Asset management company Manole Capital Management recently released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In 2022 the US stock market index, S&P 500, was highly volatile and declined by 25%. The fund mainly focuses on the payments industry, a securely growing segment. During this fluctuating market, the firm is prepared and accounts for this volatility in its portfolio. For more information on the fund’s top picks in 2022, please check its top five holdings.
Manole Capital Management mentioned The Goldman Sachs Group, Inc. (NYSE:GS) in its third-quarter investor letter. Headquartered in New York, New York, The Goldman Sachs Group, Inc. (NYSE:GS) is a financial company that operates through Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management segments. On November 14, 2022, The Goldman Sachs Group, Inc. (NYSE:GS) stock closed at $382.36 per share. One-month return of The Goldman Sachs Group, Inc. (NYSE:GS) was 21.83%, while its shares lost 5.14% of their value over the last 52 weeks. The Goldman Sachs Group, Inc. (NYSE:GS) has a market capitalization of $129.48 billion.
Manole Capital Management made the following comment about The Goldman Sachs Group, Inc. (NYSE:GS) in its Q3 2022 investor letter:
“Back in 2019, The Goldman Sachs Group, Inc. (NYSE:GS) made a splash in the card industry by working with Apple and MasterCard on a credit card. The actual card is fairly sleek (as you can see below), as customers names are etched into an Apple titanium card. The no-fee card generated a lot of hype, as many early users were quick to post their latest card on various social media sites.
The initial goal of Marcus (back in 2016) was to leverage Goldman’s wonderful name brand and build a full-service digital bank. This card was a large piece of GS’s ambitions to grow its retail banking franchise called Marcus. After 5 years, Marcus now has 14 million customers and $16 billion in loan balances. Surprisingly, Marcus now represents nearly 20% of the firm’s total revenue.
We thought it would be interesting to look how the Apple Card is doing in terms of loans and exposures. With over $100 billion in assets, this has been a successful source of cheap deposits for GS. Despite having an institutional / “white shoe” brand in the investment banking and trading world, GS’s Apple Card has been a disappointment.” (Click here to read the full text)
The Goldman Sachs Group, Inc. (NYSE:GS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held The Goldman Sachs Group, Inc. (NYSE:GS) at the end of the second quarter which was 71 in the previous quarter.
We discussed The Goldman Sachs Group, Inc. (NYSE:GS) in another article and shared ClearBridge Investments’ 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.
