Oakmark Funds, an investment management company, released its “Oakmark Global Select Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -11.3% compared to -6.2% for the MSCI World Index. For the fiscal year ended September 30, 2022, the fund returned -29.7% compared to a -19.6% return for the benchmark Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Oakmark Fund discussed stocks like Netflix, Inc. (NASDAQ:NFLX) in the third quarter 2022 investor letter. Headquartered in Los Gatos, California, Netflix, Inc. (NASDAQ:NFLX) is an entertainment services company. On October 11, 2022, Netflix, Inc. (NASDAQ:NFLX) stock closed at $214.29 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was -4.39% and its shares lost 65.97% of their value over the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $95.296 billion.
Here is what Oakmark Fund specifically said about Netflix, Inc. (NASDAQ:NFLX) in its Q3 2022 investor letter:
“Netflix, Inc. (NASDAQ:NFLX) (U.S.), a subscription streaming service and production company, was a top contributor for the quarter. Netflix’s share price reacted positively in response to second-quarter results that were strong, in our assessment, and largely better than investors expected. Although the company lost roughly one million global streaming subscribers, the loss was only about half of what management projected. Revenue in constant currency, excluding foreign currency impacts, rose 13% year-over-year, and management is projecting that third-quarter revenue will rise by 12% in constant currency. While currency exchange rates also affected earnings, margins are tracking slightly ahead of prior guidance when adjusted for currency impacts. Importantly, viewer engagement, which we see as a key metric, remains strong. In the U.S., Netflix had as much viewing time in the 2021-22 season as the top two cable networks combined (CBS and NBC), and total share of TV time reached a record in June, according to Nielsen. Along with the earnings release, management stated that the company is making progress on its advertising and password-sharing initiatives. Cash content costs for the next two to three years are expected to be unchanged at roughly $17 billion as Netflix continues to invest in high-quality content creation. Management is forecasting the net addition of one million global streaming subscribers in the third quarter, and we remain pleased with the company’s fundamental performance.”
Netflix, Inc. (NASDAQ:NFLX) is in 19th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 95 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of the second quarter, which was 109 in the previous quarter.
We discussed Netflix, Inc. (NASDAQ:NFLX) in another article and shared Polen Capital’s 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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Disclosure: None. This article is originally published at Insider Monkey.
