Third Point Management, a New York-based investment advisor, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Third Point Offshore Fund returned -4.1% net in the first quarter compared to a 7.5% return for the S&P 500 INDEX (TR) and a 7.9% return for the MSCI WORLD INDEX (TR). In addition, please check the fund’s top five holdings to know its best picks in 2023.

Third Point Management highlighted stocks like Colgate-Palmolive Company (NYSE:CL) in the first quarter 2023 investor letter. Headquartered in New York, New York, Colgate-Palmolive Company (NYSE:CL) is a global consumer products company. On May 30, 2023, Colgate-Palmolive Company (NYSE:CL) stock closed at $74.95 per share. One-month return of Colgate-Palmolive Company (NYSE:CL) was -7.77%, and its shares lost 4.16% of their value over the last 52 weeks. Colgate-Palmolive Company (NYSE:CL) has a market capitalization of $61.688 billion.

Third Point Management made the following comment about Colgate-Palmolive Company (NYSE:CL) in its Q1 2023 investor letter:

"Existing positions in LVMH, Disney and Microsoft gained while FIS, Bath & Body Works, and Colgate-Palmolive Company (NYSE:CL) posted losses after their management teams lowered 2023 guidance despite reporting solid quarterly results. FIS and Colgate have both since “beat and raised” this guidance, indicating that many management teams are adopting very conservative tones in this uncertain macro environment."

Colgate-Palmolive Company (NYSE:CL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Colgate-Palmolive Company (NYSE:CL) at the end of first quarter 2023 which was 61 in the previous quarter.

We discussed Colgate-Palmolive Company (NYSE:CL) in another article and shared the list of best stocks to buy according to billionaire Paul Tudor Jones. 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.