Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 11.8% net of fees compared to the S&P 500’s 10.6% return. The outperformance of the portfolio can be attributed to selection and allocation effects, which are partially counteracted by interaction effects, according to a three-factor performance attribution model. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Patient Capital Opportunity Equity Strategy featured stocks like Citigroup Inc. (NYSE:C) in the first quarter 2024 investor letter. Headquartered in New York, New York, Citigroup Inc. (NYSE:C) is a diversified financial service holding company. On April 22, 2024, Citigroup Inc. (NYSE:C) stock closed at $60.95 per share. One-month return of Citigroup Inc. (NYSE:C) was 0.00%, and its shares gained 24.31% of their value over the last 52 weeks. Citigroup Inc. (NYSE:C) has a market capitalization of $116.256 billion.
Patient Capital Opportunity Equity Strategy stated the following regarding Citigroup Inc. (NYSE:C) in its first quarter 2024 investor letter:
“Citigroup Inc. (NYSE:C) gained 24.1% in the quarter continuing its uptrend from 4Q. The company is on a multi-year journey to reorganize the business and reach return on tangible common equity of 11-12% by 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. As of early March, the company was 70% done with its business exits and had reduced management layers by 1/4th. We have high confidence Citi will hit its targets. In the meantime, the company is returning cash to shareholders, which could meaningfully increase if the Basel III capital proposal is changed.”
A customer at a teller’s desk, demonstrating the company’s financial services.
Citigroup Inc. (NYSE:C) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Citigroup Inc. (NYSE:C) was held by 87 hedge fund portfolios, up from 79 in the previous quarter, according to our database.
We previously discussed Citigroup Inc. (NYSE:C) in another article, where we shared the list of best 52-week high stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 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.