L1 Capital International, an investment management company, released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned -10.1% net of fees in the second quarter compared to the benchmark return of -8.5%. Current macroeconomic issues and geopolitical situations affected the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
L1 Capital International discussed stocks like Microsoft Corporation (NASDAQ:MSFT) in the second quarter investor letter. Microsoft Corporation (NASDAQ:MSFT) is a multinational technology company headquartered in Redmond, Washington. On September 6, 2022, Microsoft Corporation (NASDAQ:MSFT) stock closed at $253.25 per share. Microsoft Corporation (NASDAQ:MSFT) had a return of -12.42% for the past month and its shares lost 15.64% of their value in the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $1.889 trillion.
Here is what L1 Capital International specifically said about Microsoft Corporation (NASDAQ:MSFT) in its Q2 2022 investor letter:
“Saving the best for last, Microsoft Corporation (NASDAQ:MSFT) is the most advantageously positioned business globally for long term success. Powered by sustained growth drivers including cloud computing, security, data analytics, collaboration, artificial intelligence, automation, business productivity, low-code programming and gaming, amongst others.
No company is ‘macro immune’ as Microsoft’s management has recently explicitly noted, but the business is defensive.
Despite its immense size, Microsoft has more than doubled revenue over the past 5 years and will approach US$200 billion in financial year 2022, while EPS will have compounded at over 20% over this period. To be clear we do not expect this rate of growth to continue, but we do expect Microsoft to deliver healthy growth in revenue, earnings and cashflow despite challenging economic conditions. Meanwhile Microsoft retains a AAA-rated balance sheet, one of only two companies globally to hold the highest credit rating. We expect dividends and buybacks to consistently increase as Microsoft has limited other sensible ways to deploy its excess cashflow, particularly in an environment where proposed acquisitions will be under intense regulatory scrutiny…” (Click here to read the full text)
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Microsoft Corporation (NASDAQ:MSFT) is in 2nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 258 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of the second quarter which was 259 in the previous quarter.
We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared the top stock picks of Morris Mark’s Mark Asset Management company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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