Investment management company Miller Value Partners recently released its Q2, 2022 investment letter, a copy of which can be downloaded here. The firm faced notable challenges due to continued volatility in the last couple of years. In the second quarter, Miller Opportunity was down by -29.3%, extending its first half return to -31.08% net of fees. Over the last 10 years, the fund generated an annualized return of 11.83%. Take a look at the fund’s top 5 holdings to have an idea about their best picks for 2022.
In the Q2 2022 investment letter, Miller Value Partners analyzed and explained the reasons for its underperformance. The letter discussed the performance Alibaba Group Holding Limited (NYSE:BABA), the fund’s top holding. Alibaba Group Holding Limited (NYSE:BABA) is based in Hangzhou, the People’s Republic of China, and has a market capitalization of $285.493 billion. The stock of Alibaba Group Holding Limited (NYSE:BABA) closed at $102.78 per share on July 27, 2022. Alibaba Group Holding Limited (NYSE:BABA) had a return of 13.06% for the past month whereas its 12-month returns plunged to 47.97%.
Here is what Miller Value Partners specifically said about Alibaba Group Holding Limited (NYSE:BABA) in its Q2 2022 investor’s letter:
“I’d be remiss not to mention Alibaba (NYSE:BABA), our largest position. We could place it in the value bucket or the reasonably priced compounders. It got crushed over the past year but was one of only two stocks we had up in the quarter, which is how it ended up at the top spot. With the Chinese government fully committed to zero-Covid, you’d hardly call the operating environment good. It is getting less bad as the economy reopens. With low enough expectations, that’s all it takes. A harbinger of what’s to come more broadly for markets?
BABA trades for only 12.5x next year’s earnings excluding net cash. The perfect storm of malign economic conditions, government pressures and a sizeable investment that weighed on the stock over the past year appears to be dissipating. It remains an ecommerce and cloud leader with good growth prospects. We think it’s significantly undervalued.”
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Alibaba Group Holding Limited (NYSE:BABA) holds the 19th position on our list of the 30 Most Popular Stocks Among Hedge Funds. At the end of the first quarter, Alibaba Group Holding Limited (NYSE:BABA) was in 100 hedge fund portfolios up from 97 in the previous quarter. Alibaba Group Holding Limited (NYSE:BABA) shares lost 44.76% of their value over the last 52 weeks.
In our recently published article, we shared Longleaf Partners Fund’s views on Alibaba Group Holding Limited (NYSE:BABA). 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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