Harding Loevner, an asset management company, released its “Global Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy returned 6.25% net of fees compared to a 7.44% return for the MSCI All Country World Index and 7.88% for the MSCI World Index. Exposure to the banking sector detracted the relative and absolute performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Harding Loevner Global Equity Strategy highlighted stocks like Northrop Grumman Corporation (NYSE:NOC) in the first quarter 2023 investor letter. Headquartered in Falls Church, Virginia, Northrop Grumman Corporation (NYSE:NOC) is an aerospace and defense company. On June 6, 2023, Northrop Grumman Corporation (NYSE:NOC) stock closed at $448.10 per share. One-month return of Northrop Grumman Corporation (NYSE:NOC) was 1.14%, and its shares lost 5.15% of their value over the last 52 weeks. Northrop Grumman Corporation (NYSE:NOC) has a market capitalization of $68.048 billion.
Harding Loevner Global Equity Strategy made the following comment about Northrop Grumman Corporation (NYSE:NOC) in its Q1 2023 investor letter:
“Our other purchase was Northrop Grumman Corporation (NYSE:NOC), a US defense contractor whose stock price experienced a pullback. We like that Northrop has a larger presence than its rivals in the most favorable subcategories of the defense industry-namely, nuclear weapons, space systems, and what’s known as C4ISR (which stands for Command, Control, Communications, Computers. Intelligence, Surveillance, and Reconnaissance). C4ISR refers to digital systems that translate data picked up from different sensors-such as an incoming hypersonic missile or advancing troops-into a common format, and then escalate key information to the right people These differentiated technologies are especially relevant in a time of increased geopolitical tensions. Northrop also benefits from large barriers to entry in this stable industry, which should enable continued strong earnings and cash flow.”
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Northrop Grumman Corporation (NYSE:NOC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Northrop Grumman Corporation (NYSE:NOC) at the end of first quarter 2023 which was 49 in the previous quarter.
We discussed Northrop Grumman Corporation (NYSE:NOC) in another article and shared Artisan Value Fund’s views on the company. 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.
