Oakmark Funds, advised by Harris Associates, released its “Oakmark Equity and Income Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund delivered -1.87% during the quarter compared to the Lipper Balanced Fund Index’s -2.79%. For the fiscal year, the Fund’s return is 14.40%, compared to an 11.29% return for the Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Equity and Income Fund highlighted stocks like Brunswick Corporation (NYSE:BC) in the third quarter 2023 investor letter. Headquartered in Mettawa, Illinois, Brunswick Corporation (NYSE:BC) designs, manufactures, and markets recreation products. On October 6, 2023, Brunswick Corporation (NYSE:BC) stock closed at $74.21 per share. One-month return of Brunswick Corporation (NYSE:BC) was -1.70%, and its shares gained 9.58% of their value over the last 52 weeks. Brunswick Corporation (NYSE:BC) has a market capitalization of $5.182 billion.
Oakmark Equity and Income Fund made the following comment about Brunswick Corporation (NYSE:BC) in its Q3 2023 investor letter:
“Brunswick Corporation (NYSE:BC) is the leading manufacturer of marine engines, boats, and related parts and accessories. The company is commonly viewed as a cyclical boat manufacturer, but the business has evolved in recent years such that most of its profits now come from its outboard engine and aftermarket segments. These are high-quality businesses in which Brunswick has material competitive advantages and generates high returns on invested capital. The Mercury outboard business is the crown jewel. Over the past decade, Mercury has taken advantage of its leading scale to fund large investments in R&D and product development. These investments have driven consistent market share gains and enabled Mercury to carve out a dominant position in the fast-growing, high-horsepower part of the outboard market. Meanwhile, Brunswick has grown its parts and accessories business through attractive acquisitions that benefit from its broad-based distribution. The combination has shifted the business mix toward more resilient and faster growing profit streams that we believe are underappreciated today. The combination of recession fears and a stale business perception provided us with an opportunity to buy this high-quality franchise at a single-digit multiple of our estimate of mid-cycle earnings power. In our view, this is an attractive price for such a strong franchise.”
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Brunswick Corporation (NYSE:BC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Brunswick Corporation (NYSE:BC) at the end of the second quarter, which was 34 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 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.
