Here’s Why CNH Industrial N.V. (CNHI) Outperformed in Q4

Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund delivered an 8.63% return, compared to a 7.56% return for the S&P Index and a 12.42% return for the Russell 1000 Value Index. For 2022, the fund was 23.25% down while, the S&P 500 fell 18.11% and the Russell 1000 Value Index returned -7.54%. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Longleaf Partners Fund highlighted stocks CNH Industrial N.V. (NYSE:CNHI) in the Q4 2022 investor letter. Headquartered in London, the United Kingdom, CNH Industrial N.V. (NYSE:CNHI) is an agricultural and construction equipment, trucks, commercial vehicles, buses, and specialty vehicles manufacturing company. On February 7, 2023, CNH Industrial N.V. (NYSE:CNHI) stock closed at $16.10 per share. One-month return of CNH Industrial N.V. (NYSE:CNHI) was -4.85%, and its shares lost 0.19% of their value over the last 52 weeks. CNH Industrial N.V. (NYSE:CNHI) has a market capitalization of $21.646 billion.

Longleaf Partners Fund made the following comment about CNH Industrial N.V. (NYSE:CNHI) in its Q4 2022 investor letter:

“CNH Industrial N.V. (NYSE:CNHI) – Agricultural machinery company CNH Industrial reported strong 3Q results, meaningfully beating expectations for both sales and margins, and increasing full year guidance. Management announced an additional $100 million buyback program on top of the $300 million program already in place. It is good to see new management delivering in a better environment, and the company still trades at too wide of a discount to other agricultural equipment companies.”

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CNH Industrial N.V. (NYSE:CNHI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held CNH Industrial N.V. (NYSE:CNHI) at the end of the third quarter, which was 25 in the previous quarter.

We discussed CNH Industrial N.V. (NYSE:CNHI) in another article and shared the list of cheap hot 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.