Weitz Investment Management, an investment management firm, published its “Partners III Opportunity Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. The Partners III Opportunity Fund’s Institutional Class returned -5.09% in the first quarter of 2022 compared with -4.60% for the S&P 500 and -5.28% for the Russell 3000. For the fiscal year ended March 31, 2022, the Fund returned -0.53% compared to +15.65% for the S&P 500 and +11.92% for the Russell 3000. 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, Weitz Investment Management Partners III Opportunity Fund mentioned Apple Inc. (NASDAQ:AAPL) and explained its insights for the company. Founded in 1976, Apple Inc. (NASDAQ:AAPL) is a Cupertino, California-based multinational technology company with a $2.1 trillion market capitalization. Apple Inc. (NASDAQ:AAPL) delivered a -23.78% return since the beginning of the year, while its 12-month returns are up by 1.45%. The stock closed at $135.35 per share on June 22, 2022.
Here is what Weitz Investment Management Partners III Opportunity Fund has to say about Apple Inc. (NASDAQ:AAPL) in its Q1 2022 investor letter:
“Changes to Apple’s (NASDAQ:AAPL) mobile operating system have temporarily impacted growth of Meta’s advertising business just as the company’s investments in Instagram’s “Reels” feature ramp ahead of full monetization. (Shareholders can read research analyst Jon Baker’s in-depth discussion of current events impacting Meta and reasons why we’re optimistic about the company in our recent Analyst Corner feature.) CoreCard (formerly Intelligent Systems) struggled early in the fiscal year to hire and train staff to handle growth from new and existing clients. Lately, Apple-related headlines also took a bite out of CoreCard shares, as reports suggest Apple is exploring a transition of its credit card and other financial services to internally built solutions. Such a move would create revenue headwinds for its partners, which CoreCard is widely believed to be. We are monitoring these developments and stress-testing our model accordingly.”
Our calculations show that Apple Inc. (NASDAQ:AAPL) ranks 9th on our list of the 30 Most Popular Stocks Among Hedge Funds. Apple Inc. (NASDAQ:AAPL) was in 131 hedge fund portfolios at the end of the first quarter of 2022, compared to 134 funds in the previous quarter. Apple Inc. (NASDAQ:AAPL) delivered a -22.24% return in the past 3 months.
In April 2022, we also shared another hedge fund’s views on Apple Inc. (NASDAQ:AAPL) 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.