Matrix Asset Advisors, an asset management company, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Matrix’s Large Cap Value Portfolio rebounded from the difficult 9 months period of the year and performed in line with the S&P 500 Index but lagged the Russell 1000 Value Index. For the full year, the LCV portfolio modestly lagged the S&P 500 Index and significantly lagged the Russell 1000 Value Index. The Matrix Dividend Income portfolio performed in line with the Russell 1000 Value index and well ahead of the S&P 500 in the quarter. In 2022 MDI portfolio navigated well in the bear market and performed well ahead of the S&P 500 Index and outperformed the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Matrix Asset Advisors highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN) in the Q4 2022 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On March 29, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $100.25 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 8.81%, and its shares lost 38.50% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.027 trillion.
Matrix Asset Advisors made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2022 investor letter:
“In the 4th quarter, we started a new position in Amazon.com, Inc. (NASDAQ:AMZN) and trimmed the position in Schlumberger (SLB) on price strength.
Amazon is a leading mega-cap e-commerce and cloud computing company. Since starting in a small house in Seattle, WA, Amazon became one of the major tech disruptors of its generation with leading market shares in E-Commerce Retailing (40% market share) and Cloud Computing (33% market share). After hitting a record high of $188 in late 2021, Amazon’s shares have fallen by more than 50% to a recent price below $90 per share. While not a traditional Value stock based on its current P/E, the company is now trading near the bottom of its historical valuation range on several other valuation metrics. We believe the worries about a slowdown in its business from the past few years of supercharged Covid economy growth provide an opportunity to buy a great company at a very attractive price.”
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Amazon.com, Inc. (NASDAQ:AMZN) is in 2nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 240 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the fourth quarter which was 269 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of best affordable tech stocks to buy. 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.
