Oakmark Fund, an investment management company, released its “Oakmark Global Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned -14.46% in the second quarter compared to -16.2% for the MSCI World Index (Net) and -15.6% for the Lipper Global Fund Index. The compound annual rate of return of the fund since its inception in 1999 is 9.0%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
In the second quarter investor letter, Oakmark Fund discussed stocks like Parker-Hannifin Corporation (NYSE:PH). Headquartered in Cleveland, Ohio, Parker-Hannifin Corporation (NYSE:PH) is in the business of motion and control technologies and systems. On September 2, 2022, Parker-Hannifin Corporation (NYSE:PH) stock closed at $264.87 per share. One-month return of Parker-Hannifin Corporation (NYSE:PH) was -9.46% and its shares lost 8.64% of their value over the last 52 weeks. Parker-Hannifin Corporation (NYSE:PH) has a market capitalization of $34.01 billion.
Here is what Oakmark Fund specifically said about Parker-Hannifin Corporation (NYSE:PH):
“Parker-Hannifin Corporation (NYSE:PH), a U.S. company that specializes in motion and control technologies, is suffering from what we believe are investor misunderstandings and misjudgments, despite the efforts of the company’s unusually strong management team. In our opinion, since his promotion in 2015, CEO Thomas Williams has vastly improved operations and shifted the product portfolio to longer cycled, higher growth, higher margin and higher return end markets. The results are impressive. Margins, returns and earnings have increased substantially. With the expected closing of the Meggitt acquisition in the September quarter, the highly depressed aerospace segment will be its largest end market. We anticipate a rebound in aerospace revenue, which—combined with the company’s strong position in attractive businesses, including clean technologies and factory automation—should accelerate revenue growth. Parker Hannifin trades at a discount to other high-quality industrials, which we believe is unwarranted since its growth and returns should be similar or better. At a low-teens multiple of next year’s normalized cash earnings, Parker Hannifin is an attractive investment, in our view.”
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Parker-Hannifin Corporation (NYSE:PH) is not on the list of 30 Most Popular Stocks Among Hedge Funds. Parker-Hannifin Corporation (NYSE:PH) was held by 35 hedge fund portfolios at the end of the second quarter compared to 39 in the previous quarter.
We discussed Parker-Hannifin Corporation (NYSE:PH) in another article and shared the list of best dividend stocks to buy according to Diamond Hill Capital. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
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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.
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107 Amazons
140 Metas
84 Googles
65 Microsofts
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Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
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