Investment management company Vulcan Value Partners recently released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The firm carries five strategies and all these strategies trailed their benchmark index in the second quarter of 2022. The fund’s Large-Cap Composite returned -28.4% net of fees and expenses, Small Cap Composite returned net -25.8%, Focus Composite returned net -22.8%, Focus Plus composite returned net -22.9% and All Cap Composite returned net -29.1% during the quarter. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners added stocks like Jones Lang LaSalle Incorporated (NYSE:JLL) in the second quarter. Headquartered in Chicago, Illinois, Jones Lang LaSalle Incorporated (NYSE:JLL) is a real estate service company. On August 23, 2022, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $175.68 per share. One-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was -4.08% and its shares lost 26.77% of their value over the last 52 weeks. Jones Lang LaSalle Incorporated (NYSE:JLL) has a market capitalization of $8.418 billion.
Here is what Vulcan Value Partners specifically said about Jones Lang LaSalle Incorporated (NYSE:JLL):
“We purchased CBRE Group Inc. and Jones Lang LaSalle Incorporated (NYSE:JLL) during the quarter, both of which have been successful investments for us in the past. CBRE and Jones Lang LaSalle are two of the largest commercial real estate services companies offering comprehensive real estate services globally. The companies serve real estate investors and corporate occupiers of real estate by providing leasing, brokerage, M&A and investment advisory, as well as property and facility management services. To complement their core offerings, they also have large global real estate investment management businesses with steady recurring fees. The industry is highly fragmented. Industry consolidation has been occurring for decades, and we believe CBRE and Jones Lang LaSalle will continue to take market share. Both companies’ revenues are diversified by geography, asset class and service lines. Additionally, CBRE and Jones Lang LaSalle have inherently variable cost structures. Neither company owns any real estate, which provides the flexibility to adjust costs when the macro environment becomes less favorable. The combination of declining share prices and stable values provided an opportunity to purchase two outstanding companies at a discount to their intrinsic values.”
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Jones Lang LaSalle Incorporated (NYSE:JLL) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Jones Lang LaSalle Incorporated (NYSE:JLL) was held by 28 hedge fund portfolios at the end of the first quarter, which was 35 in the previous quarter.
We discussed Jones Lang LaSalle Incorporated (NYSE:JLL) in another article and shared Baron Funds’ views on the company. 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.
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