Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 12.92% in the fourth quarter, compared to an 11.69% return for the S&P 500 Index. For the calendar year, the fund returned 30.89% compared to 26.29% for the index. Despite 2023 being another year where value faced a challenge over growth, the firm is pleased that the Fund outperformed for the entire year as well as the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
In its Q4 2023 investor letter, Oakmark Fund featured stocks such as BlackRock, Inc. (NYSE:BLK). Based in New York City, BlackRock, Inc. (NYSE:BLK) is an investment manager. On January 8, 2024, BlackRock, Inc. (NYSE:BLK) stock closed at $797.19 per share. One-month return of BlackRock, Inc. (NYSE:BLK) was 4.99%, and its shares gained 5.27% of their value over the last 52 weeks. BlackRock, Inc. (NYSE:BLK) has a market capitalization of $118.592 billion.
In its fourth quarter 2023 investor letter, Oakmark Fund stated the following regarding BlackRock, Inc. (NYSE:BLK):
“We purchased shares in BlackRock, Inc. (NYSE:BLK), the largest asset manager in the investment industry, when its stock sold off on fears that higher interest rates would hurt global economic activity. BlackRock’s ETF business, iShares, outgrows competitors due to its strong brand and breadth of product offerings. BlackRock’s active management business also outgrows most other managers due to its dominance in fixed income and leadership in multi-asset, sustainable investing and alternative assets. We expect BlackRock’s total revenue to grow in the high-single digits and earnings per share to grow faster than revenue. We were pleased to add this above-market grower at a below-market multiple of earnings.”
A professional asset manager making an investment decision at their office.
BlackRock, Inc. (NYSE:BLK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held BlackRock, Inc. (NYSE:BLK) at the end of third quarter which was 57 in the previous quarter.
We discussed BlackRock, Inc. (NYSE:BLK) in another article and shared the list of biggest stocks that benefit from high interest rates. In addition, please check out our hedge fund investor letters Q4 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.