Investment management company Vulcan Value Partners recently released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The firm has five strategies, trailing their benchmark indexes in the third quarter of 2022. The fund’s Large-Cap Composite returned -7.3% net of fees and expenses, the Small Cap Composite returned -14.4% net, Focus Composite returned -8.0% net, the Focus Plus composite returned -7.9%, and All Cap Composite returned -11.5% net during the quarter. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners highlighted stocks like Park Hotels & Resorts Inc. (NYSE:PK) in the Q3 2022 investor letter. Park Hotels & Resorts Inc. (NYSE:PK) is a publicly traded lodging REIT that owns leading hotels and resorts. On November 3, 2022, Park Hotels & Resorts Inc. (NYSE:PK) stock closed at $11.99 per share. One-month return of Park Hotels & Resorts Inc. (NYSE:PK) was 3.10% and its shares lost 43.23% of their value over the last 52 weeks. Park Hotels & Resorts Inc. (NYSE:PK) has a market capitalization of $2.696 billion.
Vulcan Value Partners made the following comment about Park Hotels & Resorts Inc. (NYSE:PK) in its Q3 2022 investor letter:
“We also purchased Park Hotels & Resorts Inc. (NYSE:PK) during the quarter. Park Hotels and Resorts is a real estate investment trust (REIT) that owns a number of Hilton’s flagship properties including the Hilton Hawaiian Village and the New York Hilton. In 2017 Hilton completed the spinoff of Park Hotels and Resorts, leaving Hilton primarily as a pure franchise and management company. Despite the possibility of short-term fluctuations in global travel from economic or geopolitical concerns, we believe that Park is trading at a significant discount to our estimate of intrinsic value and an even larger discount to replacement value.”
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Park Hotels & Resorts Inc. (NYSE:PK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Park Hotels & Resorts Inc. (NYSE:PK) at the end of the second quarter, which was 22 in the previous quarter.
We discussed Park Hotels & Resorts Inc. (NYSE:PK) in another article and shared the list of stocks receiving downgrades from analysts 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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Disclosure: None. This article is originally published at Insider Monkey.
