Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Oakmark Global Fund showed robust absolute gains in the fourth quarter. The fund returned 7.56% in the quarter compared to an 11.42% Return for the MSCI World Index. For the calendar year, the fund returned 17.25% compared to 23.79% for the benchmark. 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 Global Fund featured stocks such as Capital One Financial Corporation (NYSE:COF). Headquartered in McLean, Virginia, Capital One Financial Corporation (NYSE:COF) is a financial holding company. On January 8, 2024, Capital One Financial Corporation (NYSE:COF) stock closed at $133.71 per share. One-month return of Capital One Financial Corporation (NYSE:COF) was 11.16%, and its shares gained 35.75% of their value over the last 52 weeks. Capital One Financial Corporation (NYSE:COF) has a market capitalization of $50.923 billion.
In its fourth quarter 2023 investor letter, Oakmark Global Fund stated the following regarding Capital One Financial Corporation (NYSE:COF):
“Capital One Financial Corporation (NYSE:COF), which specializes in consumer finance, was the top contributor for the quarter due to strong third-quarter results. The company’s earnings per share of $4.45 was about 37% above consensus estimates, and its loan growth, net interest margin, non-interest income, operating expenses and charge-offs were all better than consensus estimates. In regard to credit quality, management noted that while portfolio-wide monthly delinquency and charge-off rates slightly exceeded 2019 levels, those trends were stabilizing. In addition, Capital One maintains sizeable capital and liquidity buffers. Overall, we appreciate the company’s value-focused management team, consistent reinvestment in technology development and stable deposit base.”
A banker closely examining a document while seated at his desk.
Capital One Financial Corporation (NYSE:COF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Capital One Financial Corporation (NYSE:COF) at the end of third quarter which was 51 in the previous quarter.
We discussed Capital One Financial Corporation (NYSE:COF) in another article and shared billionaire Louis Bacon’s long-term stock picks. 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.