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 Cushman & Wakefield plc (NYSE:CWK). Headquartered in London, the United Kingdom, Cushman & Wakefield plc (NYSE:CWK) is a real estate services provider. On September 2, 2022, Cushman & Wakefield plc (NYSE:CWK) stock closed at $14.50 per share. One-month return of Cushman & Wakefield plc (NYSE:CWK) was -9.03% and its shares lost 20.37% of their value over the last 52 weeks. Cushman & Wakefield plc (NYSE:CWK) has a market capitalization of $3.272 billion.
Here is what Oakmark Fund specifically said about Cushman & Wakefield plc (NYSE:CWK):
“U.S.-domiciled Cushman & Wakefield plc (NYSE:CWK) is one of the largest companies in the commercial real estate brokerage industry, a sector that is consolidating as scale has differentiated large competitors from their smaller peers. This has enabled large industry participants, such as Cushman & Wakefield, to gain significant market share in transactional business lines like leasing brokerage and capital markets while simultaneously building significant outsourcing businesses with contractual revenue streams. We expect the company to continue growing its market share over time as economies of scale also drive gradual improvement in profit margins. Despite this strong outlook, Cushman & Wakefield is trading at a mid-single-digit multiple of current year earnings—a material discount to the broad market and to its large brokerage peers. We see this as an opportunity to own a high-quality, well-managed company at a bargain price.”
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Cushman & Wakefield plc (NYSE:CWK) is not on the list of 30 Most Popular Stocks Among Hedge Funds. Cushman & Wakefield plc (NYSE:CWK) was held by 17 hedge fund portfolios at the end of the second quarter compared to 18 in the previous quarter.
We discussed Cushman & Wakefield plc (NYSE:CWK) in another article and shared Vulcan Value Partners’ views on the company. 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.
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