Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In a challenging risk-off period, the fund returned -1.82% in the third quarter, compared to S&P’s -3.27% return and Russell 1000 Value’s -3.16% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund highlighted stocks like MGM Resorts International (NYSE:MGM) in the third quarter 2023 investor letter. Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) owns and operates casino, hotel, and entertainment resorts. On November 24, 2023, MGM Resorts International (NYSE:MGM) stock closed at $40.22 per share. One-month return of MGM Resorts International (NYSE:MGM) was 15.48%, and its shares gained 15.18% of their value over the last 52 weeks. MGM Resorts International (NYSE:MGM) has a market capitalization of $13.738 billion.
Longleaf Partners Fund made the following comment about MGM Resorts International (NYSE:MGM) in its Q3 2023 investor letter:
“Digital holding company IAC was the largest detractor in the quarter after reporting weak earnings, particularly at underlying holding Angi, which represents a relatively small (single-digit %) proportion of the value but has an outsized impact on IAC’s stock price. Casino and online gaming company MGM Resorts International (NYSE:MGM) (which we also own directly and was a detractor in the quarter) comprises the largest portion of the IAC value. MGM faced multiple headwinds this quarter with a cyberattack that impacted all its properties and pending labor strikes in Las Vegas. Even with these events factored into our appraisal, MGM remains highly discounted today, and management is taking advantage of the price weakness to add value through meaningful share repurchase.”
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MGM Resorts International (NYSE:MGM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held MGM Resorts International (NYSE:MGM) at the end of second quarter which was 50 in the previous quarter.
We discussed MGM Resorts International (NYSE:MGM) in another article and shared the list of most valuable gambling companies in the world. 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.