Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was 11.67% up in the first quarter, compared to S&P’s return of 7.50% and Russell 1000 Value’s 1.01% return. The largest performance drivers of the fund in the quarter were the largest detractors from the prior years. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund highlighted stocks like General Electric Company (NYSE:GE) in the first quarter 2023 investor letter. Headquartered in Boston, Massachusetts, General Electric Company (NYSE:GE) is a high-tech industrial company. On April 25, 2023, General Electric Company (NYSE:GE) stock closed at $98.44 per share. One-month return of General Electric Company (NYSE:GE) was 4.66%, and its shares gained 61.30% of their value over the last 52 weeks. General Electric Company (NYSE:GE) has a market capitalization of $107.327 billion.
Longleaf Partners Fund made the following comment about General Electric Company (NYSE:GE) in its Q1 2023 investor letter:
“General Electric Company (NYSE:GE) – Industrial conglomerate General Electric (GE) was a top performer as it began to execute its plan to split the company into three businesses. GE spun its Healthcare business in the quarter, and we sold GE Healthcare as it traded at our value. We believe the remaining company is still undervalued, while CEO Larry Culp has reduced leverage, cut costs, streamlined operations and improved overall morale. In 1Q 2024, GE will separate Aviation and Power, which we believe will highlight the underlying values of each as the strong, defensive growth businesses they are.”
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General Electric Company (NYSE:GE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held General Electric Company (NYSE:GE) at the end of the fourth quarter which was 53 in the previous quarter.
We discussed General Electric Company (NYSE:GE) in another article and shared the list of best-diversified stocks to buy. 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.