Oakmark Fund Believes that CNH Industrial N.V. (CNHI)’s Stock is Attractively Valued

Oakmark Fund, an investment management company, released its “Oakmark Global Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned -14.46% in the second quarter compared to -16.2% for the MSCI World Index (Net) and -15.6% for the Lipper Global Fund Index. The compound annual rate of return of the fund since its inception in 1999 is 9.0%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter investor letter, Oakmark Fund discussed stocks like CNH Industrial N.V. (NYSE:CNHI). Headquartered in London, the United Kingdom, CNH Industrial N.V. (NYSE:CNHI) is an agricultural machinery company that develops, manufactures, sells, and finances agricultural equipment, trucks, and buses. On September 2, 2022, CNH Industrial N.V. (NYSE:CNHI) stock closed at $12.13 per share. One-month return of CNH Industrial N.V. (NYSE:CNHI) was -4.03% and its shares lost 15.97% of their value over the last 52 weeks. CNH Industrial N.V. (NYSE:CNHI) has a market capitalization of $16.417 billion.

Here is what Oakmark Fund specifically said about CNH Industrial N.V. (NYSE:CNHI):

“We sold our position in Iveco Group (Italy), in favor of names that, in our opinion, offer a more favorable risk/return profile. Iveco Group’s arrival in the Fund stemmed from CNH Industrial N.V. (NYSE:CNHI)’s demerger of its trucks and commercial vehicles business in early January. We continue to hold CNH Industrial as we believe it holds an attractive valuation at its current price.”

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CNH Industrial N.V. (NYSE:CNHI) is not on the list of 30 Most Popular Stocks Among Hedge Funds. CNH Industrial N.V. (NYSE:CNHI) was held by 25 hedge fund portfolios at the end of the second quarter compared to 33 in the previous quarter.

We discussed CNH Industrial N.V. (NYSE:CNHI) in another article and shared the best farmland and agriculture stocks to buy. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.