L1 Capital International, an investment management company, released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned -10.1% net of fees in the second quarter compared to the benchmark return of -8.5%. Current macroeconomic issues and geopolitical situations affected the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
L1 Capital International discussed stocks like Netflix, Inc. (NASDAQ:NFLX) in the second quarter investor letter. Netflix, Inc. (NASDAQ:NFLX) is an entertainment services providing company headquartered in Los Gatos, California. On September 6, 2022, Netflix, Inc. (NASDAQ:NFLX) stock closed at $218.39 per share. Netflix, Inc. (NASDAQ:NFLX) had a return of -10.54% for the past month, and its shares lost 63.97% of their value in the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $97.119 billion.
Here is what L1 Capital International specifically said about Netflix, Inc. (NASDAQ:NFLX) in its Q2 2022 investor letter:
“While it seems an eternity ago, in April Netflix, Inc. (NASDAQ:NFLX) reported Q1 2022 results and gave forward guidance which flashed many red flags. Not only were subscription numbers (and forward guidance) well below expectations, but management also gave new disclosure on the massive extent of password sharing which raises concerns that Netflix is much more mature than we had previously considered, constraining future growth. Management also haphazardly announced it will introduce an advertising-supported subscription tier, albeit currently lacking the necessary capabilities to do so. Despite continuing to produce world-leading content, we have lost confidence in management’s ability to respond to increased competition and a more challenging operating environment. We sold our entire investment in Netflix immediately post Q1 2022 results. Currently we do not consider Netflix to meet our stringent quality criteria to be considered as a potential investment in the Fund.”
Netflix, Inc. (NASDAQ:NFLX) is in 13th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 95 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of the second quarter which was 109 in the previous quarter.
We discussed Netflix, Inc. (NASDAQ:NFLX) in another article and shared the list of media stocks that got crushed in 2022. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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