Investment management company Vulcan Value Partners recently released its third quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, all delivering negative returns in the third quarter. The fund’s Large Cap Composite returned -4.2% net of fees and expenses, the Small Cap Composite returned -5.7% net, the Focus Composite returned -1.9% net, the Focus Plus composite returned -2.0%, and the All-Cap Composite returned -4.9% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners highlighted stocks like Diageo plc (NYSE:DEO) in the Q3 2023 investor letter. Headquartered in London, the United Kingdom, Diageo plc (NYSE:DEO) engages in the production and distribution of alcoholic beverages. On October 13, 2023, Diageo plc (NYSE:DEO) stock closed at $150.00 per share. One-month return of Diageo plc (NYSE:DEO) was -4.97%, and its shares lost 10.96% of their value over the last 52 weeks. Diageo plc (NYSE:DEO) has a market capitalization of $85.605 billion.
Vulcan Value Partners made the following comment about Diageo plc (NYSE:DEO) in its Q3 2023 investor letter:
“Diageo plc (NYSE:DEO) is a global spirits and beer producer with over 200 brands, including Johnnie Walker, Crown Royal, Guinness, Smirnoff, Baileys, Don Julio, and Casamigos. Diageo’s spirits segment generates more than 80% of the company’s revenue, and the spirits segment has been taking share from beer and wine over the last decade. The company is diversified across geographies, brands, and alcohol categories. Diageo has strong margins and high returns on invested capital. Its management team has an excellent track record for brand and product innovation, moving into high-growth categories at the right time. The company has pricing power and performs well during recessions. Additionally, the premiumization trend has been a tailwind to Diageo’s revenue, and we believe this trend will continue, driven by an expanding global middle class and preference for higher quality spirits.”
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Diageo plc (NYSE:DEO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Diageo plc (NYSE:DEO) at the end of the second quarter, which was 23 in the previous quarter.
We discussed Diageo plc (NYSE:DEO) in another article and shared the list of largest alcohol companies in the world in 2023. In addition, please check out our hedge fund investor letters Q3 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.