Investment management company Vulcan Value Partners recently released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. All five investing strategies outperformed their respective benchmarks and produced strong double-digit annual returns that were far higher than inflation. Additionally, the firm is happy with the fourth quarter’s outcomes. All of the investment strategies produced double-digit returns and all of them except Small Cap beat their respective benchmarks. In the quarter, the fund’s Large Cap Composite returned 18.4% net of fees and expenses, the Small Cap Composite returned 13.0% net, the Focus Composite returned 20.0% net, the Focus Plus composite returned 19.8% (net), and the All-Cap Composite returned 18.5% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners featured stocks such as Park Hotels & Resorts Inc. (NYSE:PK) in the fourth quarter 2023 investor letter. Park Hotels & Resorts Inc. (NYSE:PK) is a publicly traded lodging REIT that owns leading hotels and resorts. On January 17, 2024, Park Hotels & Resorts Inc. (NYSE:PK) stock closed at $15.89 per share. One-month return of Park Hotels & Resorts Inc. (NYSE:PK) was -2.28%, and its shares gained 27.84% of their value over the last 52 weeks. Park Hotels & Resorts Inc. (NYSE:PK) has a market capitalization of $3.337 billion.
Vulcan Value Partners stated the following regarding Park Hotels & Resorts Inc. (NYSE:PK) in its fourth quarter 2023 investor letter:
“Park Hotels & Resorts Inc. (NYSE:PK) is a real estate investment trust (REIT) that owns a number of Hilton’s flagship properties including the Hilton Hawaiian Village and the New York Hilton. The company reported a solid quarter. Importantly, the company decided in June to return its two large hotels in San Francisco to the debt holders, and in October, they were placed into court-ordered receivership. The process has now reached a point where the company no longer has any financial obligation to these properties. As a result, the company’s balance sheet has been strengthened. The company also repurchased 3% of shares outstanding and announced its intention to pay a special dividend in the fourth quarter. We are pleased that the market has begun to appreciate the value of Park Hotels, and we think its shares remain discounted.”
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Park Hotels & Resorts Inc. (NYSE:PK) is not our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Park Hotels & Resorts Inc. (NYSE:PK) at the end of third quarter which was 25 in the previous quarter.
We discussed Park Hotels & Resorts Inc. (NYSE:PK) in another article and shared the list of stocks that billionaire Steve Cohen bought aggressively recently. 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.
