The London Company, an investment management company, released “The London Company Large Cap Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. During 1Q, U.S. stocks made significant gains due to steady economic growth, decreasing inflation, and a slightly weaker labor market, increasing the likelihood of a soft landing. The fund gained 8.3% (8.2%, net) during the quarter compared to a 10.3% rise in the Russell 1000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
The London Company Large Cap Strategy featured stocks like Nestlé S.A. (OTC:NSRGY) in its Q1 2024 investor letter. Headquartered in Vevey, Switzerland, Nestlé S.A. (OTC:NSRGY) is a food and beverage company. On May 2, 2024, Nestlé S.A. (OTC:NSRGY) stock closed at $101.14 per share. One-month return of Nestlé S.A. (OTC:NSRGY) was -1.83%, and its shares lost 22.62% of their value over the last 52 weeks. Nestlé S.A. (OTC:NSRGY) has a market capitalization of $265.119 billion.
The London Company Large Cap Strategy stated the following regarding Nestlé S.A. (OTC:NSRGY) in its first quarter 2024 investor letter:
“Nestlé S.A. (OTC:NSRGY) – Sentiment across the packaged food space is low as it emerges from two years of unprecedented food price inflation (not seen since the 1970s). High prices pressured volumes and margins industry-wide, and caused consumers to trade-down to value and private label. We view NSRGY as attractively positioned in categories that have stable, long-term volume tailwinds such as coffee, pet food, and nutritional health. We believe the stock can re-rate as volume-led growth returns, and the company continues to execute against profitability and operational goals.”
Copyright: wolterk / 123RF Stock Photo
Nestlé S.A. (OTC:NSRGY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Nestlé S.A. (OTC:NSRGY) was held by 5 hedge fund portfolios, compared to 5 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 10 Stocks with Latest Dividend Increases
- Goldman Sachs’ Top 15 Stock Picks for 2024
- 15 Best Places to Retire in Kansas
Disclosure: None. This article is originally published at Insider Monkey.