Oakmark Funds, an investment management company, released its “Oakmark International Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund generated a 23.0% return in the fourth quarter compared to a 16.2% return for the MSCI World ex U.S. Index. For the full year 2022, the fund returned -15.7% compared to a -14.3% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Oakmark Funds highlighted stocks like Credit Suisse Group AG (NYSE:CS) in its Q4 2022 investor letter. Based in Zurich, Switzerland, Credit Suisse Group AG (NYSE:CS) is a financial services company. On January 9, 2023, Credit Suisse Group AG (NYSE:CS) stock closed at $3.3600 per share. One-month return of Credit Suisse Group AG (NYSE:CS) was -0.59%, and its shares lost 67.16% of their value over the last 52 weeks. Credit Suisse Group AG (NYSE:CS) has a market capitalization of $13.311 billion.
Oakmark Funds made the following comment about Credit Suisse Group AG (NYSE:CS) in its Q4 2022 investor letter:
“Swiss Financial services company Credit Suisse Group AG (NYSE:CS) was a top detractor for the quarter. Credit Suisse’s third-quarter headline results of a CHF 4.03 billion net loss for the quarter included a CHF 3.7 billion impairment of deferred tax assets (DTA). The DTA is attributed to the group’s securitized products segment, which is expected to be spun off from the company. Although the DTA impairment is a noncash charge, the company had to raise a larger than expected amount of capital to get back to target ranges. Outside of the DTA write-down, we believe that third-quarter results show that the core franchises continue to perform acceptably despite the negative headlines. We also appreciate that management’s restructuring plan includes increasing the capital allocated toward the company’s higher quality franchises and away from its lower quality investment bank. Although we were disappointed that the company needed to raise more capital than we had expected, given the size of the DTA impairment and the desire for a new investor to come in, we believe this will leave Credit Suisse in a strong capital position. We have lowered our intrinsic value estimate following the announcement, partially driven by the dilutive capital raise.”
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Credit Suisse Group AG (NYSE:CS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Credit Suisse Group AG (NYSE:CS) at the end of the third quarter, which was 9 in the previous quarter.
We discussed Credit Suisse Group AG (NYSE:CS) in another article and shared Claret Asset Management’s views on the company. 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.
