Here’s Why The London Company Small Cap Strategy Exited Penske Automotive Group (PAG)
The London Company, an investment management company, released “The London Company Small Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 7.7% gross (7.5% net), compared to a 2.7% return for the Russell 2000 Index. The portfolio reported strong relative and absolute returns in the quarter that exceeded expectations. The outperformance of the fund in the quarter was due to strong stock selection and limited exposure to banks. 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 Penske Automotive Group, Inc. (NYSE:PAG) in the first quarter 2023 investor letter. Headquartered in Bloomfield Hills, Michigan, Penske Automotive Group, Inc. (NYSE:PAG) is a diversified transportation services company. On June 30, 2023, Penske Automotive Group, Inc. (NYSE:PAG) stock closed at $166.63 per share. One-month return of Penske Automotive Group, Inc. (NYSE:PAG) was 13.85%, and its shares gained 56.05% of their value over the last 52 weeks. Penske Automotive Group, Inc. (NYSE:PAG) has a market capitalization of $11.498 billion.
The London Company Small Cap Strategy made the following comment about Penske Automotive Group, Inc. (NYSE:PAG) in its first quarter 2023 investor letter:
"Exited: Penske Automotive Group, Inc. (NYSE:PAG) Continued with the sale of our remaining position. Rally in the shares over time resulted in a market cap >$10B, which is too large the for Small Cap portfolio."
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Penske Automotive Group, Inc. (NYSE:PAG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Penske Automotive Group, Inc. (NYSE:PAG) at the end of first quarter 2023 which was 25 in the previous quarter.
We discussed Penske Automotive Group, Inc. (NYSE:PAG) in another article and shared the list of best auto and truck dealership stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
