L1 Capital International Fund is Trimming Intuit (INTU) Due to Share Appreciation
L1 Capital, an investment management firm, released its “L1 Capital International Fund” fourth quarter 2023 investor letter, a copy of the same can be downloaded here. In the fourth quarter, the fund returned 6.7% (net of fees), outperforming the Benchmark return of 5.4% by 1.3% (all in Australian dollars). The fund returned 36.9% (net of fees) in 2023, outperforming the Benchmark return of 23.0% by 13.9% (all in Australian dollars). Please check the fund's top five holdings to know its best picks in 2023.
L1 Capital International Fund featured stocks like Intuit Inc. (NASDAQ:INTU) in the fourth quarter 2023 investor letter. Headquartered in Mountain View, California, Intuit Inc. (NASDAQ:INTU) provides business and financial management solutions. On March 18, 2024, Intuit Inc. (NASDAQ:INTU) stock closed at $630.39 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was -2.40%, and its shares gained 49.37% of their value over the last 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $176.496 billion.
L1 Capital International Fund stated the following regarding Intuit Inc. (NASDAQ:INTU) in its fourth quarter 2023 investor letter:
"For the entirety of 2023, the Fund had investments in less than 30 companies. Half of these investments each positively contributed 1.0% or more (in AUD) to the Fund’s returns for 2023. The Fund’s investments in Alphabet, Amazon.com and Microsoft contributed just over a quarter of the Fund’s total gross returns for 2023. Advanced Micro Devices, Booking Holdings, CRH, Eagle Materials, Intuit Inc. (NASDAQ:INTU) and Natural Resource Partners also each contributed over 2% (in AUD) to the Fund’s 2023 returns.
We continued to trim our investment in Intuit as, after strong share price appreciation, we now consider the business to be fully valued. We also fully divested our investment in Analog Devices, again purely due to valuation considerations. We remain very comfortable with the quality of both of these businesses, with Intuit retained as a smaller holding and Analog Devices moving to our Bench of potential future investments. As outlined earlier in this report, our base case view is that there will not be a recession, particularly in the United States. However, growth is slowing, and this will negatively impact demand for many of Analog Devices’ products."
A professional tax preparer, using a laptop to complete an income tax return.
Intuit Inc. (NASDAQ:INTU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Intuit Inc. (NASDAQ:INTU) was held by 75 hedge fund portfolios, compared to 86 in the previous quarter, according to our database.
We discussed Intuit Inc. (NASDAQ:INTU) in another article and shared Baron FinTech Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
