Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -1.31% in the third quarter, 15.91% calendar year to date, and 27.84% for the fiscal year. The S&P 500 Total Return Index delivered -3.27%, 13.07%, and 21.62%, respectively, for the same periods. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Fund highlighted stocks like Cisco Systems, Inc. (NASDAQ:CSCO) in the third quarter 2023 investor letter. Headquartered in San Jose, California, Cisco Systems, Inc. (NASDAQ:CSCO) is a technology company that designs, manufactures, and sells Internet Protocol-based networking products and services. On October 6, 2023, Cisco Systems, Inc. (NASDAQ:CSCO) stock closed at $53.45 per share. One-month return of Cisco Systems, Inc. (NASDAQ:CSCO) was -5.96%, and its shares gained 33.99% of their value over the last 52 weeks. Cisco Systems, Inc. (NASDAQ:CSCO) has a market capitalization of $216.732 billion.
Oakmark Fund made the following comment about Cisco Systems, Inc. (NASDAQ:CSCO) in its Q3 2023 investor letter:
“Cisco Systems, Inc. (NASDAQ:CSCO) is the leading networking solutions company. Networking equipment becomes more important as businesses modernize their IT infrastructure, and Cisco is well positioned to capture this demand given its broad portfolio and highly effective go-to-market strategy. Cisco is transitioning away from selling mainly transactional hardware and toward selling more software and subscriptions. This shift is expected to accelerate revenue growth, improve operating margins and build recurring revenue. Despite these notable business improvements, Cisco still trades near a trough valuation relative to the S&P 500 Index. More recently, Cisco announced its intention to acquire Splunk, a leader in security and observability, adding to its already strong position in the increasingly important security market. At a low-teens multiple of our estimate of normalized earnings, Cisco is trading comfortably below our estimate of intrinsic value.”
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Cisco Systems, Inc. (NASDAQ:CSCO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Cisco Systems, Inc. (NASDAQ:CSCO) at the end of second quarter which was 61 in the previous quarter.
We discussed Cisco Systems, Inc. (NASDAQ:CSCO) in another article and shared the list of dividend stocks of 2023. In addition, please check out our hedge fund investor letters Q3 2023 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.
