Investment management company Vulcan Value Partners recently released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The firm carries five strategies and all these strategies trailed their benchmark index in the second quarter of 2022. The fund’s Large-Cap Composite returned -28.4% net of fees and expenses, Small Cap Composite returned net -25.8%, Focus Composite returned net -22.8%, Focus Plus composite returned net -22.9% and All Cap Composite returned net -29.1% during the quarter. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners added stocks like CBRE Group, Inc. (NYSE:CBRE) in the second quarter. Headquartered in Dallas, Texas, CBRE Group, Inc. (NYSE:CBRE) is a real estate and investment company that operates worldwide. On August 23, 2022, CBRE Group, Inc. (NYSE:CBRE) stock closed at $81.21 per share. One-month return of CBRE Group, Inc. (NYSE:CBRE) was -0.58% and its shares lost 12.57% of their value over the last 52 weeks. CBRE Group, Inc. (NYSE:CBRE) has a market capitalization of $26.082 billion.
Here is what Vulcan Value Partners specifically said about CBRE Group, Inc. (NYSE:CBRE):
“We purchased CBRE Group, Inc. (NYSE:CBRE) during the quarter, which has been a successful investment for us in the past. CBRE is one of the largest commercial real estate services companies offering comprehensive real estate services globally. The company serves real estate investors and corporate occupiers of real estate by providing leasing, brokerage, M&A and investment advisory, as well as property and facility management services. To complement its core offerings, the company also has a large global real estate investment management business with steady recurring fees. The industry is highly fragmented. Industry consolidation has been occurring for decades, and we believe CBRE will continue to take market share. The company’s revenues are diversified by geography, asset class and service lines. Additionally, CBRE has inherently variable cost structures. The company does not own any real estate, which provides the flexibility to adjust costs when the macro environment becomes less favorable. The combination of declining share prices and stable values provided an opportunity to purchase the company at a discount to its intrinsic value.”
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CBRE Group, Inc. (NYSE:CBRE) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, CBRE Group, Inc. (NYSE:CBRE) was held by 42 hedge fund portfolios at the end of the first quarter, which was 55 in the previous quarter.
We discussed CBRE Group, Inc. (NYSE:CBRE) in another article and shared Baron Funds’ 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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