Do You Think Macroeconomic Uncertainty Affects the Stock Price of V.F. Corp. (VFC)?

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.23% net of fees compared to a -4.61% return for the Russell 1000 Index. Holdings in the technology and consumer discretionary sectors led to the underperformance of the strategy in the quarter. In contrast, stock selection in energy, consumer staples, and materials sectors positively contributed to the strategy’s performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital discussed stocks like V.F. Corporation (NYSE:VFC) in the Q3 2022 investor letter. Headquartered in Denver, Colorado, V.F. Corporation (NYSE:VFC) is a global apparel and footwear company. On October 25, 2022, V.F. Corporation (NYSE:VFC) stock closed at $28.63 per share. One-month return of V.F. Corporation (NYSE:VFC) was -12.34% and its shares lost 59.58% of their value over the last 52 weeks. V.F. Corporation (NYSE:VFC) has a market capitalization of $11.123 billion.

Diamond Hill Capital made the following comment about V.F. Corporation (NYSE:VFC) in its Q3 2022 investor letter:

“Our weakest performer in Q3 was apparel and footwear company V.F. Corporation (NYSE:VFC). Consumer spending concerns weighed on the market’s sentiment toward companies selling more discretionary goods. Additionally, management lowered guidance primarily due to weaker sales for its Vans brand, higher-than-expected industry discounting, and macroeconomic uncertainty. The remainder of the portfolio is performing well, as evidenced by solid refreshed long-term financial targets.”

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V.F. Corporation (NYSE:VFC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held V.F. Corporation (NYSE:VFC) at the end of the second quarter which was 28 in the previous quarter.

We discussed V.F. Corporation (NYSE:VFC) in another article and shared the best cyclical stocks to buy in 2022. 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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Disclosure: None. This article is originally published at Insider Monkey.