Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned -1.33% in the fourth quarter, compared to the S&P 500’s 2.41% return and Russell 1000 Value’s -1.98% return. For the year the fund returned 8.80% compared to 25.02% and 14.37% returns for the indexes. For more information on the fund’s best picks in 2024, please check its top five holdings.
Longleaf Partners Fund highlighted stocks like CNX Resources Corporation (NYSE:CNX), in the fourth quarter 2024 investor letter. CNX Resources Corporation (NYSE:CNX) is an independent natural gas and midstream company. The one-month return of CNX Resources Corporation (NYSE:CNX) was 24.22%, and its shares gained 37.57% of their value over the last 52 weeks. On January 28, 2024, CNX Resources Corporation (NYSE:CNX) stock closed at $27.79 per share with a market capitalization of $4.148 billion.
Longleaf Partners Fund stated the following regarding CNX Resources Corporation (NYSE:CNX) in its Q4 2024 investor letter:
“CNX Resources Corporation (NYSE:CNX) – Natural gas company CNX Resources was a top performer for both the quarter and the year. The company consistently delivered solid operational results throughout the year, maintaining continued focus on growing value per share. CNX came into 2024 more hedged than peers and with a strong balance sheet that has funded continued share repurchases at a double-digit annualized pace. The company continues to focus on what is within their control, leveraging its low-cost structure and disciplined hedging strategy to deliver free cash flow (FCF) in a variety of price environments. The company also announced an asset purchase in the fourth quarter that both strategically helps its existing assets in the Deep Utica and grows the company’s value per share. CNX remains discounted and one of our stronger value growers over the last few years. Our partners CEO Nick DeIuliis and Chairman Will Thorndike continue focusing on growing long term FCF and value per share. If you would like to learn more about CNX, we hosted a podcast in September with CEO Nick DeIuliis that covers a range of topics.”
A long line of heavy-duty trucks transporting natural gas across a rural highway.
CNX Resources Corporation (NYSE:CNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held CNX Resources Corporation (NYSE:CNX) at the end of the third quarter which was 29 in the previous quarter. While we acknowledge the potential of CNX Resources Corporation (NYSE:CNX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed CNX Resources Corporation (NYSE:CNX) and shared long term stock picks of billionaire Mason Hawkins. CNX Resources Corporation (NYSE:CNX) was a top performer of Longleaf Partners Fund in Q3 2024. In addition, please check out our hedge fund investor letters Q3 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.