Investment management company Vulcan Value Partners recently released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all trailed their benchmark indexes in 2022. In the fourth quarter, the fund’s Large-Cap Composite returned 8.2% net of fees and expenses, the Small Cap Composite returned 11.2% net, Focus Composite returned 7.6% net, the Focus Plus composite returned 7.7%, and All Cap Composite returned 7.2% net. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners highlighted stocks like Virtus Investment Partners, Inc. (NASDAQ:VRTS) in the fourth quarter 2022 investor letter. Based in Hartford, Connecticut, Virtus Investment Partners, Inc. (NASDAQ:VRTS) is an investment management company. On February 9, 2023, Virtus Investment Partners, Inc. (NASDAQ:VRTS) stock closed at $214.05 per share. One-month return of Virtus Investment Partners, Inc. (NASDAQ:VRTS) was 0.46% and its shares lost 17.32% of their value over the last 52 weeks. Virtus Investment Partners, Inc. (NASDAQ:VRTS) has a market capitalization of $1.548 billion.
Vulcan Value Partners made the following comment about Virtus Investment Partners, Inc. (NASDAQ:VRTS) in its Q4 2022 investor letter:
“Virtus Investment Partners, Inc. (NASDAQ:VRTS) is a diversified asset manager. The company’s revenue, profit, and free cash flow are driven by management fees that are paid on a percentage of assets under management. As both the equity and bond markets declined starting in late 2021 and continuing throughout 2022, assets under management declined as well, resulting in lower revenue and profit. The stock declined in the first three quarters of 2022, and we believe the stock became oversold. The company’s investment products are performing well, and while they have seen some retail outflows, their institutional channel remains strong. We believe that Virtus trades at a discount to intrinsic value based on the normal earning power of the business.”
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Virtus Investment Partners, Inc. (NASDAQ:VRTS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Virtus Investment Partners, Inc. (NASDAQ:VRTS) at the end of the third quarter, which was 13 in the previous quarter.
We discussed Virtus Investment Partners, Inc. (NASDAQ:VRTS) in another article and shared the list of must-have finance stocks according to Parsa Kiai’s Steamboat Capital Partners. In addition, please check out our hedge fund investor letters Q4 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.
