MBIA (MBI) Rose on Dividend Announcement
The London Company, an investment management company, released “The London Company SMID Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased 15.2% (15% net) compared to a 13.4% gain for the Russell 2500 Index. The outperformance was due to both stock selection and sector exposure. The portfolio generated a solid relative and absolute performance in the fourth quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company SMID Cap Strategy featured stocks such as MBIA Inc. (NYSE:MBI) in the fourth quarter 2023 investor letter. Headquartered in Purchase, New York, MBIA Inc. (NYSE:MBI) is a financial guarantee insurance services provider. On February 8, 2024, MBIA Inc. (NYSE:MBI) stock closed at $6.06 per share. One-month return of MBIA Inc. (NYSE:MBI) was 11.40%, and its shares lost 55.11% of their value over the last 52 weeks. MBIA Inc. (NYSE:MBI) has a market capitalization of $309.905 million.
The London Company SMID Cap Strategy stated the following regarding MBIA Inc. (NYSE:MBI) in its fourth quarter 2023 investor letter:
"MBIA Inc. (NYSE:MBI) - Shares of MBI rose significantly after the company announced a special dividend of $8 per share. The stock was trading in the $13 range at the time. The company is no longer writing municipal bond insurance and is slowly winding down operations."
An aerial view of a bustling financial market, highlighting the complexity of the public finance sector.
MBIA Inc. (NYSE:MBI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held MBIA Inc. (NYSE:MBI) at the end of third quarter which was 16 in the previous quarter.
We discussed MBIA Inc. (NYSE:MBI) in another article and shared The London Company’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
