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Here’s Why S&P Global (SPGI) Declined in Q1

Soumya Eswaran
·2-min read

Wedgewood Partners, an investment management company, released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, Wedgewood Composite’s net return was 11.5% compared to the Standard & Poor’s 10.6%, Russell 1000 Growth Index’s 11.4%, and Russell 1000 Value Index’s 9.0% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Wedgewood Partners featured stocks like S&P Global Inc. (NYSE:SPGI) in the first quarter 2024 investor letter. Headquartered in New York, New York, S&P Global Inc. (NYSE:SPGI) provides credit ratings, benchmarks, analytics, and data to the capital, commodity and automotive markets. On April 16, 2024, S&P Global Inc. (NYSE:SPGI) stock closed at $408.56 per share. One-month return of S&P Global Inc. (NYSE:SPGI) was -3.63%, and its shares gained 16.01% of their value over the last 52 weeks. S&P Global Inc. (NYSE:SPGI) has a market capitalization of $ 130.844 billion.

Wedgewood Partners stated the following regarding S&P Global Inc. (NYSE:SPGI) in its first quarter 2024 investor letter:

"S&P Global Inc. (NYSE:SPGI) contributed negatively to performance during the quarter. The Company grew organic revenues +11% in its last reported quarter as capital markets, especially for borrowing, are wide open for business. Even with a strong economy, the Federal Reserve is still signaling that they are ready and willing to cut rates, albeit at a slower pace than the one assumed just a few months ago. Having only recently recovered from a decade-long yield famine, fixed-income investors are becoming desperate once again, making concessions to issuers in order to lock in rates for fear they will not see these coupons for another generation. This hyper-2inancialization of the U.S. and global economy will continue for the foreseeable future and that S&P Global's pricing and capital formation services should continue to enable it."

A group of analysts studying data on a large monitor.

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S&P Global Inc. (NYSE:SPGI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, S&P Global Inc. (NYSE:SPGI) was held by 82 hedge fund portfolios, compared to 78 in the previous quarter, according to our database.

We previously discussed S&P Global Inc. (NYSE:SPGI) in another article, where we shared the list of magnificent dividend growth stocks to buy and hold forever. 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.