White Brook Capital Partners, an investment management firm, released its third-quarter 2022 investor letter. The same can be downloaded here. Year to date, the fund performed in line with the indexes and returned -21.75% net compared to a -21.52% return for the S&P 400 Index and a -23.87% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
White Brook Capital discussed stocks like Box, Inc. (NYSE:BOX) in the Q3 2022 investor letter. Headquartered in San Francisco Bay Area, California, Box, Inc. (NYSE:BOX) is a content management platform. On October 24, 2022, Box, Inc. (NYSE:BOX) stock closed at $28.16 per share. One-month return of Box, Inc. (NYSE:BOX) was 13.82% and its shares gained 9.06% of their value over the last 52 weeks. Box, Inc. (NYSE:BOX) has a market capitalization of $4.008 billion.
White Brook Capital made the following comment about Box, Inc. (NYSE:BOX) in its Q3 2022 investor letter:
“Given the Fund’s three year mark, I thought it appropriate to revisit our largest position over that period, Box, Inc.
Three years ago, Box, Inc. (NYSE:BOX) was an enterprise software company focused on document collaboration. The company’s competitive advantage was born from its security and governance capabilities that allowed it to succeed in regulated industries and the superior number of integrations with other services that made it easy to use a single file across functions. As it looked forward, it hoped to build on those capabilities with a new workflow automation tool and expand its fledgling artificial intelligence capabilities. There was significant opportunity in its sales and marketing expenditures which were relatively inefficient. The Company was overly dependent on partners to penetrate larger enterprises and generally struggled to sell to the mass enterprise market despite its superior product. From a financial perspective, the company had line of sight to operating profit breakeven and robust free cash flow generation when excluding the cost of stock based compensation, but had a history of missing Street expectations. Its co-founder and CEO, Aaron Levie, was well thought of within the industry and was considered a visionary, but the company had a difficult time delineating to investors what differentiated the company from Microsoft’s OneDrive and Sharepoint, Google Drive, Dropbox, and a host of less sophisticated sync and share offerings…” (Click here to read the full text)
Photo by Gabriel Benois on Unsplash
Box, Inc. (NYSE:BOX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Box, Inc. (NYSE:BOX) at the end of the second quarter which was 26 in the previous quarter.
We discussed Box, Inc. (NYSE:BOX) in another article and shared the list of stocks recently upgraded by analysts. In addition, please check out our hedge fund investor letters Q3 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.
