Harding Loevner, an asset management company, released its “International Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. HL International Equity returned 7.72% (Net of fees) compared to a 7% return for the MSCI All Country World ex-US Index and 8.62% for the MSCI EAFE Index. Sector and regional allocation are the sources of the relative performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
HL International Equity Strategy highlighted stocks like Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) in the first quarter 2023 investor letter. Headquartered in Mexico City, Mexico, Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) is a franchise bottler, that produces and distributes Coca-Cola trademark beverages. On June 14, 2023, Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) stock closed at $88.60 per share. One-month return of Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) was 0.10%, and its shares gained 58.78% of their value over the last 52 weeks. Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) has a market capitalization of $18.653 billion.
HL International Equity Strategy made the following comment about Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) in its first quarter 2023 investor letter:
“The Consumer Staples sector delivered the strongest relative performance, with cosmetics producer L’Oréal and Coke bottler and convenience store operator Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) especially strong. FEMSA rallied after announcing a strategic review, which will refocus the company on its strongest businesses and divest non-core assets, punctuated by cutting its large stake in Heineken.
In terms of geographical performance, the eurozone emerged as the top-performing region, and our stocks did better still, fueled by the strong performance of Infineon, L’Oréal, and Schneider Electric. EMs, which lagged the index, were boosted by the improving outlook for semiconductor companies TSMC and Samsung. Mexico’s FEMSA also contributed strongly to relative returns.”
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Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) at the end of first quarter 2023 which was 12 in the previous quarter.
We discussed Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) in another article and shared Bill Gates’ most recent portfolio. 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.