Horizon Kinetics LLC, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The letter discussed certain business models that can be valuable long-term components of a portfolio. You can check the fund’s top 5 holdings to know more about its best picks for 2023.
Horizon Kinetics highlighted stocks like Texas Pacific Land Corporation (NYSE:TPL) in the first quarter 2023 investor letter. Headquartered in Dallas, Texas, Texas Pacific Land Corporation (NYSE:TPL) is a landowner in the State of Texas. On May 31, 2023, Texas Pacific Land Corporation (NYSE:TPL) stock closed at $1,303.70 per share. One-month return of Texas Pacific Land Corporation (NYSE:TPL) was -9.03%, and its shares lost 18.41% of their value over the last 52 weeks. Texas Pacific Land Corporation (NYSE:TPL) has a market capitalization of $10.028 billion.
Horizon Kinetics made the following comment about Texas Pacific Land Corporation (NYSE:TPL) in its Q1 2023 investor letter:
“There is, though, Texas Pacific Land Corporation (NYSE:TPL) that has been publicly traded for well over a century, making it the 4th longest-listed company on the NY Stock Exchange. Evidencing how invisible land companies are, two different websites list the renowned companies that have been trading the longest. The five oldest are reported to be, in order, BNY/Mellon, Consolidated Edison, Procter & Gamble, IBM, and Coca-Cola. The problem is that No. 4, IBM, went public in 1916, some decades after this land company did. This is a lesson in the survivor bias challenge in analyzing or relying on index returns.
In any case, this land company has the added benefit of not having undergone any recapitalization, acquisitions or ownership changes that would overly complicate the return calculations. The result is quite extraordinary. There are a few complexities, as always occur, but here are the preliminary, conservatively calculated figures…” (Click here to read the full text)
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Texas Pacific Land Corporation (NYSE:TPL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Texas Pacific Land Corporation (NYSE:TPL) at the end of first quarter 2023 which was 20 in the previous quarter.
We discussed Texas Pacific Land Corporation (NYSE:TPL) in another article and shared Wedgewood Partners’ 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.
