Investment management company Vulcan Value Partners recently released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. The firm is happy with the first quarter’s outcomes. All of the strategic composites generated positive returns, and many of them outperformed their respective benchmarks. In the quarter, the fund’s Large Cap Composite returned 12.0% net of fees and expenses, the Small Cap Composite returned 0.2% net, the Focus Composite returned 12.7% net, the Focus Plus composite returned 12.9%, and the All-Cap Composite returned 6.6% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners featured stocks like Crown Holdings, Inc. (NYSE:CCK) in the first quarter 2024 investor letter. Headquartered in Yardley, Pennsylvania, Crown Holdings, Inc. (NYSE:CCK) engages in the packaging business. On May 7, 2024, Crown Holdings, Inc. (NYSE:CCK) stock closed at $83.84 per share. One-month return of Crown Holdings, Inc. (NYSE:CCK) was 5.46%, and its shares gained 1.45% of their value over the last 52 weeks. Crown Holdings, Inc. (NYSE:CCK) has a market capitalization of $10.124 billion.
Vulcan Value Partners stated the following regarding Crown Holdings, Inc. (NYSE:CCK) in its first quarter 2024 investor letter:
“Crown Holdings, Inc. (NYSE:CCK) is the second largest manufacturer of aluminum beverage cans globally. We own its larger competitor, Ball Corp., in our Large Cap portfolio. Our investment case for the two companies is broadly similar. The beverage can industry is a consolidated and rational industry with high barriers to entry. The industry structure, scale, and long-term contracts with inflationary pass-throughs result in solid and stable margins, high returns on capital, and robust free cash flow. In addition, aluminum cans are taking share from other substrates, most notably plastic, as aluminum is considered a more sustainable product. This transition to aluminum is driving volume growth for Crown. Recently, demand for its products has been weak due to current macro factors. We expect growth to normalize over time.”
A closeup shot of a large industrial machine that manufactures steel cans.
Crown Holdings, Inc. (NYSE:CCK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Crown Holdings, Inc. (NYSE:CCK) at the end of the fourth quarter which was 48 in the previous quarter.
We previously discussed Crown Holdings, Inc. (NYSE:CCK) in another article, where we shared best packaging stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 14 Best Housing Stocks To Buy According to Hedge Funds
- 13 Best Stocks That Will Always Grow
- 20 Best Long-lasting Lipsticks
Disclosure: None. This article is originally published at Insider Monkey.
