Investment management company Vulcan Value Partners recently released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive returns and outperformed their respective benchmark indexes in the first quarter. The fund’s Large-Cap Composite returned 14.0% net of fees and expenses, the Small Cap Composite returned 8.1% net, the Focus Composite returned 20.4% net, the Focus Plus composite returned 20.4%, and the All-Cap Composite returned 16.8% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners highlighted stocks like Curtiss-Wright Corporation (NYSE:CW) in the first quarter 2023 investor letter. Headquartered in Davidson, North Carolina, Curtiss-Wright Corporation (NYSE:CW) provides engineered products, solutions, and services mainly to aerospace and defense markets. On May 4, 2023, Curtiss-Wright Corporation (NYSE:CW) stock closed at $162.41 per share. One-month return of Curtiss-Wright Corporation (NYSE:CW) was -6.30%, and its shares gained 14.77% of their value over the last 52 weeks. Curtiss-Wright Corporation (NYSE:CW) has a market capitalization of $6.532 billion.
Vulcan Value Partners made the following comment about Curtiss-Wright Corporation (NYSE:CW) in its Q1 2023 investor letter:
“We purchased Curtiss-Wright Corporation (NYSE:CW), a company we have owned a number of times over the last decade. The company is a leading provider of highly engineered and mission critical technologies across aerospace and defense, commercial power, and process and industrial markets. These technologies range from propulsion equipment for nuclear submarines to electronics used on aircraft carriers and commercial planes to sensors used in general industrial applications. We have long been attracted to Curtiss-Wright’s deep technical expertise, where it holds either the number one or number two positions in the industry across the majority of its niche markets. Two-thirds of its end market exposure is in the aerospace and defense market, with the remainder being tied to commercial markets. Within defense, Curtiss-Wright maintains stable positions with long-term visibility on key U.S. platforms such as aircraft carriers, submarines, and fighter jets. These stable positions are reinforced by the fact that over 50% of its defense revenue is derived from sole source positions. In our opinion, strong secular trends continue to provide tailwinds to its defense business as elevated geopolitical risk is driving urgency for global defense spending and strong shipbuilding activity.”
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Curtiss-Wright Corporation (NYSE:CW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Curtiss-Wright Corporation (NYSE:CW) at the end of the fourth quarter which was 18 in the previous quarter.
We discussed Curtiss-Wright Corporation (NYSE:CW) in another article and shared best defense stocks to buy. 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.
