The London Company, an investment management company, released “The London Company Large Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund gained 7.6% (7.5%, net) during the quarter compared to a 12% rise in the Russell 1000 Index. Headwinds from stock selection and sector exposure led the fund to underperform in Q4. The Large Cap portfolio underperformed its benchmark in 4Q, falling short of 85-90% upside capture estimates. As was the case throughout the year, a lack of exposure to high volatility and growth factors, as well as an overexposure to quality factors, acted as headwinds. 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 featured stocks such as FedEx Corporation (NYSE:FDX) in the fourth quarter 2023 investor letter. Headquartered in Memphis, Tennessee, FedEx Corporation (NYSE:FDX) offers transportation, e-commerce, and business services. On February 9, 2024, FedEx Corporation (NYSE:FDX) stock closed at $242.62 per share. One-month return of FedEx Corporation (NYSE:FDX) was -2.39%, and its shares gained 14.63% of their value over the last 52 weeks. FedEx Corporation (NYSE:FDX) has a market capitalization of $60.629 billion.
The London Company Large Cap Strategy stated the following regarding FedEx Corporation (NYSE:FDX) in its fourth quarter 2023 investor letter:
“FedEx Corporation (NYSE:FDX) – After a very positive start to the year, FDX lagged during 4Q after a weak earnings report and lowered guidance. Fundamentals improved throughout the year as FDX enacted major cost cuts, but a decline in volumes in the quarter was too much for the new cost structure to overcome. Longer term, FDX has the potential to be a strong player in the transportation industry, but it will have to continue adjusting its fleet and network to an evolving marketplace.”
A driver unloading packages from a van for a time-critical delivery.
FedEx Corporation (NYSE:FDX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held FedEx Corporation (NYSE:FDX) at the end of third quarter which was 62 in the previous quarter.
We discussed FedEx Corporation (NYSE:FDX) in another article and shared the list of billionaire Mason Hawkins’ stock picks with huge upside potential. 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.
