Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 17.6% net of fees compared to the S&P 500’s 11.7% return. The portfolio’s outperformance can be attributed to a three-factor model, where interaction, selection, and allocation effects all played a significant role. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Patient Capital Management featured stocks such as Citigroup Inc. (NYSE:C) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, Citigroup Inc. (NYSE:C) is a diversified financial service holding company. On January 30, 2024, Citigroup Inc. (NYSE:C) stock closed at $57.09 per share. One-month return of Citigroup Inc. (NYSE:C) was 6.43%, and its shares gained 9.47% of their value over the last 52 weeks. Citigroup Inc. (NYSE:C) has a market capitalization of $108.648 billion.
Patient Capital Management stated the following regarding Citigroup Inc. (NYSE:C) in its fourth quarter 2023 investor letter:
“Citigroup Inc. (NYSE:C), run by Jane Fraser since 2021, is on a multi-year journey to reorganize the business and reach return on tangible common equity of 11-12% by 2025-2026 (and higher further out). Citigroup is finally taking the hard actions necessary, cutting unprofitable departments, taking out middle management layers, and reducing overall headcount. We have high confidence Citi will hit its targets.”
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Citigroup Inc. (NYSE:C) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 79 hedge fund portfolios held Citigroup Inc. (NYSE:C) at the end of third quarter which was 75 in the previous quarter.
We discussed Citigroup Inc. (NYSE:C) in another article and shared the list of best dividend paying stocks to buy. 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.