Miller Value Partners: “PulteGroup (PHM) Traded Down Despite Housing Improvements”

The investment management company, Miller Value Partners recently released its “Miller Opportunity Equity” second quarter 2022 investment letter, a copy of which can be downloaded here. The firm faced notable challenges due to continued volatility in the last couple of years. In the second quarter, Miller Opportunity was down by -29.3%, extending its first half return to -31.08% net of fees. Over the last 10 years, the fund generated an annualized return of 11.83%. Take a look at the fund’s top 5 holdings to have an idea about their best picks for 2022.

The letter discussed stocks like PulteGroup, Inc. (NYSE:PHM). PulteGroup, Inc. (NYSE:PHM) is a US-based home building company headquartered in Atlanta, Georgia. The stock of PulteGroup, Inc. (NYSE:PHM)  closed at $44.27 per share on August 11, 2022. One-month return of PulteGroup, Inc. (NYSE:PHM) rose to 1.07% and its shares lost 18.71% of their value over the last 52 weeks. PulteGroup, Inc. (NYSE:PHM) has a market capitalization of $10.248 billion.

Here is what Miller Value Partners specifically said about PulteGroup, Inc. (NYSE:PHM) :

“Homebuilders and financials, the worst losers during the Financial Crisis crash, plummeted. Some homebuilders, like PulteGroup, Inc. (NYSE:PHM), traded down to half their financial crisis lows despite reporting housing improvements for the first time. Fear ruled in the short term, but fundamentals ultimately prevailed. Homebuilders were top performers in 2012 posting triple-digit increases in some cases. Opportunity Equity was a top performer that year.”

SpeedKingz/Shutterstock.com

PulteGroup, Inc. (NYSE:PHM) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, PulteGroup, Inc. (NYSE:PHM) was held by 27 hedge fund portfolios at the end of the first quarter, which was 35 in the previous quarter.

We discussed PulteGroup, Inc. (NYSE:PHM) in another article and shared Andreas Halvorsen’s Viking Global’s views on the best dividend stocks. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.