First Eagle Investments is an independent, privately owned asset management firm dedicated to serving the needs of individuals and institutions worldwide as well as the financial professionals that advise them. Recently, the fund published its second-quarter 2022 investor letter – a copy of which can be downloaded here. The fund believes that the return to the conditions that prevailed in the aftermath of the Covid-19 swoon—namely, moderate inflation and a very low cost of capital—may be further away than some may think. Global Fund A Shares (without sales charge) posted a return of -10.49% in the second quarter 2022. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, First Eagle Investments Global Fund mentioned Exxon Mobil Corporation (NYSE:XOM) and explained its insights for the company. Founded in 1999, Exxon Mobil Corporation (NYSE:XOM) is an Irving, Texas-based natural gas company with a $401.3 billion market capitalization. Exxon Mobil Corporation (NYSE:XOM) delivered a 57.39% return since the beginning of the year, while its 12-month returns are up by 76.65%. The stock closed at $96.31 per share on August 30, 2022.
Here is what First Eagle Investments Global Fund has to say about Exxon Mobil Corporation (NYSE:XOM) in its Q2 2022 investor letter:
“Integrated oil and gas giant Exxon Mobil performed well in the second quarter as continued high prices for energy products supported the stock. As the largest refiner in the US, the company has benefitted from wide “crack spreads,” or the margin between the cost of crude oil and the petroleum products extracted from it. Exxon continues to invest in refining capacity in the US, which industrywide has been in steady decline since 2019. We are pleased that Exxon has been using its strong cash flows to reduce debt and to return cash to shareholders through dividends and stock repurchases.”
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Our calculations show that Exxon Mobil Corporation (NYSE:XOM) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Exxon Mobil Corporation (NYSE:XOM) was in 72 hedge fund portfolios at the end of the second quarter of 2022, compared to 83 funds in the previous quarter. Exxon Mobil Corporation (NYSE:XOM) delivered a 0.32% return in the past 3 months.
In August 2022, wwe published an article that includes Exxon Mobil Corporation (NYSE:XOM) in 5 Best Dogs of the Dow to Invest In. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.
