Harding Loevner, an investment management firm, published its “International Small Companies Equity Fund” first-quarter 2022 investor letter – a copy of which can be downloaded here. The International Small Companies composite declined 13.4% gross of fees in the first quarter, well beyond the 6.4% decline of the MSCI ACWI ex-US Small Cap Index. The portfolio’s concentration in expensive stocks, a hazard of our commitment to investing in the stocks of high-quality rapidly growing businesses, hurt relative performance in a quarter during which investors fled from richly priced companies. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, Harding Loevner International Small Companies Equity Fund mentioned Core Laboratories N.V. (NYSE:CLB) and explained its insights for the company. Founded in 1936, Core Laboratories N.V. (NYSE:CLB) is an Amsterdam, Netherlands-based petroleum industry company with a $969.1 million market capitalization. Core Laboratories N.V. (NYSE:CLB) delivered a -6.23% return since the beginning of the year, while its 12-month returns are down by -52.32%. The stock closed at $20.92 per share on June 21, 2022.
Here is what Harding Loevner International Small Companies Equity Fund has to say about Core Laboratories N.V. (NYSE:CLB) in its Q1 2022 investor letter:
“There were some bright spots in Energy, where Netherlands-based (and US-listed) energy services company Core Laboratories (NYSE:CLB) saw a boost from rising oil prices and increased spending on oil and gas exploration and production.”
Our calculations show that Core Laboratories N.V. (NYSE:CLB) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Core Laboratories N.V. (NYSE:CLB) was in 16 hedge fund portfolios at the end of the first quarter of 2022, compared to 15 funds in the previous quarter. Core Laboratories N.V. (NYSE:CLB) delivered a -28.60% return in the past 3 months.
In March 2022, we also shared another hedge fund’s views on Core Laboratories N.V. (NYSE:CLB) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.