Mairs & Power, an investment advisor, released the “Mairs & Power Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The stock market began positively in the third quarter but declined in August and September due to rising interest rates. Despite losing some of its gains in the third quarter, the Mairs & Power Growth Fund is still up 12.19% for the year. In contrast, the Morningstar Large Blend category has experienced a 9.74% year-to-date increase while the S&P 500 Total Return (TR) has increased by 13.07%. The sector allocation led the fund to underperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Growth Fund highlighted stocks like Verizon Communications Inc. (NYSE:VZ) in the third quarter 2023 investor letter. Headquartered in New York, New York, Verizon Communications Inc. (NYSE:VZ) offers communications, technology, information, and entertainment products and services. On November 27, 2023, Verizon Communications Inc. (NYSE:VZ) stock closed at $37.35 per share. One-month return of Verizon Communications Inc. (NYSE:VZ) was 6.32%, and its shares lost 2.58% of their value over the last 52 weeks. Verizon Communications Inc. (NYSE:VZ) has a market capitalization of $157.023 billion.
Mairs & Power Growth Fund made the following comment about Verizon Communications Inc. (NYSE:VZ) in its Q3 2023 investor letter:
“Thanks to the excitement around AI, we are finding attractive opportunities in so-called old economy industries and/or value-orientated names. One such opportunity that we added to in the quarter was Verizon Communications Inc. (NYSE:VZ). Verizon is the largest wireless operator in the United States and benefits from large barriers to entry thanks to government regulation and the billions of dollars needed to maintain a cellular network. T-Mobile (TMUS) has historically been a thorn in Verizon’s side but recently has become more disciplined on pricing. In fact, T-Mobile’s most recent unlimited data phone plan is more expensive than both AT&T’s (T) and Verizon’s. We are also excited about Verizon’s fixed wireless access opportunity, in which the internet is delivered to consumers’ homes via cellular network instead of cable. In addition to long-term potential, Verizon offers an attractive 8% dividend yield.”
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Verizon Communications Inc. (NYSE:VZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Verizon Communications Inc. (NYSE:VZ) at the end of third quarter which was 53 in the previous quarter.
We discussed Verizon Communications Inc. (NYSE:VZ) in another article and shared the list of safe dividend stocks to consider for a retirement stock portfolio. 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.
