Reasons for the Outperformance Fomento Económico Mexicano, S.A.B. de C.V. (FMX)
Broyhill Asset Management, a boutique investment firm, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the portfolio fell 0.4% net of all fees and expenses, and year-to-date, the portfolio returned 10.9% net of all fees and expenses. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Broyhill Asset Management highlighted stocks like Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) in the second quarter 2023 investor letter. Headquartered in Monterrey, Mexico, Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) engages in the production, marketing, and distribution of Coca-Cola trademark beverages. On August 4, 2023, Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) stock closed at $110.78 per share. One-month return of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) was -0.36%, and its shares gained 83.62% of their value over the last 52 weeks. Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) has a market capitalization of $198.198 billion.
Broyhill Asset Management made the following comment about Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) in its second quarter 2023 investor letter:
"The portfolio’s largest contributors to performance were Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX), Fiserv Inc. (FI), and McKesson Corporation (MCK). We are constantly amazed at how quickly sentiment swings from one extreme to the other, seemingly turning on a dime or on a single headline. Management at Fomento Economico Mexicano orchestrated a similar U-turn in sentiment when the company announced the results of its eagerly anticipated strategic review. Simply by selling off a few non-core assets and a single public investment, the company was able to convince investors to remove the “complexity discount,” and the gap between the stock’s price and its intrinsic value closed."
Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) at the end of first quarter which was 29 in the previous quarter.
We discussed Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) in another article and shared the list of largest largest FMCG Companies. 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.
