Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” fourth-quarter investor letter. A copy of the same can be downloaded here. The fund delivered 4.74% in the fourth quarter compared to a 6.23% return for the Russell 2000 Index, while the fund declined -19.27% in the year 2022. Multiple companies across sectors delivered strong returns and positive relative performance in the fourth quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Longleaf Partners Small-Cap Fund highlighted stocks Anywhere Real Estate Inc. (NYSE:HOUS) in the Q4 2022 investor letter. Headquartered in Madison, New Jersey, Anywhere Real Estate Inc. (NYSE:HOUS) is a residential real estate services company. On February 7, 2023, Anywhere Real Estate Inc. (NYSE:HOUS) stock closed at $8.79 per share. One-month return of Anywhere Real Estate Inc. (NYSE:HOUS) was 11.83%, and its shares lost 48.57% of their value over the last 52 weeks. Anywhere Real Estate Inc. (NYSE:HOUS) has a market capitalization of $962.329 million.
Longleaf Partners Small-Cap Fund made the following comment about Anywhere Real Estate Inc. (NYSE:HOUS) in its Q4 2022 investor letter:
“Anywhere Real Estate Inc. (NYSE:HOUS) – Real Estate brokerage franchisor Anywhere declined this year in the face of broad concerns over the housing market and rising mortgage rates. We were wrong about the severity of the housing market downturn, further compounded at Anywhere by leverage. CEO Ryan Schneider has taken steps within his power to position the company to weather a tough environment. The company now trades at a single-digit multiple of 2023 extremely depressed FCF/share based on 4 million existing home sales and about 2.5x our estimate of long-term FCF/share based on a long-term average number of existing home sales of around 5.5 million units. Anywhere successfully navigated a much more challenging market during the GFC with even higher leverage, so we are confident the company will make it to the other side once again.”
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Anywhere Real Estate Inc. (NYSE:HOUS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Anywhere Real Estate Inc. (NYSE:HOUS) at the end of the third quarter, which was 20 in the previous quarter.
We discussed Anywhere Real Estate Inc. (NYSE:HOUS) in another article and shared the list of the best real estate stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.
