Oakmark Funds, advised by Harris Associates, released its “Oakmark Equity and Income Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund delivered -1.87% during the quarter compared to the Lipper Balanced Fund Index’s -2.79%. For the fiscal year, the Fund’s return is 14.40%, compared to an 11.29% return for the Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Equity and Income Fund highlighted stocks like The Interpublic Group of Companies, Inc. (NYSE:IPG) in the third quarter 2023 investor letter. Headquartered in New York, New York, The Interpublic Group of Companies, Inc. (NYSE:IPG) offers advertising and marketing services. On October 9, 2023, The Interpublic Group of Companies, Inc. (NYSE:IPG) stock closed at $29.32 per share. One-month return of The Interpublic Group of Companies, Inc. (NYSE:IPG) was -8.15%, and its shares gained 12.04% of their value over the last 52 weeks. The Interpublic Group of Companies, Inc. (NYSE:IPG) has a market capitalization of $11.286 billion.
Oakmark Equity and Income Fund made the following comment about The Interpublic Group of Companies, Inc. (NYSE:IPG) in its Q3 2023 investor letter:
“The Interpublic Group of Companies, Inc. (NYSE:IPG) is one of the largest advertising holding companies in the world. It has led the industry in both organic revenue growth and operating margin expansion for several years. We believe that this outperformance has been driven by the company’s collaborative approach across agency teams, focus on maintaining leading creative capabilities, and more transparent media buying relative to competitors. In addition, we think that IPG’s “build rather than buy” approach to digital and expertise in data management (further enhanced by its acquisition of Acxiom), has further differentiated the company. Although revenue growth has slowed recently due to reduced spending by tech and telecom clients and related softness at certain specialist agencies, we expect IPG to return to faster growth later this year and into 2024. At only 10x our estimate of normal earnings, the company trades well below our estimate of intrinsic value.”
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The Interpublic Group of Companies, Inc. (NYSE:IPG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held The Interpublic Group of Companies, Inc. (NYSE:IPG) at the end of the second quarter, which was 26 in the previous quarter.
We discussed The Interpublic Group of Companies, Inc. (NYSE:IPG) in another article and shared long-term returns of Paul Singer’s activist targets. 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.
