Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was 11.67% up in the first quarter, compared to S&P’s return of 7.50% and Russell 1000 Value’s 1.01% return. The largest performance drivers of the fund in the quarter were the largest detractors from the prior years. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund highlighted stocks like MGM Resorts International (NYSE:MGM) in the first quarter 2023 investor letter. Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) owns and operates casino resorts. On April 25, 2023, MGM Resorts International (NYSE:MGM) stock closed at $43.44 per share. One-month return of MGM Resorts International (NYSE:MGM) was 0.84%, and its shares gained 7.68% of their value over the last 52 weeks. MGM Resorts International (NYSE:MGM) has a market capitalization of $16.687 billion.
Longleaf Partners Fund made the following comment about MGM Resorts International (NYSE:MGM) in its Q1 2023 investor letter:
“MGM Resorts International (NYSE:MGM) – Casino and online gaming company MGM was a strong performer in the quarter, driven by double-digit revenue growth and strong 2023 bookings in Las Vegas, defying assumptions that the post-COVID travel rebound would ease this year. Vegas margins remain at pre-pandemic levels in the high-30’s, though we assume these numbers will not last forever. The Macau business is coming back strongly, and licenses have been renewed for all players. BetMGM, the online gaming business jointly owned by MGM and Entain, continues to grow revenues, maintaining its strong market share position. Management confirmed in the quarterly earnings call that rumors of MGM buying all of Entain were not true, causing MGM’s share price to rally and Entain’s to fall on the news. MGM bought back 20% of discounted shares in 2022 and continues to repurchase at a double-digit annualized pace in 2023.”
MGM Resorts International (NYSE:MGM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held MGM Resorts International (NYSE:MGM) at the end of the fourth quarter which was 53 in the previous quarter.
We discussed MGM Resorts International (NYSE:MGM) in another article and shared the list of best gambling stocks to buy. 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.
