Heartland Advisors, an investment management company, released its “Heartland Value Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, Value Investor Class returned -4.12% and Value Institutional Class returned – 4.09% compared to a -4.61% return for the Russell 2000 Value Index. The equity markets were highly volatile in the quarter as a result of the Russia-Ukraine war, supply chain bottlenecks, and the Federal Reserve’s actions. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Heartland Advisors discussed stocks like NOV Inc. (NYSE:NOV) in the third quarter investor letter. Based in Houston, Texas, NOV Inc. (NYSE:NOV) is an equipment and components manufacturer for oil and gas drilling and production. On October 12, 2022, NOV Inc. (NYSE:NOV) stock closed at $17.89 per share. One-month return of NOV Inc. (NYSE:NOV) was 1.71% and its shares gained 22.37% of their value over the last 52 weeks. NOV Inc. (NYSE:NOV) has a market capitalization of $7.027 billion.
Here is what Heartland Advisors specifically said about NOV Inc. (NYSE:NOV) in its Q3 2022 investor letter:
“Post Covid, the demand for oil has been strong, expected to exceed 100 million barrels a day. Our sense is that energy service-related companies have entered the early innings of a positive earnings revision cycle, a rarity in the markets. To take advantage of this, we own NOV Inc. (NYSE:NOV), a leading oilfield services company that provides technical expertise, advanced equipment, and operational support for the oil and gas industry. NOV generated $4.6B in EBITDA in 2014, but just $230M last year, which speaks to the under investment in the broader energy patch. NOV’s outlook continues to improve though, as the company is now forecasted to produce over $600M and nearly $900M in 2022 and 2023, respectively. Interestingly, estimates are up ~10% since the start of the year and maintain an upward bias.”
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NOV Inc. (NYSE:NOV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held NOV Inc. (NYSE:NOV) at the end of the second quarter which was 26 in the previous quarter.
We discussed NOV Inc. (NYSE:NOV) in another article and shared Heartland Advisors’ views on the company. 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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Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.
At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
Do the math. According to Musk, this technology could be worth $250 trillion by 2040.
Put another way, that’s roughly equal to:
175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias
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Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
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