Here’s Why Fundsmith Equity Fund Sold The Estée Lauder Companies (EL)
Fundsmith LLP, an investment management company based in London, released its "Fundsmith Equity Fund" 2023 yearly update. A copy of the same can be downloaded here. In 2023, the Fundsmith Equity Fund rose +12.4 compared to a 16.8% return for the MSCI World Index. In 2023, the Fund underperformed this comparable; however, a longer-term view may be helpful and is undoubtedly better in line with the firm’s investment goals and approach. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Fundsmith Equity Fund featured stocks such as The Estée Lauder Companies Inc. (NYSE:EL) in its 2023 yearly letter. Headquartered in New York, New York, The Estée Lauder Companies Inc. (NYSE:EL) is a skincare, makeup, fragrance, and hair care products manufacturer. On January 18, 2024, The Estée Lauder Companies Inc. (NYSE:EL) stock closed at $127.66 per share. One-month return of The Estée Lauder Companies Inc. (NYSE:EL) was -11.61%, and its shares lost 52.29% of their value over the last 52 weeks. The Estée Lauder Companies Inc. (NYSE:EL) has a market capitalization of $45.683 billion.
Fundsmith Equity Fund stated the following regarding The Estée Lauder Companies Inc. (NYSE:EL) in its 2023 yearly investor letter:
"We sold our stake in The Estée Lauder Companies Inc. (NYSE:EL) whose mishandling of the demand/supply situation in China following reopening post Covid and in the travel retail market revealed serious inadequacies in its supply chain."
The Estée Lauder Companies Inc. (NYSE:EL) is not our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held The Estée Lauder Companies Inc. (NYSE:EL) at the end of third quarter which was 44 in the previous quarter.
We discussed The Estée Lauder Companies Inc. (NYSE:EL) in another article and shared ClearBridge Large Cap Growth Strategy'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.
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Disclosure: None. This article is originally published at Insider Monkey.
