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 Jones Lang LaSalle Incorporated (NYSE:JLL) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, Jones Lang LaSalle Incorporated (NYSE:JLL) is a professional services company that provides real estate and investment management services. On January 16, 2024, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $171.49 per share. One-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was -6.24%, and its shares lost 3.20% of their value over the last 52 weeks. Jones Lang LaSalle Incorporated (NYSE:JLL) has a market capitalization of $8.158 billion.
Vulcan Value Partners stated the following regarding Jones Lang LaSalle Incorporated (NYSE:JLL) in its fourth quarter 2023 investor letter:
“Jones Lang LaSalle Incorporated (NYSE:JLL) is one of the largest commercial real estate service providers in the world, serving both real estate investors and corporate occupiers of real estate. During the quarter, interest rates fell, moving the share prices of many real estate-oriented companies higher. Jones Lang LaSalle generates high levels of free cash flow, possesses a variable cost structure, and is diversified across both recurring and transactional lines of business. The company continues to trade at a significant discount to our estimate of intrinsic value.”
A corporate real estate executive standing in front of a newly completed residential apartment complex.
Jones Lang LaSalle Incorporated (NYSE:JLL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Jones Lang LaSalle Incorporated (NYSE:JLL) at the end of third quarter which was 24 in the previous quarter.
We discussed Jones Lang LaSalle Incorporated (NYSE:JLL) in another article and shared the list of US cities with the highest rental vacancy rates. 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.
