Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund APFDX returned -5.73%, Advisor Class fund APDDX posted a return of -5.72%, and Institutional Class fund APHDX returned -5.63%, compared to a return of -6.82% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2022
In the third-quarter letter, Artisan Partners discussed stocks like Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA). Headquartered in Bilbao, Spain, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) is a banking and asset management company. On November 14, 2022, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) stock closed at $5.52 per share. One-month return of Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) was 13.11% and its shares lost 15.60% of their value over the last 52 weeks. Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) has a market capitalization of $33.286 billion.
Artisan Partners made the following comment about Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) in its Q3 2022 investor letter:
“We ended our Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) and Burlington Stores investment campaigns during Q3. Banco Bilbao Vizcaya Argentaria engages in retail banking, asset management, private banking and wholesale banking in Mexico, Spain, South America, the United States, Turkey and other parts of Eurasia. A new CEO is leading several new initiatives—exiting the US market and using the proceeds to repurchase stock, refocusing the company on higher growth emerging markets, utilizing technology to right size the workforce and driving an increasing amount of business through its digital channel (mobile banking, direct deposits, etc.). The company has made progress toward these internal initiatives, though its exposure to credit issues via its high emerging markets exposure (Mexico, Turkey and South America were >60% of revenue in 2021) could outweigh these profit cycle tailwinds in the periods ahead as elevated inflation and a waning global economy weigh on consumers’ savings in these markets. Given our inability to determine when these macro headwinds could abate, we harvested our position.”
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Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) at the end of the second quarter which was 10 in the previous quarter.
We discussed Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) in another article and shared the list of cheap stocks to buy according to billionaire Ken Fisher. 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.
