Moon Capital Management, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. Between January to September, stock markets had their worst performance in 20 years. Year to date, the US benchmark S&P 500 Index is down 25%. The fund also declined ~15% this year. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Moon Capital Management discussed stocks like Ally Financial Inc. (NYSE:ALLY) in the third quarter 2022 investor letter. Based in Detroit, Michigan, Ally Financial Inc. (NYSE:ALLY) provides digital financial products and services. On October 13, 2022, Ally Financial Inc. (NYSE:ALLY) stock closed at 30.17 per share. One-month return of Ally Financial Inc. (NYSE:ALLY) was -7.60% and its shares lost 43.31% of their value over the last 52 weeks. Ally Financial Inc. (NYSE:ALLY) has a market capitalization of $8.963 billion.
Here is what Moon Capital Management specifically said about Ally Financial Inc. (NYSE:ALLY) in its Q3 2022 investor letter:
“We recently purchased shares of Ally Financial Inc. (NYSE:ALLY), the world’s largest digital-only bank. Ally’s legacy dates back more than 100 years when it was originally launched as GMAC, the in-house financing arm of General Motors. The company was spun out from GM and rebranded as Ally more than a decade ago, but has retained an automotive focus on the lending side, where it holds the largest position in prime auto lending.
Since the spinoff, Ally has transformed from an auto loan company into a comprehensive, independent finance provider for borrowers and savers of all types. The company has completely restructured the liability side of its balance sheet and has created a deposit-gathering engine that is now more than 85 percent deposit[1]funded. (Compared to issuing traditional corporate debt, deposits are a significantly less expensive capital source for banks.)
Due to the lower overhead associated with the digital bank’s lack of brick-and-mortar locations, the bank produces one of the best efficiency ratios in the industry. This low-cost position, combined with a relatively high loan portfolio yield of approximately 6.75 percent, has helped the company earn net interest margins well above those of many leading banks. These high margins translate into high returns on equity, which the company targets at 16-18 percent over the medium term. (Actual ROE in 2021 was 24 percent. When the company came public in 2014, its ROE was a paltry four percent.)..” (Click here to read the full text)
Ally Financial Inc. (NYSE:ALLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Ally Financial Inc. (NYSE:ALLY) at the end of the second quarter, which was 49 in the previous quarter.
We discussed Ally Financial Inc. (NYSE:ALLY) in another article and shared Oakmark Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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