Investment management company Vulcan Value Partners recently released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The firm carries five strategies and all these strategies trailed their benchmark index in the second quarter of 2022. The fund’s Large-Cap Composite returned -28.4% net of fees and expenses, Small Cap Composite returned net -25.8%, Focus Composite returned net -22.8%, Focus Plus composite returned net -22.9% and All Cap Composite returned net -29.1% during the quarter. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners added stocks like General Electric Company (NYSE:GE) in the second quarter. Headquartered in Boston, Massachusetts, General Electric Company (NYSE:GE) is a multinational conglomerate that operates through 4 segments: aviation, healthcare, power, and renewable. On August 23, 2022, General Electric Company (NYSE:GE) stock closed at $76.10 per share. One-month return of General Electric Company (NYSE:GE) rose to 6.42% and its shares lost 26.31% of their value over the last 52 weeks. General Electric Company (NYSE:GE) has a market capitalization of $83.447 billion.
Here is what Vulcan Value Partners specifically said about General Electric Company (NYSE:GE):
“We purchased General Electric Company (NYSE:GE) during the quarter. In 2018 Larry Culp became CEO and initiated a multi-year restructuring program. After many years of divesting and restructuring the business, the company’s attractive assets are showing through. GE operates in four segments: aviation, health care, power, and renewables. The aviation segment makes and services jet engines and generates around 55% of its profits. The health care segment produces a broad suite of diagnostic products and generates around 40% of profits. The other two segments, power and renewables, are making improvements, and will be combined and spun off in early 2024. GE continues to unlock shareholder value and strengthen its balance sheet. The company also generates solid free cash flow. Recent stock price volatility provided an opportunity for us to purchase the stock, once again, with a margin of safety.”
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General Electric Company (NYSE:GE) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, General Electric Company (NYSE:GE) was held by 49 hedge fund portfolios at the end of the first quarter, which was 51 in the previous quarter.
We discussed General Electric Company (NYSE:GE) in another article and shared the list of stocks that are vulnerable to recession. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
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