Oakmark Funds, an investment management company, released its “Oakmark Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -1.9%, outperforming the S&P 500 Index, which returned -4.9%. For the fiscal year that ended September 30, 2022, the fund declined -17.7% compared to a decline of -15.5% for the S&P 500 Index. Energy and healthcare sectors contributed positively to the fund’s performance in the quarter while communication services and financials sectors detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Oakmark Funds discussed stocks like Uber Technologies, Inc. (NYSE:UBER) in the Q3 2022 investor letter. Headquartered in San Francisco, California, Uber Technologies, Inc. (NYSE:UBER) is a technology company that operates through mobility, delivery, and freight segments. On October 11, 2022, Uber Technologies, Inc. (NYSE:UBER) stock closed at $24.66 per share. One-month return of Uber Technologies, Inc. (NYSE:UBER) was -21.26% and its shares lost 47.22% of their value over the last 52 weeks. Uber Technologies, Inc. (NYSE:UBER) has a market capitalization of $48.825 billion.
Here is what Oakmark Funds specifically said about Uber Technologies, Inc. (NYSE:UBER) in its Q3 2022 investor letter:
“We believe the market is underestimating the competitive position and earnings potential that Uber Technologies, Inc. (NYSE:UBER) has in its core Rides and Eats businesses. Uber holds the #1 position in 90% of its rideshare markets globally and is typically more than twice the size of its next competitor. Having the largest and most dense driver network is a key advantage as it enables Uber to offer shorter pickup times and lower prices than competitors while also earning higher margins. We believe the synergies between Rides and Eats will further improve Uber’s service quality and cost position. In recent years, competition from well-funded but unprofitable challengers has pressured Uber’s economics. However, as these challengers are forced to compete more rationally, we expect Uber to generate significant margin improvement alongside continued high growth. We began buying shares at just over 1x revenue and a double-digit free cash flow yield based on management’s guidance for 2024. We view this as an attractive valuation for a business with Uber’s future growth outlook.”
Uber Technologies, Inc. (NYSE:UBER) is in 8th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 129 hedge fund portfolios held Uber Technologies, Inc. (NYSE:UBER) at the end of the second quarter, which was 144 in the previous quarter.
We discussed Uber Technologies, Inc. (NYSE:UBER) in another article and shared the best delivery stocks to invest in. 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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