Investment management company Vulcan Value Partners recently released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all trailed their benchmark indexes in 2022. In the fourth quarter, the fund’s Large-Cap Composite returned 8.2% net of fees and expenses, the Small Cap Composite returned 11.2% net, Focus Composite returned 7.6% net, the Focus Plus composite returned 7.7%, and All Cap Composite returned 7.2% net. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners highlighted stocks like Ball Corporation (NYSE:BALL) in the Q4 2022 investor letter. Headquartered in Westminster, Colorado, Ball Corporation (NYSE:BALL) is an aluminum packaging products supplier. On February 8, 2023, Ball Corporation (NYSE:BALL) stock closed at $55.88 per share. One-month return of Ball Corporation (NYSE:BALL) was -2.22%, and its shares lost 39.70% of their value over the last 52 weeks. Ball Corporation (NYSE:BALL) has a market capitalization of $17.542 billion.
Vulcan Value Partners made the following comment about Ball Corporation (NYSE:BALL) in its Q4 2022 investor letter:
“Ball Corporation (NYSE:BALL) is the market leading manufacturer of aluminum beverage cans globally with more than a forty percent market share in a consolidated and rational industry with high barriers to entry. This is a stable business that has been around for over a century. Although beverage volumes are slow growing, the aluminum can industry in general, and Ball in particular, are growing faster, taking share from both plastic and glass. Aluminum is a more sustainable product than either plastic or glass, and aluminum cans are helping consumer product companies meet their sustainability goals. In addition to the stable demand profile, long-term contracts with committed volumes and contractual inflation pass throughs should lead to stable margins and solid free cash flow generation. Volume growth slowed in 2022 from pandemic driven highs, and higher non-aluminum costs were a drag on margins. We believe growth will re-accelerate and margins will increase as the company passes through these inflationary costs. In the meantime, the company plans to buy back shares at a discount to our estimate of intrinsic value.”
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Ball Corporation (NYSE:BALL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Ball Corporation (NYSE:BALL) at the end of the third quarter, which was 24 in the previous quarter.
We discussed Ball Corporation (NYSE:BALL) in another article and shared Conestoga Capital Advisors’ views on the company. 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.
