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 Apple Inc. (NASDAQ:AAPL) in its Q1 2024 investor letter. Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a multinational technology company that designs and manufactures smartphones, personal computers, tablets, wearables, and accessories. On May 2, 2024, Apple Inc. (NASDAQ:AAPL) stock closed at $173.03 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was 2.03%, and its shares lost 0.31% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.672 trillion.
The London Company Large Cap Strategy stated the following regarding Apple Inc. (NASDAQ:AAPL) in its first quarter 2024 investor letter:
“Reduced: Apple Inc. (NASDAQ:AAPL) – Reduction reflects strong performance in 2023 and resulting elevated valuation. We believe the outlook for AAPL remains strong with slow growth in iPhone (now #1 global market share) and faster growth in the higher margin services business. R&D will continue to drive new products and AAPL now has over 2 billion installed devices around the world. While near term earnings expectations appear reasonable, we felt it was prudent to reduce the position size based on risks to valuation.”
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Apple Inc. (NASDAQ:AAPL) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Apple Inc. (NASDAQ:AAPL) was held by 131 hedge fund portfolios, down from 134 in the previous quarter, according to our database.
We previously discussed Apple Inc. (NASDAQ:AAPL) in another article, where we shared the list of most profitable companies in the US. 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.