L1 Capital, an investment management firm, released its “L1 Capital International Fund” first quarter 2023 investor letter, a copy of the same can be downloaded here. In the first quarter, the L1 Capital International Fund returned 13.7% (net of fees) compared to its benchmark’s (MSCI World Net Total Return Index in AUD) 9.1% return for the same period. The Australian dollar depreciated 1.2% against the U.S. dollar and depreciated 3.2% against the Euro in the quarter increasing the Fund and Benchmark Australian dollar reported returns. The Fund’s strong performance in the quarter was broad-based. Please check the top five holdings of the fund to know its best picks in 2023.
L1 Capital International Fund highlighted stocks like Booking Holdings Inc. (NASDAQ:BKNG) in the first quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ:BKNG) provides online travel and restaurant booking services. On June 27, 2023, Booking Holdings Inc. (NASDAQ:BKNG) stock closed at $2,700.36 per share. One-month return of Booking Holdings Inc. (NASDAQ:BKNG) was 7.64%, and its shares gained 49.16% of their value over the last 52 weeks. Booking Holdings Inc. (NASDAQ:BKNG) has a market capitalization of $99.734 billion.
L1 Capital International Fund made the following comment about Booking Holdings Inc. (NASDAQ:BKNG) in its first quarter 2023 investor letter:
“Booking Holdings Inc. (NASDAQ:BKNG) was the largest positive contributor to the March 2023 quarterly performance. We meaningfully added to our investment in Booking in the middle of 2022 when the market was overly focused on disruptions to travel in Europe caused by airport understaffing and other COVID-19 induced inefficiencies, as well as concerns that an economic downturn would materially reduce discretionary travel. Since then, the travel environment has continued to normalise, with China being the last major market to open travel borders post COVID-19. People the world over have demonstrated their ongoing desire to travel, an industry that has historically grown significantly faster than GDP growth. Management has continued to execute a well-planned strategy to increase connections with customers booking accommodation, including offering flights, on ground transport, activities and payment options. After increasing over 20% in the December 2022 quarter, Booking’s share price increased a further 30%+ during the March 2023 quarter. Booking is now trading within our assessed view of fair value. We retain confidence that management will continue to deliver returns to shareholders and Booking remains one of the Fund’s largest holdings.”
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Booking Holdings Inc. (NASDAQ:BKNG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 77 hedge fund portfolios held Booking Holdings Inc. (NASDAQ:BKNG) at the end of the first quarter 2023 which was 83 in the previous quarter.
We discussed Booking Holdings Inc. (NASDAQ:BKNG) in another article and shared the list of best stocks for long term growth. In addition, please check out our hedge fund investor letters Q1 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.
