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 PVH Corp. (NYSE:PVH) in the first quarter 2023 investor letter. Headquartered in New York, New York, PVH Corp. (NYSE:PVH) is an apparel company. On April 25, 2023, PVH Corp. (NYSE:PVH) stock closed at $83.32 per share. One-month return of PVH Corp. (NYSE:PVH) was -2.18%, and its shares gained 14.69% of their value over the last 52 weeks. PVH Corp. (NYSE:PVH) has a market capitalization of $5.225 billion.
Longleaf Partners Fund made the following comment about PVH Corp. (NYSE:PVH) in its Q1 2023 investor letter:
“PVH Corp. (NYSE:PVH) – Apparel company PVH, which owns brands Tommy Hilfiger and Calvin Klein, was another strong performer in the quarter. PVH was a new purchase in 2022 when it was thrown out with industry weakness driven by inferior companies, and this was exacerbated when the company was kicked out of the S&P 500. CEO Stefan Larsson, whom we previously got to know at Ralph Lauren, is doing a great job streamlining the company and growing margins and FCF per share. Tommy Hilfiger and Calvin Klein are strong global brands, though they are not earning what they should in the US. The stock has significant additional upside from the current single-digit multiple of FCF power for a company that is relatively resistant to fashion trend risk with a management team that we believe will continue to deliver on operating margin growth from here.”
PVH Corp. (NYSE:PVH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held PVH Corp. (NYSE:PVH) at the end of the fourth quarter which was 35 in the previous quarter.
We discussed PVH Corp. (NYSE:PVH) in another article and shared the list of luxury clothing 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.