Weitz Investment Management, an investment management firm, released its “Value Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund (Institutional Class) returned -7.10% compared to a -4.61% return for the Russell 1000 in the third quarter. Year to date, the fund (Institutional Class) returned -28.20% compared to -24.59% return for the Russell 1000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Weitz Investment discussed stocks like Adobe Inc. (NASDAQ:ADBE) in the Q3 2022 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a global software company. On October 31, 2022, Adobe Inc. (NASDAQ:ADBE) stock closed at $318.50 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 11.66% and its shares lost 50.25% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $148.071 billion.
Here is what Weitz Investment specifically said about Adobe Inc. (NASDAQ:ADBE) in its Q3 2022 investor letter:
“Software stocks continued to slide, but Adobe Inc. (NASDAQ:ADBE) created its own drama when the company agreed to acquire privately held Figma for an eye-popping $20 billion. Figma’s strategic fit with Adobe’s creative business is quite sound, perhaps exceptional, but the price tag was undeniably high. The deal raised questions about our quality score assessment, particularly around capital allocation, management, and competitive position. We reset growth expectations and lowered our business value estimate, but not nearly as much as the stock price declined. While our diligence is ongoing, we answered enough to add modestly to the position. Our equity research analyst will have an opportunity to keep drilling deeper at the upcoming Adobe MAX user conference and financial investor meeting. If our views change as we learn more, so will our positioning.”
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Adobe Inc. (NASDAQ:ADBE) is in 22nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 92 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of the second quarter which was 93 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared Andvari Associates’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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