Heartland Advisors, an investment management firm, published its “Heartland Mid Cap Value Fund” second-quarter 2022 investor letter – a copy of which can be downloaded here. The Russell Mid Cap® Value Index was down for the quarter and the first half of the year, but it beat the S&P 500 and significantly outperformed the Russell Mid Cap Growth index over each timeframe. The Heartland Mid Cap Value Strategy, meanwhile, outperformed the Russell Mid Cap® Value Index in Q2 and on a year-to-date basis. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Heartland Mid Cap Value Fund mentioned Thor Industries, Inc. (NYSE:THO) and explained its insights for the company. Founded in 1980, Thor Industries, Inc. (NYSE:THO) is an Elkhart, Indiana-based travel trailer and camper manufacturing company with a $4.6 billion market capitalization. Thor Industries, Inc. (NYSE:THO) delivered a -18.11% return since the beginning of the year, while its 12-month returns are down by -25.90%. The stock closed at $84.42 per share on July 22, 2022.
Here is what Heartland Mid Cap Value Fund has to say about Thor Industries, Inc. (NYSE:THO) in its Q2 2022 investor letter:
“Elkhart, Indiana- based THOR Industries (NYSE:THO), the world’s largest manufacturer of recreational vehicles, has proven resilient in the current environment. In both the first and second quarters of 2022, the company reported earnings that more than doubled versus the respective year-ago periods. Yet, the stock is down by over 25% year-to-date and is nearly 50% off of its peak in the current market cycle, as rising gas prices, weak consumer sentiment and higher financing costs have weighed on shares. While year to date sales are showing some deceleration, the stock – trading below 7x forward earnings – appears to be pricing in a major drop in consumer demand. Fundamental analysis, however, suggests the current sell-side consensus estimates are too high (which makes the current forward multiple deceiving).”
Photo by Caleb George on Unsplash
Our calculations show that Thor Industries, Inc. (NYSE:THO) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Thor Industries, Inc. (NYSE:THO) was in 26 hedge fund portfolios at the end of the second quarter of 2022, compared to 32 funds in the previous quarter. Thor Industries, Inc. (NYSE:THO) delivered a 9.92% return in the past 3 months.
In April 2022, we also shared another hedge fund’s views on Thor Industries, Inc. (NYSE:THO) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.
