Oakmark Funds, an investment management company, released its “Oakmark Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -1.9%, outperforming the S&P 500 Index, which returned -4.9%. For the fiscal year ended September 30, 2022, the fund declined -17.7% compared to a decline of -15.5% for the S&P 500 Index. Energy and healthcare sectors contributed positively to the fund’s performance in the quarter while communication services and financials sectors detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Oakmark Funds discussed stocks like Fortune Brands Home & Security, Inc. (NYSE:FBHS) in the Q3 2022 investor letter. Headquartered in Deerfield, Illinois, Fortune Brands Home & Security, Inc. (NYSE:FBHS) is a home and security products provider. On October 11, 2022, Fortune Brands Home & Security, Inc. (NYSE:FBHS) stock closed at $57.32 per share. One-month return of Fortune Brands Home & Security, Inc. (NYSE:FBHS) was -6.22%, and its shares lost 38.16% of their value over the last 52 weeks. Fortune Brands Home & Security, Inc. (NYSE:FBHS) has a market capitalization of $7.412 billion.
Here is what Oakmark Funds specifically said about Fortune Brands Home & Security, Inc. (NYSE:FBHS) in its Q3 2022 investor letter:
“Fortune Brands Home & Security, Inc. (NYSE:FBHS) is a leader in home improvement products with strong competitive positions across its primary categories of decorative plumbing, cabinets, outdoor living and security. These are high-quality businesses that benefit from strong brand recognition, scale and deep channel relationships. Under the leadership of CEO Nick Fink, management has expanded margins, invested heavily to drive above-market growth and deployed capital in a value-enhancing manner. We had the opportunity to purchase shares of Fortune Brands at an attractive price due to concerns over the impact that slowing economic growth and higher interest rates will have on the housing market. Although we expect these macro headwinds will pressure short-term results, we believe the long-term outlook for housing and repair and remodel spending remain attractive given favorable demographic trends and historical underinvestment. Trading for roughly 9x next year’s consensus earnings, we believe Fortune Brands presents an attractive opportunity to invest in a well-managed, high-quality portfolio of businesses in a sector that’s deeply out of favor.”
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Fortune Brands Home & Security, Inc. (NYSE:FBHS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Fortune Brands Home & Security, Inc. (NYSE:FBHS) at the end of the second quarter, which was 34 in the previous quarter.
We discussed Fortune Brands Home & Security, Inc. (NYSE:FBHS) in another article and shared Baron Funds’ views on the company. 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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