The London Company, an investment management company, released “The London Company Small Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 7.7% gross (7.5% net), compared to a 2.7% return for the Russell 2000 Index. The portfolio reported strong relative and absolute returns in the quarter that exceeded expectations. The outperformance of the fund in the quarter was due to strong stock selection and limited exposure to banks. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Small Cap Strategy highlighted stocks like Vontier Corporation (NYSE:VNT) in the first quarter 2023 investor letter. Headquartered in Raleigh, North Carolina, Vontier Corporation (NYSE:VNT) is an industrial technology company focused on improving the mobility ecosystem worldwide. On June 30, 2023, Vontier Corporation (NYSE:VNT) stock closed at $32.21 per share. One-month return of Vontier Corporation (NYSE:VNT) was 6.73%, and its shares gained 39.98% of their value over the last 52 weeks. Vontier Corporation (NYSE:VNT) has a market capitalization of $5.012 billion.
The London Company Small Cap Strategy made the following comment about Vontier Corporation (NYSE:VNT) in its first quarter 2023 investor letter:
“Vontier Corporation (NYSE:VNT) – VNT outperformed during Q1, as the company continued to show progress on its portfolio transformation efforts while driving efficiencies in the core business. Quarterly results demonstrated strong demand for retail fueling products and carwash technology, while supply constraints began to ease. Management also announced encouraging 2023 guidance, as they appear to be moving beyond the notable electric vehicle headwinds that have weighed on sentiment. We believe VNT’s portfolio of highly profitable and resilient franchises remains well positioned to serve its large customer base with a variety of value-added solutions and to capitalize on emerging trends within the mobility market.”
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Vontier Corporation (NYSE:VNT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Vontier Corporation (NYSE:VNT) at the end of first quarter 2023 which was 29 in the previous quarter.
We discussed Vontier Corporation (NYSE:VNT) in another article and shared the list of pro-life companies to invest in. 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.
