Analog Devices (ADI) Upgraded the Portfolio Quality of Giverny Capital

Giverny Capital, an investment management company, recently published its fourth-quarter investor letter in 2022. A copy of the same can be downloaded here. The model portfolio of the firm appreciated 8.49%, net of fees in the fourth quarter compared to a 7.56% return for the Standard & Poor’s 500 Index. For 2022, the fund delivered a -22.65% return compared to a -18.11% return for the Index. Oil and energy was the strongest sector in the year increased by 65%. In addition, you can check the top 5 holdings of the fund to see its best picks for 2022.

Giverny Capital highlighted stocks like Analog Devices, Inc. (NASDAQ:ADI) in its Q4 2022 investor letter. Headquartered in Wilmington, Massachusetts, Analog Devices, Inc. (NASDAQ:ADI) is integrated circuits (ICs), software, and subsystems manufacturer. On January 27, 2023, Analog Devices, Inc. (NASDAQ:ADI) stock closed at $170.83 per share. One-month return of Analog Devices, Inc. (NASDAQ:ADI) was 4.15%, and its shares gained 4.18% of their value over the last 52 weeks. Analog Devices, Inc. (NASDAQ:ADI) has a market capitalization of $86.503 billion.

Giverny Capital made the following comment about Analog Devices, Inc. (NASDAQ:ADI) in its Q4 2022 investor letter:

“Ashtead Group and Analog Devices, Inc. (NASDAQ:ADI) were new purchases, made in May. They both performed well from our original purchase prices and I believe we upgraded the quality of our portfolio by adding them.

We established four new positions during the year, each of about 2%: Analog Devices, Ashtead Group, Floor & Décor, and Installed Building Products. We discussed these in prior letters and I’m pleased to report that Ashtead and Analog were among our best performing positions for the year.”

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Analog Devices, Inc. (NASDAQ:ADI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held Analog Devices, Inc. (NASDAQ:ADI) at the end of the third quarter, which was 61 in the previous quarter.

We discussed Analog Devices, Inc. (NASDAQ:ADI) in another article and shared the list of best nanotechnology stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 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.