Arch Capital Thinks Dropbox (DBX) is as Strong as Ever

Investment management company Arch Capital recently released its second quarter 2022 investor letter. A copy of the same can be downloaded here. Year to date the fund returned -24.6% net of realized and estimated fees, compared to -20.0% for the S&P 500 Total Return Index. Since its inception, the fund returned -27.2%.  You can check the top 5 holdings of the fund to know its best picks in 2022.

Arch Capital discussed stocks like Dropbox, Inc. (NASDAQ:DBX) in the second quarter investor letter. Headquartered in San Francisco, California, Dropbox, Inc. (NASDAQ:DBX) provides a platform for content collaboration. On August 23, 2022, Dropbox, Inc. (NASDAQ:DBX)  stock closed at $22.66 per share. One-month return of Dropbox, Inc. (NASDAQ:DBX) was -0.98% and its shares lost 26.34% of their value over the last 52 weeks. Dropbox, Inc. (NASDAQ:DBX)  has a market capitalization of $8.398 billion.

Here is what Arch Capital specifically said about Dropbox, Inc. (NASDAQ:DBX):

“In March, we decided to buy Dropbox, Inc. (NASDAQ:DBX) with some of our cash position. We had sold the stock in 2021 due solely to valuation concerns, but with the stock cratering in early 2022, we decided to revisit the company. It turns out, the business was still as strong as ever. If you want more detail on why we like Dropbox, you can read our report from back in Q1 here.”

Dropbox, Inc. (NASDAQ:DBX) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Dropbox, Inc. (NASDAQ:DBX)  was held by 32 hedge fund portfolios at the end of the first quarter, which was 44 in the previous quarter.

We discussed Dropbox, Inc. (NASDAQ:DBX) in another article and shared Mayar Capital’s 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.