Corporation (NYSE:FAF) has a market capitalization of $5.81 billion.
Ensemble Capital Management stated the following regarding First American Financial Corporation (NYSE:FAF) in its first quarter 2024 investor letter:
“First American Financial Corporation (NYSE:FAF): First American generates most of its earnings power by facilitating the purchase of houses. With interest rates still much higher than they were a few years ago, the number of housing transactions has fallen to very low levels, blunting First American’s earnings and causing weak stock price performance. But we are finally seeing signs of a pickup in housing transactions, and we remain confident in the mission critical role the company plays in facilitating the all-important housing industry.”
A modern office tower overlooking a city skyline, illustrating the power of its financial services division.
First American Financial Corporation (NYSE:FAF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, First American Financial Corporation (NYSE:FAF) was held by 30 hedge fund portfolios, compared to 25 in the previous quarter, according to our database.
We previously discussed First American Financial Corporation (NYSE:FAF) in another article, where we shared the list of undervalued insurance stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.
