Heartland Advisors, an investment management company, released its “Heartland Opportunistic Value Equity Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 13.42% Net of Advisory Fees compared to the Russell 3000 Value Index’s 12.18% return. The robust stock selection in the Information Technology and Healthcare sectors drove the strategy to outperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Heartland Opportunistic Value Equity Strategy highlighted stocks like Alphabet Inc. (NASDAQ:GOOGL) in its Q4 2022 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOGL) is a multinational technology company. On March 9, 2023, Alphabet Inc. (NASDAQ:GOOGL) stock closed at $92.32 per share. One-month return of Alphabet Inc. (NASDAQ:GOOGL) was -2.38%, and its shares lost 28.91% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOGL) has a market capitalization of $1.184 trillion.
Heartland Opportunistic Value Equity Strategy made the following comment about Alphabet Inc. (NASDAQ:GOOGL) in its Q4 2022 investor letter:
“In another example of “upgrading” our Communication sector holdings, we recognized a loss in a company and used the proceeds to increase our existing position in Alphabet Inc. (NASDAQ:GOOGL), parent of Google.
In February, we initiated a position in a stock that got hit hard on revenue headwinds. At the same time, management was aggressively investing in portions of the business, which we believed detracted significant value from the enterprise. As for Alphabet, we originally purchased shares in 2020 during the pandemic. We subsequently trimmed our position in 2021 as the stock approached our view of intrinsic value, though we didn’t exit the position entirely. Fast forward to September, and GOOGL was back to our “buy” target.
We reassessed the decision to own both stocks and decided to upgrade the portfolio to Alphabet at the start of the fourth quarter.”
Photo by Kai Wenzel on Unsplash
Alphabet Inc. (NASDAQ:GOOGL) is in third position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 209 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOGL) at the end of the fourth quarter which was 196 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOGL) in another article and shared the list of best stocks under $100. 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.
