Here’s Why Oakmark Funds Sold Keurig Dr Pepper (KDP)

Oakmark Funds, an investment management company, released its “Oakmark Global Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 16.4% compared to a 9.8% return for the MSCI World Index. The fund declined 16.8% for the calendar year ended 2022, compared to an 18.1% decline for the MSCI World Index. About 70% of the fund’s performance was from 51% of the portfolio that was invested outside the United States. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Oakmark Funds highlighted stocks like Keurig Dr Pepper Inc. (NASDAQ:KDP) in its Q4 2022 investor letter. Headquartered in Burlington, Massachusetts, Keurig Dr Pepper Inc. (NASDAQ:KDP) is a beverage company. On January 10, 2023, Keurig Dr Pepper Inc. (NASDAQ:KDP) stock closed at $35.69 per share. One-month return of Keurig Dr Pepper Inc. (NASDAQ:KDP) was -4.42%, and its shares lost 6.10% of their value over the last 52 weeks. Keurig Dr Pepper Inc. (NASDAQ:KDP) has a market capitalization of $50.546 billion.

Oakmark Funds made the following comment about Keurig Dr Pepper Inc. (NASDAQ:KDP) in its Q4 2022 investor letter:

“We sold the remainder of our Keurig Dr Pepper Inc. (NASDAQ:KDP) shares in the quarter. As a consumer staples company, Keurig’s shares have held up very well in a difficult market and, as a result, its relative valuation was no longer as compelling as other investment opportunities. We would be happy to own the company again at the right price.”

Keurig Dr Pepper Inc. (NASDAQ:KDP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Keurig Dr Pepper Inc. (NASDAQ:KDP) at the end of the third quarter, which was 29 in the previous quarter.

We discussed Keurig Dr Pepper Inc. (NASDAQ:KDP) in another article and shared the list of stocks under $50 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.