Oakmark Funds, an investment management company, released its “Oakmark Global Select Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund generated a 12.9% return in the fourth quarter compared to a 9.8% return for the MSCI World Index. Also, it returned -22.5% for the calendar year 2022 compared to the -18.1% return for the MSCI World Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Oakmark Funds highlighted stocks like Capital One Financial Corporation (NYSE:COF) in its Q4 2022 investor letter. Headquartered in McLean, Virginia, Capital One Financial Corporation (NYSE:COF) is a financial services company. On January 9, 2023, Capital One Financial Corporation (NYSE:COF) stock closed at $97.45 per share. One-month return of Capital One Financial Corporation (NYSE:COF) was -1.43%, and its shares lost 38.52% of their value over the last 52 weeks. Capital One Financial Corporation (NYSE:COF) has a market capitalization of $37.197 billion.
Oakmark Funds made the following comment about Capital One Financial Corporation (NYSE:COF) in its Q4 2022 investor letter:
“Additionally, we initiated a position in Capital One Financial Corporation (NYSE:COF) during the quarter. Capital One is one of the largest issuers of Visa and Mastercard credit cards in the U.S. The company also has a banking network, offers auto and home loans, and manages assets for institutional and high-net-worth clients. We like that Capital One possesses a strong capital position and a common equity tier-1 ratio that exceeds both regulators’ requirements as well as the company’s own internal target. We appreciate the company’s good underwriting track record and its history of lower than expected loss rates given its business mix and yield. In our view, Capital One’s management team is focused on the long term as evidenced by its consistent reinvestment in technology development, and its online/branch bank provides a stable deposit base with decent funding cost. At roughly 5x 2022 consensus earnings and 1.1x tangible book value per share, the stock trades at a significant discount to the market and our estimate of intrinsic value.”
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Capital One Financial Corporation (NYSE:COF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Capital One Financial Corporation (NYSE:COF) at the end of the third quarter, which was 50 in the previous quarter.
We discussed Capital One Financial Corporation (NYSE:COF) in another article and shared the most influential companies to invest in. 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.
