Longleaf Partners, an asset management company, released its “Longleaf Partners Fund” second quarter investor letter. A copy of the same can be downloaded here. The fund declined 15.56% in the second quarter, just ahead of the S&P 500 Index, which dropped 16.10%. Even though the fund outperformed the S&P Index, it lagged the Russell 1000 value index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
In the second quarter investor letter, Longleaf Partners discussed stocks like General Electric Company (NYSE:GE). Headquartered in Boston, Massachusetts, General Electric Company (NYSE:GE) is a multinational conglomerate that operates through 4 segments: aviation. Healthcare, power, and renewable. On August 31, 2022, General Electric Company (NYSE:GE) stock closed at $73.44 per share. One-month return of General Electric Company (NYSE:GE) was -0.31% and its shares lost 30.89% of their value over the last 52 weeks. General Electric Company (NYSE:GE) has a market capitalization of $80.531 billion.
Here is what Longleaf Partners specifically said about General Electric Company (NYSE:GE):
“General Electric Company (NYSE:GE) – Aviation, Healthcare and Power conglomerate GE was punished in the quarter amid top-down economic fears for this collection of seemingly cyclical businesses. However, the market is not giving the company credit for the material improvements CEO Larry Culp has made in his tenure. The balance sheet today is stronger than it has been in a very long time, and each of the three primary business segments each have strong paths to increasing earnings, regardless of the economic environment. Healthcare has historically not been a cyclical business. While Aviation typically has some economic sensitivity, the business still has a strong COVID rebound tailwind that should continue even in an uncertain environment. Power is a less cyclical business, and GE maintains a steady business servicing approximately one-third of the world’s electricity. GE is another example of strong insider buying indicating management’s confidence in the business, while the company also began buying back discounted shares. GE is still on track to break the company into three separate businesses, and we believe this will help the market properly weigh the value of each core segment.”
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General Electric Company (NYSE:GE) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, General Electric Company (NYSE:GE) was held by 49 hedge fund portfolios at the end of the second quarter, which was 51 in the previous quarter.
We discussed General Electric Company (NYSE:GE) in another article and shared Vulcan Value Partners’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
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