The London Company, an investment management company, released “The London Company Large Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 8% gross, (7.9% net) compared to an 8.6% increase in the Russell 1000 Index. The portfolio’s relative performance was slowed down by sector exposure which was partially offset by favorable stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Large Cap Strategy highlighted stocks like Albemarle Corporation (NYSE:ALB) in the second quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Albemarle Corporation (NYSE:ALB) develops and markets engineered specialty chemicals. On August 4, 2023, Albemarle Corporation (NYSE:ALB) stock closed at $200.09 per share. One-month return of Albemarle Corporation (NYSE:ALB) was -15.76%, and its shares lost 15.93% of their value over the last 52 weeks. Albemarle Corporation (NYSE:ALB) has a market capitalization of $23.478 billion.
The London Company Large Cap Strategy made the following comment about Albemarle Corporation (NYSE:ALB) in its second quarter 2023 investor letter:
“Initiated: Albemarle Corporation (NYSE:ALB) – ALB is a global chemical company that develops, manufactures and markets highly-engineered specialty chemicals across a diverse range of end markets. ALB operates in three segments: Energy Storage (battery and technical grade lithium), Specialties (bromine and specialty lithium products), and Ketjen (formerly known as catalysts). Cost advantage in the Energy Storage and Specialties businesses along with high switching costs in the Ketjen division form the basis of the company’s moat. Energy Storage has become the core business as electric vehicle (EV) penetration has increased, driving growth in demand for lithium ion batteries. We expect this trend to continue, and ALB is well-positioned to capture value as the industry grows. We’re attracted to ALB’s leading industry position, cost advantages and solid margins. We initiated this position when sentiment on lithium was at a trough, which allowed us to establish a position in ALB at an attractive valuation.”
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Albemarle Corporation (NYSE:ALB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Albemarle Corporation (NYSE:ALB) at the end of first quarter which was 46 in the previous quarter.
We discussed Albemarle Corporation (NYSE:ALB) in another article and shared the list of cheap solid-state battery stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
