Here’s What Makes CoStar (CSGP) an Attractive Investment

Weitz Investment Management, an investment management firm, published its “Weitz Investment Management Partners Value Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. The Partners Value Fund’s Institutional Class returned -8.68% for the first quarter compared to -4.60% for the S&P 500 and -5.28% for the Russell 3000. For the fiscal year ended March 31, 2022, the Fund’s Institutional Class returned +4.35% compared to +15.65% for the S&P 500 and +11.92% for the Russell 3000. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Weitz Investment Management Partners Value Fund mentioned CoStar Group, Inc. (NASDAQ:CSGP) and explained its insights for the company. Founded in 1987, CoStar Group, Inc. (NASDAQ:CSGP) is a Washington, D.C.-based commercial property company with a $24.9 billion market capitalization. CoStar Group, Inc. (NASDAQ:CSGP) delivered a -20.47% return since the beginning of the year, while its 12-month returns are down by -28.79%. The stock closed at $62.85 per share on June 24, 2022.

Here is what Weitz Investment Management Partners Value Fund has to say about CoStar Group, Inc. (NASDAQ:CSGP) in its Q1 2022 investor letter:

“In insurance parlance, frequency was as relevant as severity. The silver lining is that we think these declines will prove to be temporary rather than permanent. CoStar is among our highest conviction positions, and we added to each during the quarter at attractive prices.”

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Our calculations show that CoStar Group, Inc. (NASDAQ:CSGP) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. CoStar Group, Inc. (NASDAQ:CSGP) was in 44 hedge fund portfolios at the end of the first quarter of 2022, compared to 49 funds in the previous quarter. CoStar Group, Inc. (NASDAQ:CSGP) delivered a -6.97% return in the past 3 months.

In May 2022, we also shared another hedge fund’s views on CoStar Group, Inc. (NASDAQ:CSGP) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.