Investment management company Vulcan Value Partners recently released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. All five investing strategies outperformed their respective benchmarks and produced strong double-digit annual returns that were far higher than inflation. Additionally, the firm is happy with the fourth quarter’s outcomes. All of the investment strategies produced double-digit returns and all of them except Small Cap beat their respective benchmarks. In the quarter, the fund’s Large Cap Composite returned 18.4% net of fees and expenses, the Small Cap Composite returned 13.0% net, the Focus Composite returned 20.0% net, the Focus Plus composite returned 19.8% (net), and the All-Cap Composite returned 18.5% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners featured stocks such as Cushman & Wakefield plc (NYSE:CWK) in the fourth quarter 2023 investor letter. Headquartered in London, the United Kingdom, Cushman & Wakefield plc (NYSE:CWK) is a commercial real estate services provider. On January 17, 2024, Cushman & Wakefield plc (NYSE:CWK) stock closed at $9.64 per share. One-month return of Cushman & Wakefield plc (NYSE:CWK) was -7.49%, and its shares lost 29.38% of their value over the last 52 weeks. Cushman & Wakefield plc (NYSE:CWK) has a market capitalization of $2.191 billion.
Vulcan Value Partners stated the following regarding Cushman & Wakefield plc (NYSE:CWK) in its fourth quarter 2023 investor letter:
“Cushman & Wakefield plc (NYSE:CWK) provides commercial real estate services including property management, transaction management, leasing brokerage, and other services in the sale and servicing of commercial real estate. The company and new CEO made progress improving free cash flow during the quarter. However, the bigger factor in the quarter affecting the company and its peers, was the general market view on interest rates and the Fed’s December announcement that three rate cuts are likely expected in 2024. Cushman has a good business model that is asset light and diversified. The company is benefiting from secular trends such as the outsourcing of property and facility management which should help improve margins and free cash flow going forward.”
A real estate broker viewing a commercial property as part of a loan consultation.
Cushman & Wakefield plc (NYSE:CWK) is not our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Cushman & Wakefield plc (NYSE:CWK) at the end of third quarter which was 16 in the previous quarter.
We discussed Cushman & Wakefield plc (NYSE:CWK) in another article and shared Vulcan Value Partners’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 10 Best Long-Term Tech Stocks To Buy
- Best Real Estate Lawyers in Each of the 30 Biggest Cities in the US
- Best Malpractice Lawyers in Each of 30 Biggest Cities in the US
Disclosure: None. This article is originally published at Insider Monkey.
