These ASX All Ords shares are near 52-week lows. Here's which ones I'd buy

Is a new 52-week low a buying opportunity with these shares?

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The ASX All Ordinaries (ASX: XAO) Index has had a pretty rough month. Since mid-July, the All Ords has fallen by more than 1.15%. So it will come as no surprise that we've seen a few All Ords shares hit new 52-week lows over the past few weeks.

There's lithium stock Core Lithium Ltd (ASX: CXO), which saw a new 52-week low just yesterday. Then we have other names like Booktopia Group Ltd (ASX: BKG), Syrah Resources Ltd (ASX: SYR), West African Resources Ltd (ASX: WAF), Vulcan Energy Resources Ltd (ASX: VUL), and Sayona Mining Ltd (ASX: SYA) that have all recently seen new low watermarks for the past 12 months.

Sometimes, a share hits a new 52-week low for good reason. Other times, it is a misjudgement of the markets and represents a good buying opportunity for the long-term investor. It can be hard to make this call in the moment though, with only hindsight proving which was the right bet.

But today, let's talk about two ASX All Ords shares that have recently hit new 52-week lows, but which I'd happily buy around their current pricing points.

2 cheap All Ords shares I'd buy today

Charter Hall Long WALE REIT (ASX: CLW)

This All Ords share and real estate investment trust (REIT) has just hit a new 52-week low as of today. This morning saw Long WALE REIT units touch a new 52-week low of $3.52. This REIT has been under pressure ever since its latest earnings report was revealed last week. Investors didn't like Charter Hall Long WALE REIT's drop in operating earnings from $207.2 million in FY2022 to $202.4 million in FY2023.

While it's true that higher interest rates are weighing on this All Ords REIT right now, I still think it's a great investment to consider for a long-term investor. This REIT's rental income is still rising, up 5.1% in FY2023. And Charter Hall Long WALE units offer a massive 7.9% trailing dividend distribution yield today.

National Storage REIT (ASX: NSR)

Another ASX All Ords share and REIT, Notional Storage, has also hit a new 52-week low as of this Wednesday. This morning saw National Storage units drop as low as $2.14 each.

Unlike Charter Hall Long WALE REIT, National Storage hasn't dropped its earnings this month. But higher interest rates are probably also weighing on All Ords investors' minds here, as would be the case with any property-focused share.

Even so, I think these fears are overblown. National Storage will fork out its latest dividend distribution next month, a final distribution worth 5.5 cents per share. That matches March's interim dividend distribution, as well as beating 2022's corresponding payment of 5.4 cents per share.

This results in National Storage units having a trailing distribution yield of 5.1% today. For that kind of passive income potential, I think National Storage is another All Ords share that long-term investors can seriously consider right now.

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Booktopia Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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