Oakmark Fund Eliminated its Position in General Dynamics Corporation (GD) to Fund More Attractive Holdings

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 General Dynamics Corporation (NYSE:GD). Headquartered in Reston, Virginia, General Dynamics Corporation (NYSE:GD) is a defense and aerospace company. On September 2, 2022, General Dynamics Corporation (NYSE:GD) stock closed at $224.88 per share. One-month return of General Dynamics Corporation (NYSE:GD) was -0.40% and its shares gained 11.07% of their value over the last 52 weeks. General Dynamics Corporation (NYSE:GD) has a market capitalization of $61.672 billion.

Here is what Oakmark Fund specifically said about General Dynamics Corporation (NYSE:GD):

“Finally, General Dynamics Corporation (NYSE:GD)’s defense business enabled the stock to resist the bear market’s downward pressure. We eliminated the position to fund more attractive holdings.”

General Dynamics Corporation (NYSE:GD) is not on the list of 30 Most Popular Stocks Among Hedge Funds. General Dynamics Corporation (NYSE:GD) was held by 42 hedge fund portfolios at the end of the second quarter compared to 47 in the previous quarter.

We discussed General Dynamics Corporation (NYSE:GD) in another article and shared the safe dividend stocks to buy before 2023. 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.