Matrix Asset Advisors, an asset management company, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter of 2023, the stock market rallied despite the fall in banking sector stocks. In the first quarter, Matrix’s Large Cap Value Portfolio posted a strong mid-high-single digit return which is in line with the S&P 500 Index and well ahead of the Russell 1000 Value Index. While the Dividend Income strategy, after a good year in 2022, lagged behind both indexes in the first quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Matrix Asset Advisors highlighted stocks like Union Pacific Corporation (NYSE:UNP) in the first quarter 2023 investor letter. Headquartered in Omaha, Nebraska, Union Pacific Corporation (NYSE:UNP) engages in the railroad business. On May 5, 2023, Union Pacific Corporation (NYSE:UNP) stock closed at $201.23 per share. One-month return of Union Pacific Corporation (NYSE:UNP) was 1.44%, and its shares lost 10.66% of their value over the last 52 weeks. Union Pacific Corporation (NYSE:UNP) has a market capitalization of $122.689 billion.
Matrix Asset Advisors made the following comment about Union Pacific Corporation (NYSE:UNP) in its Q1 2023 investor letter:
“During the quarter we added a new position in Union Pacific Corporation (NYSE:UNP). Union Pacific (UNP) is the 2nd largest railroad network in the United States just behind Burlington Northern Santa Fe. The firm operates in the Western, Midwestern, and Southern portions of the United States. 90% of UNP sales come from the US and 10% from Mexico. Over the past decade, railroads gained market share from the trucking industry because it costs 10-40% less to ship via rails than trucks. The company has a long history of consistent operating growth and profitability. The shares fell from a high of $278 in May of 2022 after the firm experienced operating challenges due to a slower macro environment and higher expenses.”
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Union Pacific Corporation (NYSE:UNP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 83 hedge fund portfolios held Union Pacific Corporation (NYSE:UNP) at the end of the fourth quarter which was 74 in the previous quarter.
We discussed Union Pacific Corporation (NYSE:UNP) in another article and shared the list of top railroad companies in the world. 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.
