Harding Loevner, an asset management company, released its “Global Equity Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy declined 5.6% gross of fees compared to a 6.7% decline for the MSCI All Country World Index. Strategy’s outperformance in the quarter was attributed to positive stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Harding Loevner highlighted stocks like Rockwell Automation, Inc. (NYSE:ROK) in the Q3 2022 investor letter. Headquartered in Milwaukee, Wisconsin, Rockwell Automation, Inc. (NYSE:ROK) provides industrial automation and digital transformation solutions. On November 23, 2022, Rockwell Automation, Inc. (NYSE:ROK) stock closed at $266.61 per share. One-month return of Rockwell Automation, Inc. (NYSE:ROK) was 8.09%, and its shares lost 22.71% of their value over the last 52 weeks. Rockwell Automation, Inc. (NYSE:ROK) has a market capitalization of $30.619 billion.
Harding Loevner made the following comment about Rockwell Automation, Inc. (NYSE:ROK) in its Q3 2022 investor letter:
“Rockwell Automation, Inc. (NYSE:ROK), a Milwaukee-based industrial automation company, struggled early in the year with component shortages that prevented it from clearing its overflowing order books and rising input costs. Uncertainty arising from the COVID-19 lockdowns in China and the war in Ukraine prompted management to warn in May of lower profits for the rest of the year. Behind the frustrations, however, were indications that the business outlook remained strong, as order volume continued to grow following price increases at the end of 2021. In the recent quarter, the company reported stronger results despite ongoing supply chain issues that hindered its ability to fulfill orders. To mitigate the risk of supply disruptions, Rockwell has been accumulating inventory and redesigning certain products. We believe Rockwell will see its revenues expand as its resilience improves and supply shortages recede.”
Rockwell Automation, Inc. (NYSE:ROK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Rockwell Automation, Inc. (NYSE:ROK) at the end of the third quarter which was 28 in the previous quarter.
We discussed Rockwell Automation, Inc. (NYSE:ROK) in another article and shared the list of robotics stocks that will own the future. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
