Miller Value Partners, an investment management company, released its “Income Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -7.34% net of fees compared to a -0.68% return for the ICE BofA US High Yield Index. Also, the fund underperformed the S&P 500 Index which returned -4.88% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Miller Value Partners discussed stocks like The Chemours Company (NYSE:CC) in its Q3 2022 investor letter. Headquartered in Wilmington, Delaware, The Chemours Company (NYSE:CC) is a chemical company. On October 20, 2022, The Chemours Company (NYSE:CC) stock closed at $28.59 per share. One-month return of The Chemours Company (NYSE:CC) was 13.32% and its shares lost 2.06% of their value over the last 52 weeks. The Chemours Company (NYSE:CC) has a market capitalization of $4.496 billion.
Miller Value Partners made the following comment about The Chemours Company (NYSE:CC) in its Q3 2022 investor letter:
“The Chemours Company (NYSE:CC) dropped 22.5%2 in the period. Chemours reported 2Q22 revenue of $1.92 billion, +15.7% Y/Y, ahead of consensus of $1.84 billion, and Adjusted EPS of $1.89, +57.5% Y/Y, ahead of analyst expectations for EPS of $1.43. Adjusted EBITDA for the quarter came in at $475 million, or a margin of 24.8%, +269bps Y/Y, ahead of consensus of $405.8 million. After initially raising guidance following the 2Q22 earnings beat, management revised FY22 Adjusted EBITDA guidance from $1.48-1.58B to $1.40-1.45B, -6.9% at the respective midpoints, but +9.0% Y/Y. Management noted that the revised guidance was driven by weakness in the company’s titanium technologies segment, characterized by lower demand, especially in Europe and Asia, combined with high input costs. The company guided for FY22 FCF in excess of $575MM (14.0% FCF Yield) as a result of actions taken to reduce FY22 capex from $400MM to $350MM, while also continuing to invest in growth and sustainability initiatives.”
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The Chemours Company (NYSE:CC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held The Chemours Company (NYSE:CC) at the end of the second quarter, which was 27 in the previous quarter.
We discussed The Chemours Company (NYSE:CC) in another article and shared the best mid-cap stocks to buy. 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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