Investment management company First Pacific Advisors recently released its “FPA U.S. Core Equity Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -18.92% net of fees and expenses compared to a return of -16.10% for the S&P 500 Index. The fund’s underperformance in the quarter was attributed to the greater exposure to low-performed consumer discretionary, communication services, and information technology sectors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
First Pacific Advisors discussed stocks like Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter 2022 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) engages in the sale of consumer products and subscriptions. On November 04, 2022, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $90.98 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -21.43%, and its shares lost -48.80% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.216 trillion.
Here is what First Pacific Advisors specifically said about Amazon.com, Inc. (NASDAQ:AMZN) in its investor letter:
“The five biggest detractors to performance were the Fund’s five largest holdings, with Amazon.com, Inc. (NASDAQ:AMZN) being the biggest loser. As interest rates rose further in 2022 during the second quarter, higher EPS multiple stocks such as Amazon.com fared relatively poorly. While Amazon’s AWS business is doing extremely well (growing fast and generating robust free cash flow), its retail operations are not growing nearly as fast nor are they as profitable. That segment is being impacted by a host of issues—some self-inflicted such as overbuilding local warehouse capacity for faster delivery of more goods to customers and some more out of its control such as supply chain disruptions and higher than expected wage inflation. Amazon.com is discussed in our previous letters so please reference those for a more detailed view on the company.”
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Amazon.com, Inc. (NASDAQ:AMZN) is in 2nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 252 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the second quarter which was 271 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared Lakehouse Capital’s views on 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.
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