Investment management company Vulcan Value Partners recently released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. The firm is happy with the first quarter’s outcomes. All of the strategic composites generated positive returns, and many of them outperformed their respective benchmarks. In the quarter, the fund’s Large Cap Composite returned 12.0% net of fees and expenses, the Small Cap Composite returned 0.2% net, the Focus Composite returned 12.7% net, the Focus Plus composite returned 12.9%, and the All-Cap Composite returned 6.6% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners featured stocks like Starbucks Corporation (NASDAQ:SBUX) in the first quarter 2024 investor letter. Headquartered in Seattle, Washington, Starbucks Corporation (NASDAQ:SBUX) roasts, markets, and sells specialty coffee. On May 7, 2024, Starbucks Corporation (NASDAQ:SBUX) stock closed at $72.50 per share. One-month return of Starbucks Corporation (NASDAQ:SBUX) was -15.65%, and its shares lost 32.22% of their value over the last 52 weeks. Starbucks Corporation (NASDAQ:SBUX) has a market capitalization of $82.121 billion.
Vulcan Value Partners stated the following regarding Starbucks Corporation (NASDAQ:SBUX) in its first quarter 2024 investor letter:
“We are pleased to have purchased Starbucks Corporation (NASDAQ:SBUX) in the first quarter. We have owned the company in the past, and it was a good investment for us. The company has strong brand recognition, global distribution, and outstanding retail real estate. The company generates robust free cash flow and has high returns on invested capital as well as a strong balance sheet. Starbucks has used its financial resources to strengthen its brand and enhance customer loyalty. Additionally, the company has continued to see attractive returns from opening new stores. Stock price volatility over the last year is likely due to management changes, disappointing short-term results, and general hesitancy about consumer spending. We believe that Starbucks’ competitive position remains intact, and its value will continue to compound over our five-year plus time horizon.”
A close-up of a freshly roasted coffee bean, accompanied by a vintage aluminum scoop.
Starbucks Corporation (NASDAQ:SBUX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Starbucks Corporation (NASDAQ:SBUX) at the end of the fourth quarter which was 60 in the previous quarter.
We discussed Starbucks Corporation (NASDAQ:SBUX) in another article, where we shared The London Company Large Cap Strategy’s views on the company in its first quarter 2024 investor letter. The London Company Large Cap Strategy also believes in the long term growth prospects of Starbucks Corporation (NASDAQ:SBUX) despite of its decline in the first quarter. In addition, please check out our hedge fund investor letters Q1 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.
