L1 Capital, an investment management firm, released its “L1 Capital International Fund” first quarter 2023 investor letter, a copy of the same can be downloaded here. In the first quarter, the L1 Capital International Fund returned 13.7% (net of fees) compared to its benchmark’s (MSCI World Net Total Return Index in AUD) 9.1% return for the same period. The Australian dollar depreciated 1.2% against the U.S. dollar and depreciated 3.2% against the Euro in the quarter increasing the Fund and Benchmark Australian dollar reported returns. The Fund’s strong performance in the quarter was broad-based. Please check the top five holdings of the fund to know its best picks in 2023.
L1 Capital International Fund highlighted stocks like Eagle Materials Inc. (NYSE:EXP) in the first quarter 2023 investor letter. Headquartered in Dallas, Texas, Eagle Materials Inc. (NYSE:EXP) is a heavy construction material and light building materials supplier. On June 28, 2023, Eagle Materials Inc. (NYSE:EXP) stock closed at $181.96 per share. One-month return of Eagle Materials Inc. (NYSE:EXP) was 11.57%, and its shares gained 65.51% of their value over the last 52 weeks. Eagle Materials Inc. (NYSE:EXP) has a market capitalization of $6.439 billion.
L1 Capital International Fund made the following comment about Eagle Materials Inc. (NYSE:EXP) in its first quarter 2023 investor letter:
“We modestly trimmed investment in CRH and Eagle Materials Inc. (NYSE:EXP). These businesses continue to perform in line or ahead of our base case expectations, but following significant share price increases the risk adjusted returns in our base case scenarios were less favourable.”
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Eagle Materials Inc. (NYSE:EXP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Eagle Materials Inc. (NYSE:EXP) at the end of first quarter 2023 which was 32 in the previous quarter.
We discussed Eagle Materials Inc. (NYSE:EXP) in another article and shared ClearBridge Small Cap Strategy’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.