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 NICE Ltd. (NASDAQ:NICE) in the Q4 2022 investor letter. Headquartered in Ra’anana, Israel, NICE Ltd. (NASDAQ:NICE) is a cloud platform provider. On February 8, 2023, NICE Ltd. (NASDAQ:NICE) stock closed at $222.79 per share. One-month return of NICE Ltd. (NASDAQ:NICE) was 12.28%, and its shares lost 16.61% of their value over the last 52 weeks. NICE Ltd. (NASDAQ:NICE) has a market capitalization of $14.154 billion.
Vulcan Value Partners made the following comment about NICE Ltd. (NASDAQ:NICE) in its Q4 2022 investor letter:
“NICE Ltd. (NASDAQ:NICE) is a global enterprise software company that provides mission critical contact center software. We think that the contact center market’s competitive landscape is healthy. Few companies have a cloud product that satisfies the needs of a large enterprise contact center and the barriers to entry are high in terms of the time, capital, product breadth, depth, and quality required for a new entrant to gain traction in this market. NICE is a market leader with a great product, a distribution advantage, and significant market share. Approximately one out of every three customer service agents in the cloud today are using NICE’s software. Cloud penetration is roughly 15% today, and we believe it will continue to increase and that NICE will continue to take share from legacy on-premises competitors. We expect customer retention levels will support continued market share gains. We also anticipate revenue per customer to increase from the upsell of digital solutions that help companies to improve their customer experience and save money on labor costs. NICE continues to perform well and although a recession may slow IT spending, the company generates strong free cash flow and is well managed. We are happy to own NICE after following its progress for many years.”
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NICE Ltd. (NASDAQ:NICE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held NICE Ltd. (NASDAQ:NICE) at the end of the third quarter, which was 28 in the previous quarter.
We discussed NICE Ltd. (NASDAQ:NICE) in another article and shared the list of quarterly reports everyone is talking about. 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.
