Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -1.31% in the third quarter, 15.91% calendar year to date, and 27.84% for the fiscal year. The S&P 500 Total Return Index delivered -3.27%, 13.07%, and 21.62%, respectively, for the same periods. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Fund highlighted stocks like Corteva, Inc. (NYSE:CTVA) in the third quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Corteva, Inc. (NYSE:CTVA) provides seed and crop protection solutions. On October 6, 2023, Corteva, Inc. (NYSE:CTVA) stock closed at $50.05 per share. One-month return of Corteva, Inc. (NYSE:CTVA) was 0.48%, and its shares lost 18.02% of their value over the last 52 weeks. Corteva, Inc. (NYSE:CTVA) has a market capitalization of $35.524 billion.
Oakmark Fund made the following comment about Corteva, Inc. (NYSE:CTVA) in its Q3 2023 investor letter:
“Corteva, Inc. (NYSE:CTVA) is a leading provider of seed and crop protection chemicals. We believe the seed and crop protection markets have sizeable barriers to entry due to the duration and magnitude of investment required to compete. Both industries require constant innovation: Farmers expect seed yield improvement each year while nature develops immunity to crop protection chemicals over time. As a result, advantages accrue to the largest players with the most R&D resources. Within this context, we believe Corteva is very well positioned. The company has scale, well-recognized brands, a loyal customer base, and a promising R&D pipeline. In addition, we see idiosyncratic opportunities for Corteva to improve its profitability over time, and we believe the current management team is executing well against this opportunity. More recently, the stock has been pressured by near-term headwinds related to inventory destocking and declining crop prices. We see this weakness as an opportunity to invest in a high-quality and defensible business at a discount to both its own historical trading multiple and private market transactions.”
Nitrogen, Fertilizer, Agriculture
Corteva, Inc. (NYSE:CTVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Corteva, Inc. (NYSE:CTVA) at the end of the second quarter, which was 52 in the previous quarter.
We discussed Corteva, Inc. (NYSE:CTVA) in another article and shared the list of biggest agricultural companies in the US. In addition, please check out our hedge fund investor letters Q3 2023 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.
