Mayar Capital, an investment management firm, released its “Mayar Responsible Global Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was down -5.26% net of all expenses and fees, while the MSCI World Index decreased by -4.31% in the same period. The fund has increased 168.57% since its inception in May 2011 compared to a 169.34% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mayar Capital highlighted stocks like Kenvue Inc. (NYSE:KVUE) in the third quarter 2023 investor letter. Headquartered in Skillman, New Jersey, Kenvue Inc. (NYSE:KVUE) is a consumer health company. On December 8, 2023, Kenvue Inc. (NYSE:KVUE) stock closed at $20.61 per share. One-month return of Kenvue Inc. (NYSE:KVUE) was 7.91%, and its shares gained 6.62% of their value over the last three months. Kenvue Inc. (NYSE:KVUE) has a market capitalization of $39.466 billion.
Mayar Capital made the following comment about Kenvue Inc. (NYSE:KVUE) in its third 2023 investor letter:
“We also initiated a new investment in the shares of Kenvue Inc. (NYSE:KVUE). In August, Johnson & Johnson completed the split-off from Kenvue in which J&J shareholders could tender their shares in exchange for Kenvue shares at a 7% discount. Kenvue is formerly the J&J Consumer Health business. The transaction makes sense – the Consumer division was always small for J&J and this separation gives investors two distinct options, one pure-play FMCG company, and one pure-play healthcare company. We like Kenvue’s strong brand portfolio across its OTC medication business as well as its beauty and other healthcare brands (such as Listerine and Johnson’s), and the company has some very strong positions in its niches. While this isn’t a fast-grower, the manufacturing scale, IP and distribution network of this business provide a deep enough moat to give reasonable assurances about the company’s quality. And the current valuation looks attractive.”
A pharmacist at a local store, stocking shelves with products from the consumer health company.
Kenvue Inc. (NYSE:KVUE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 84 hedge fund portfolios held Kenvue Inc. (NYSE:KVUE) at the end of third quarter which was 31 in the previous quarter.
We discussed Kenvue Inc. (NYSE:KVUE) in another article and shared $5 billion hedge fund Skye Global’s top stock picks. 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.