Lakehouse Capital, an investment management company, released its “Lakehouse Global Growth Fund” July 2022 investor letter. A copy of the same can be downloaded here. July was an eventful month, and the fund returned 11.1% net of fees and expenses compared to 5.4% for its benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Lakehouse Capital discusses the stocks like Visa Inc. (NYSE:V) in the July 2022 investor letter. Headquartered in San Francisco, California, Visa Inc. (NYSE:V) is payment technology company. On September 27, 2022, Visa Inc. (NYSE:V) stock closed at $177.87 per share. One-month return of Visa Inc. (NYSE:V) was -11.67%, and its shares lost 21.14% of their value over the last 52 weeks. Visa Inc. (NYSE:V) has a market capitalization of $374.845 billion.
Here is what Lakehouse Capital specifically said about Visa Inc. (NYSE:V) in its investor letter:
“It was business as usual for Visa Inc. (NYSE:V) as it delivered another solid quarter driven by strong US growth, the ongoing gradual displacement of cash with digital transactions, and accelerated growth in cross-border volume as travel spending plays catch up post-Covid. Visa processed 49.3 billion transactions on its network, up 16% year-on-year and 39% above pre-pandemic levels, driving $2.7 trillion in total payments volume, both of which have more than recovered from the impacts of the pandemic. The total number of cards in Visa’s network also grew by 8% year-on-year to 3.9 billion.
Cross-border transactions were a key issue for Visa during the pandemic, but this headwind has now turned into a tailwind. Constant currency cross-border volumes rose 40% (48% excluding intra-Europe) in the most recent quarter and we expect this trend will continue to play out in the year ahead. While a potential economic slowdown and geopolitical concerns are always a risk, we take comfort in the fact that Visa has a sixty-plus year track record of successfully overcoming numerous macroeconomic challenges that in the moment appeared insurmountable. We believe this current episode will prove no different and that the combination of a very attractive industry structure and the ongoing secular shift towards digital payments provides a foundation that will enable Visa to continue winning for many years to come.”
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Visa Inc. (NYSE:V) is in 5th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 166 hedge fund portfolios held Visa Inc. (NYSE:V) at the end of the second quarter which was 159 in the previous quarter.
We discussed Visa Inc. (NYSE:V) in another article and shared the best stocks to buy according to billionaire Jeffrey Talpins. 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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