Weaker Q2 Results Dragged Churchill Downs Incorporated (CHDN) in Q3
The London Company, an investment management company, released “The London Company SMID Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 5.0% (-5.1% net) compared to a 4.8% fall in the Russell 2500 Index. A lack of exposure to the Energy sector drove the portfolio's underperformance. 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 highlighted stocks like Churchill Downs Incorporated (NASDAQ:CHDN) in the third quarter 2023 investor letter. Headquartered in Louisville, Kentucky, Churchill Downs Incorporated (NASDAQ:CHDN) is a racing, online wagering, and gaming entertainment company. On November 2, 2023, Churchill Downs Incorporated (NASDAQ:CHDN) stock closed at $114.43 per share. One-month return of Churchill Downs Incorporated (NASDAQ:CHDN) was 2.28%, and its shares gained 13.52% of their value over the last 52 weeks. Churchill Downs Incorporated (NASDAQ:CHDN) has a market capitalization of $8.536 billion.
The London Company SMID Cap Strategy made the following comment about Churchill Downs Incorporated (NASDAQ:CHDN) in its Q3 2023 investor letter:
"Churchill Downs Incorporated (NASDAQ:CHDN) – CHDN underperformed as 2Q recent results were a bit weaker than expected reflecting softness in the casino business and partially due to a temporary issue in the live racing business. We are not overly concerned about the issues that have pressured the stock, and we continue to have a very favorable view of the long-term outlook for CHDN. In our view, CHDN has a thoughtful and long-term oriented management team running a portfolio of highly cash-generative assets, with a very attractive set of investment opportunities."
Churchill Downs Incorporated (NASDAQ:CHDN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Churchill Downs Incorporated (NASDAQ:CHDN) at the end of second quarter which was 26 in the previous quarter.
We discussed Churchill Downs Incorporated (NASDAQ:CHDN) in another article and shared the list of most valuable gambling companies in the world. In addition, please check out our hedge fund investor letters Q3 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.
