Home Hedge Funds L1 Capital International Fund Divested Analog Devices (ADI) on Valuation Considerations

L1 Capital International Fund Divested Analog Devices (ADI) on Valuation Considerations


L1 Capital, an investment management firm, released its “L1 Capital International Fund” fourth quarter 2023 investor letter, a copy of the same can be downloaded here. In the fourth quarter, the fund returned 6.7% (net of fees), outperforming the Benchmark return of 5.4% by 1.3% (all in Australian dollars). The fund returned 36.9% (net of fees) in 2023, outperforming the Benchmark return of 23.0% by 13.9% (all in Australian dollars). Please check the fund’s top five holdings to know its best picks in 2023.

L1 Capital International Fund featured stocks like Analog Devices, Inc. (NASDAQ:ADI) in the fourth quarter 2023 investor letter. Headquartered in Wilmington, Massachusetts, Analog Devices, Inc. (NASDAQ:ADI) is a semiconductor company that designs and manufactures integrated circuits (ICs), software, and subsystems. On March 18, 2024, Analog Devices, Inc. (NASDAQ:ADI) stock closed at $191.22 per share. One-month return of Analog Devices, Inc. (NASDAQ:ADI) was 0.96%, and its shares gained 1.50% of their value over the last 52 weeks. Analog Devices, Inc. (NASDAQ:ADI) has a market capitalization of $94.828 billion.

L1 Capital International Fund stated the following regarding Analog Devices, Inc. (NASDAQ:ADI) in its fourth quarter 2023 investor letter:

“We continued to trim our investment in Intuit as, after strong share price appreciation, we now consider the business to be fully valued. We also fully divested our investment in Analog Devices, Inc. (NASDAQ:ADI), again purely due to valuation considerations. We remain very comfortable with the quality of both of these businesses, with Intuit retained as a smaller holding and Analog Devices moving to our Bench of potential future investments. As outlined earlier in this report, our base case view is that there will not be a recession, particularly in the United States. However, growth is slowing, and this will negatively impact demand for many of Analog Devices’ products.”

A technician looking at a circuit board of analog semiconductor products.

Analog Devices, Inc. (NASDAQ:ADI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Analog Devices, Inc. (NASDAQ:ADI) was held by 62 hedge fund portfolios, compared to 64 in the previous quarter, according to our database.

We discussed Analog Devices, Inc. (NASDAQ:ADI) in another article and shared the list of best NASDAQ dividend stocks to buy. 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.

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