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L1 Capital, an investment management firm, released its “L1 Capital International Fund” first quarter 2023 investor letter, a copy of the same can be downloaded here. In the first quarter, the L1 Capital International Fund returned 13.7% (net of fees) compared to its benchmark’s (MSCI World Net Total Return Index in AUD) 9.1% return for the same period. The Australian dollar depreciated 1.2% against the U.S. dollar and depreciated 3.2% against the Euro in the quarter increasing the Fund and Benchmark Australian dollar reported returns. The Fund’s strong performance in the quarter was broad-based. Please check the top five holdings of the fund to know its best picks in 2023.
L1 Capital International Fund highlighted stocks like CRH plc (NYSE:CRH) in the first quarter 2023 investor letter. Headquartered in Dublin, Ireland, CRH plc (NYSE:CRH) is a building materials provider. On June 27, 2023, CRH plc (NYSE:CRH) stock closed at $54.57 per share. One-month return of CRH plc (NYSE:CRH) was 14.79%, and its shares gained 58.04% of their value over the last 52 weeks. CRH plc (NYSE:CRH) has a market capitalization of $39.825 billion.
L1 Capital International Fund made the following comment about CRH plc (NYSE:CRH) in its first quarter 2023 investor letter:
"CRH plc (NYSE:CRH), an Irish domiciled but North American-centric building products and solutions provider performed strongly in the quarter, with the share price increasing over 25% (in Euro). The market had under-estimated CRH’s pricing power and the benefit of providing integrated solutions to its customers, not just vanilla commodity building products. Investors were also pleased that CRH is considering moving its primary listing to the U.S., although we consider this action to be of limited materiality. We took advantage of an over-enthusiastic response to this announcement to trim our investment.