Cincinnati Financial Corporation (CINF) Underperformed on Intentional Reduction in Sales Growth
The London Company, an investment management company, released “The London Company Mid Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 10.3% gross (10.2% net) compared to a 4.8% return for the Russell Midcap Index. The portfolio outperformed the benchmark in a strong market environment, despite headwinds from factor performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Mid Cap Strategy highlighted stocks like Cincinnati Financial Corporation (NASDAQ:CINF) in the second quarter 2023 investor letter. Headquartered in Fairfield, Ohio, Cincinnati Financial Corporation (NASDAQ:CINF) provides property casualty insurance products. On August 2, 2023, Cincinnati Financial Corporation (NASDAQ:CINF) stock closed at $109.39 per share. One-month return of Cincinnati Financial Corporation (NASDAQ:CINF) was 12.49%, and its shares gained 14.54% of their value over the last 52 weeks. Cincinnati Financial Corporation (NASDAQ:CINF) has a market capitalization of $17.198 billion.
The London Company Mid Cap Strategy made the following comment about Cincinnati Financial Corporation (NASDAQ:CINF) in its second quarter 2023 investor letter:
"Cincinnati Financial Corporation (NASDAQ:CINF) - Shares of CINF underperformed in Q2 reflecting an intentional reduction in sales growth to focus on profitability. The broader property and casualty insurance subsector underperformed the market, and CINF was no exception, as many carriers struggle to keep up with cost inflation. We believe CINF has the financial discipline and the right strategy to return to prior underwriting margins."
Cincinnati Financial Corporation (NASDAQ:CINF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Cincinnati Financial Corporation (NASDAQ:CINF) at the end of first quarter which was 20 in the previous quarter.
We discussed Cincinnati Financial Corporation (NASDAQ:CINF) in another article and shared the list of dividend aristocrat stocks. 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.
