Vltava Fund, an investment management company, recently released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. 2023 proved to be a prosperous year for the fund. The letter concentrates on outlining the more noteworthy changes that have occurred within the businesses that the fund owns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
In its Q4 2023 investor letter, Vltava Fund featured stocks such as Asbury Automotive Group, Inc. (NYSE:ABG). Headquartered in Duluth, Georgia, Asbury Automotive Group, Inc. (NYSE:ABG) is a US-based automotive retailer. On January 4, 2024, Asbury Automotive Group, Inc. (NYSE:ABG) stock closed at $207 per share. One-month return of Asbury Automotive Group, Inc. (NYSE:ABG) was -3.81%, and its shares gained 12.36% of their value over the last 52 weeks. Asbury Automotive Group, Inc. (NYSE:ABG) has a market capitalization of $ 4.294 billion.
In its fourth quarter 2023 investor letter, Vltava Fund stated the following regarding Asbury Automotive Group, Inc. (NYSE:ABG):
Viewed from a distance, as it were, Asbury Automotive Group, Inc. (NYSE:ABG) resembles ATD. Although it is in a different industry, Asbury Auto also is a retail business and a company that has been growing very successfully through acquisitions over a long time. The most recent of these was last year’s purchase of Jim Koons. To put that into perspective, this means that one of America’s largest and best auto dealers is buying another big and successful auto dealer. Jim Koons is an established and highly respected company among auto sellers. It has sales of just over $3 billion, and it is about one-fifth the size of Asbury Auto. The long-term growth of Asbury Auto is almost unbelievable. Judge for yourselves. In 2011, earnings per share were $1.43. For 2023, this figure will be approximately $33. That is 23 times the 2011 level. This earnings growth rate is of course not sustainable as the company continues to expand, but we nevertheless believe it will remain well above average for quite some time to come. The acquisition of Jim Koons should provide a perceptible boost.
An online automotive marketplace platform with a large selection of car listings.
Asbury Automotive Group, Inc. (NYSE:ABG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Asbury Automotive Group, Inc. (NYSE:ABG) at the end of third quarter which was 27 in the previous quarter.
We discussed Asbury Automotive Group, Inc. (NYSE:ABG) in another article and shared the list of cash-rich small cap stocks to invest in. In addition, please check out our hedge fund investor letters Q4 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.
