L1 Capital, an investment management firm, released its “L1 Long Short Fund” first quarter 2024 investor letter, a copy of the same can be downloaded here. As U.S. economic data continued to surprise to the upside in comparison to market expectations, equity markets saw a gain throughout the March quarter. The portfolio returned 7.4% for the quarter compared to 5.3% for S&P/ASX 200 AI. Over the past three years, the portfolio return was 14.8% p.a compared to 9.6% p.a. for the index. Please check the top five holdings of the fund to know its best picks in 2024.

L1 Long Short Fund featured stocks like CRH plc (NYSE:CRH) in the first quarter 2024 investor letter. Headquartered in Dublin, Ireland, CRH plc (NYSE:CRH) is a building materials manufacturer and distributor. On April 16, 2024, CRH plc (NYSE:CRH) stock closed at $79.17 per share. One-month return of CRH plc (NYSE:CRH) was -7.12%, and its shares gained 59.91% of their value over the last 52 weeks. CRH plc (NYSE:CRH) has a market capitalization of $54.899 billion.

L1 Long Short Fund stated the following regarding CRH plc (NYSE:CRH) in its first quarter 2024 investor letter:

"CRH plc (NYSE:CRH) (Long +25%) shares continued to rally strongly after the company delivered strong Q4 FY23 numbers and provided FY24 guidance ~5% ahead of consensus expectations. The company is a significant beneficiary of the exceptional growth in U.S. infrastructure spending which will underpin many years of robust demand. The Infrastructure Investment and Jobs Act (‘IIJA’), Inflation Reduction Act (‘IRA’) and the Chips and Science Act will together add roughly US$2 trillion in investment to ageing U.S. infrastructure. These market tailwinds, together with CRH’s ability to drive value-accretive M&A, position the company to deliver consistent double-digit earnings growth over the medium term." 20 Highest Paying Countries for Civil Engineers

A crane carrying heavy building materials, representing the robust civil engineering products of the company.

CRH plc (NYSE:CRH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CRH plc (NYSE:CRH) was held by 65 hedge fund portfolios, compared to 48 in the previous quarter, according to our database.

We previously discussed CRH plc (NYSE:CRH) in another article, where we shared the list of best 52-week high stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.