Investment management company GoodHaven Capital Management released its second-quarter 2022 investor letter. A copy of the same can be downloaded here. At the end of the first half of the year 2022, the fund outperformed the S&P 500 index declining by 3.86% compared to a fall of 8.85% for the S&P 500 Index. The fund has been performing well over the last 2 semi-annual fiscal years. You can check the top 5 holdings of the fund to know its best picks in 2022.
GoodHaven Capital Management discussed stocks like Alleghany Corporation (NYSE:Y) in the second quarter investor letter. Based in New York, New York, Alleghany Corporation (NYSE:Y) is an insurance and reinsurance providing company for casualty and property. On August 25, 2022, Alleghany Corporation (NYSE:Y) stock closed at $841.79 per share. One-month return of Alleghany Corporation (NYSE:Y) was 0.51% and its shares gained 22.89% of their value over the last 52 weeks. Alleghany Corporation (NYSE:Y) has a market capitalization of $11.327 billion.
“Alleghany Corporation (NYSE:Y) was our next biggest dollar gainer. We had added to Alleghany on a few occasions earlier in the period, making it a top ten holding. We had intended to use this letter to discuss our positive outlook for the company given its recent strong results, a thoughtful 2021 shareholder letter from new CEO Joe Brandon, and a cheap stock price. On March 21, 2022, we were surprised when it was announced that Alleghany had entered into an agreement to be acquired by Berkshire for $848.02/share in cash. Wearing our “Berkshire hat,” we love the acquisition for its attractive price in an industry Berkshire knows better than anyone. We also like the potential that Joe Brandon may again be part of Berkshire going forward. However, nobody has ever said “boy Warren Buffett paid top dollar for that acquisition.” Wearing our “Alleghany hat,” we would have hoped for a buyout at a higher price and a deal in stock versus cash so we might have the option to participate in the future (and not pay current capital gains tax).”
Pixabay/Public Domain
Alleghany Corporation (NYSE:Y) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Alleghany Corporation (NYSE:Y) at the end of the first quarter which was 40 in the previous quarter.
We discussed Alleghany Corporation (NYSE:Y) in another article and shared the Sound Shore Management’s views about the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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