Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In a challenging risk-off period, the fund returned -1.82% in the third quarter, compared to S&P’s -3.27% return and Russell 1000 Value’s -3.16% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund highlighted stocks like General Electric Company (NYSE:GE) in the third quarter 2023 investor letter. Headquartered in Boston, Massachusetts, General Electric Company (NYSE:GE) is a high-tech industrial company. On November 20, 2023, General Electric Company (NYSE:GE) stock closed at $120.07 per share. One-month return of General Electric Company (NYSE:GE) was 5.28%, and its shares gained 75.59% of their value over the last 52 weeks. General Electric Company (NYSE:GE) has a market capitalization of $130.161 billion.
Longleaf Partners Fund made the following comment about General Electric Company (NYSE:GE) in its Q3 2023 investor letter:
“After a busy first half of the year, we initiated one new position in the quarter in a business we have successfully owned previously and were able to buy again at a discount within a new corporate structure. We opportunistically trimmed and added to several positions throughout the quarter, and we exited General Electric Company (NYSE:GE) and our small position in Hasbro after the share price ran away from us. GE was a multi-year portfolio holding for us that started out rocky but ultimately was a good illustration of owning a “quality” business that was temporarily viewed as “value” (aka, perceived as low quality) before ultimately being weighed properly by the market. CEO Larry Culp was a great partner, creating significant value for shareholders and closing the price-to-value gap. Under his leadership, GE materially improved its operations and is well under way on plans to simplify the business by separating it into three world-class companies. The market has finally caught up with reality versus perception and is pricing GE accordingly. Unfortunately, this means we no longer see a margin of safety for the business but will continue to watch GE and Culp closely and hope to have the opportunity to partner with him again.”
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General Electric Company (NYSE:GE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 71 hedge fund portfolios held General Electric Company (NYSE:GE) at the end of second quarter which was 59 in the previous quarter.
We discussed General Electric Company (NYSE:GE) in another article and shared the list of stocks that Prem Watsa just bought and sold. 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.
