Cooper Investors’ Top Q3 Performer: Workday Inc. (WDAY)

Cooper Investors, an investment management firm, published its “Cooper Investors Global Equities Fund” third-quarter 2022 investor letter – a copy of which can be downloaded here. The portfolio returned -4.77% in the quarter, versus the benchmark return of -5.52%. Profound US Dollar strength was a feature of the period; the A$ fell -6.5%, Yen -6.1%, Euro -6.3%, and the Pound – 8.1%. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, Cooper Investors Global Equities Fund mentioned Workday, Inc. (NYSE:WDAY) and explained its insights for the company. Founded in 2005, Workday, Inc. (NYSE:WDAY) is a Pleasanton, California-based system software company with a $39.0 billion market capitalization. Workday, Inc. (NYSE:WDAY) delivered a -44.14% return since the beginning of the year, while its 12-month returns are down by -44.96%. The stock closed at $152.61 per share on October 18, 2022.

Here is what Cooper Investors Global Equities Fund has to say about Workday, Inc. (NYSE:WDAY) in its Q3 2022 investor letter:

“The biggest contributors to portfolio return for the quarter includes Workday (solid results, confident guidance and reducing share-based comp).  It seems unfashionable to discuss technology stocks given the current market mood, but we are observing positive signs from US software companies in terms of their journey along the ‘HubrisHumility’ cycle. We have trimmed and concentrated our software exposure significantly over the last 18 months down to two cloud-native SAAS players, Workday and Salesforce. We met with both businesses during our trip and came away encouraged from language indicating increased focus on profitability and cost control.”


Our calculations show that Workday, Inc. (NYSE:WDAY)fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Workday, Inc. (NYSE:WDAY) was in 71 hedge fund portfolios at the end of the second quarter of 2022, compared to 87 funds in the previous quarter. Workday, Inc. (NYSE:WDAY) delivered a 7.59% return in the past 3 months.

In April 2022, we also shared another hedge fund’s views on Workday, Inc. (NYSE:WDAY) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.


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Disclosure: None. This article is originally published at Insider Monkey.