Reasons for the Outperformance of Matson (MATX) in Q2
The London Company, an investment management company, released “The London Company Small Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. US stocks performed well in Q2, with the majority of the gain generated in the month of June. In the second quarter, the fund returned 2.5% gross (2.3% net) during the quarter compared to a 5.2% return for the Russell 2000 Index. Both sector exposure & stock selection were headwinds in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Small Cap Strategy highlighted stocks like Matson, Inc. (NYSE:MATX) in the second quarter 2023 investor letter. Headquartered in Honolulu, Hawaii, Matson, Inc. (NYSE:MATX) is an ocean transportation and logistics providing company. On August 2, 2023, Matson, Inc. (NYSE:MATX) stock closed at $94.47 per share. One-month return of Matson, Inc. (NYSE:MATX) was 25.43%, and its shares gained 15.67% of their value over the last 52 weeks. Matson, Inc. (NYSE:MATX) has a market capitalization of $3.372 billion.
The London Company Small Cap Strategy made the following comment about Matson, Inc. (NYSE:MATX) in its second quarter 2023 investor letter:
"Matson, Inc. (NYSE:MATX) - Shares of MATX rallied during Q2 as the company's ocean freight services benefited from stabilizing market conditions and freight rates. Transpacific trade dynamics may improve as retailers continue to work through inventory, while the return of tourism should help support demand in its Jones Act markets. MATX's success since the onset of the pandemic has enabled permanent volume additions in the China trade lane, a transformed balance sheet, and significant share count reduction. MATX remains strategically positioned as a US Jones Act shipping operator and its expedited freight service continues to offer an attractive value proposition for its customers."
Photo by Dorian Mongel on Unsplash
Matson, Inc. (NYSE:MATX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Matson, Inc. (NYSE:MATX) at the end of first quarter which was 24 in the previous quarter.
We discussed Matson, Inc. (NYSE:MATX) in another article and shared the list of best marine shipping stocks to buy. 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.
