Is it Time to Dispose Your Yandex (YNDX) Position?

Harding Loevner, an investment management firm, published its “Emerging Markets Equity Fund” fourth-quarter 2021 investor letter – a copy of which can be downloaded here. A net return of -2.38% was recorded by the fund for the fourth quarter of 2021, trailing its Benchmark, the MSCI Emerging Markets Index, which returned -1.24% 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.

Harding Loevner Emerging Markets Equity Fund mentioned Yandex N.V. (NASDAQ: YNDX) and discussed its stance on the firm. Yandex N.V. is a Moscow, Russia-based internet company with a $6.7 billion market capitalization. YNDX delivered a -68.69% return since the beginning of the year, while its 12-month returns are down by -71.89%. The stock closed at $18.94 per share on February 28, 2022.

Here is what Harding Loevner Emerging Markets Equity Fund has to say about Yandex N.V. in its Q4 2021 investor letter:

“Weak returns in Communication Services were largely due to Russian internet business Yandex, again connected to rising Russian risk and the weak ruble. While most of the company’s highly skilled developers are paid in rubles, the global demand for engineering talent means Yandex may need to spend more to keep salaries competitive when translated into US dollars.”

Photo by Austin Distel on Unsplash

Our calculations show that Yandex N.V. (NASDAQ: YNDX) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. YNDX was in 33 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 27 funds in the previous quarter. Yandex N.V. (NASDAQ: YNDX) delivered a -73.69% return in the past 3 months.

In October 2021, we also shared another hedge fund’s views on YNDX 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.