Oakmark Funds, an investment management firm, published its “Oakmark International Fund” fourth quarter 2021 investor letter – a copy of which can be seen here. The Oakmark International Fund has had a disappointing short-term performance returning 1.0% for the quarter ended December 31, 2021, compared to the benchmark, the MSCI World ex U.S. Index, which returned 3.1% for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
Oakmark International Fund, in its Q4 2021 investor letter, mentioned CNH Industrial N.V. (NYSE: CNHI) and discussed its stance on the firm. CNH Industrial N.V. is an Amsterdam, Netherlands-based agricultural machinery company with a $20.2 billion market capitalization. CNHI delivered a -11.20% return since the beginning of the year, while its 12-month returns are up by 32.52%. The stock closed at $14.98 per share on January 27, 2022.
Here is what Oakmark International Fund has to say about CNH Industrial N.V. in its Q4 2021 investor letter:
“Despite ongoing concerns about supply shortages, CNH Industrial (U.K.) was a top contributor to the Fund’s performance for the quarter. In November, the global agricultural and construction equipment manufacturer reported excellent third-quarter results, highlighted by strong organic growth and margin expansion. Within the company’s largest division, agricultural equipment, sales trended ahead of expectations as CNH benefited from rising farmer incomes, low channel inventory levels and aging fleets that farmers are looking to upgrade with enhanced technology. Net pricing in this segment was strongly positive and more than offset rising cost inflation. During the quarter, CNH shareholders approved the spin-off of its “on-highway” business, Iveco Group. CNH shares began trading without Iveco in early January. We believe the separation made strategic and financial sense and will allow for increased focus and value creation.”
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Our calculations show that CNH Industrial N.V. (NYSE: CNHI) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. CNHI was in 25 hedge fund portfolios at the end of the third quarter of 2021, compared to 24 funds in the previous quarter. CNH Industrial N.V. (NYSE: CNHI) delivered a -1.12% return in the past 3 months.
In December 2021, we also shared another hedge fund’s views on CNHI in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
