Oakmark Funds, an investment management firm, published its “Oakmark Fund” first quarter 2022 investor letter – a copy of which can be seen here. A return of -3% was reported by the fund for the first quarter of 2022, outperforming its benchmark, the S&P 500 Index which had a -5% return for the same period. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, Oakmark Fund mentioned Pinterest, Inc. (NYSE:PINS) and explained its insights for the company. Founded in 2009, Pinterest, Inc. (NYSE:PINS) is a San Francisco, California-based image sharing and social media service with a $13.3 billion market capitalization. Pinterest, Inc. (NYSE:PINS) delivered a -44.35% return since the beginning of the year, while its 12-month returns are down by -73.02%. The stock closed at $20.23 per share on April 21, 2022.
Here is what Oakmark Fund has to say about Pinterest, Inc. (NYSE:PINS) in its Q1 2022 investor letter:
“We previously had an opportunity to own Pinterest (NYSE:PINS) when the stock sold off during the Covid-19-related downturn, and we were pleased to be able to invest in the company once again at an attractive price during the quarter. Pinterest is an online personal discovery tool that people use to find ideas based on their tastes and interests. Unlike most social media companies, the objectives of users and advertisers are fundamentally aligned on Pinterest. Users find a positive and useful product discovery experience, and advertisers find an audience with high commercial intent and the ability to integrate ads naturally. Although Pinterest had more than 430 million global users as of year-end, the company is still in the early days of monetizing its platform. We believe that its shares trade well below fair value on conventional metrics, such as enterprise value to revenue, as well as when we benchmark its ultimate revenue and margin potential against more mature internet companies.”
Photo by ian dooley on Unsplash
Our calculations show that Pinterest, Inc. (NYSE:PINS) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Pinterest, Inc. (NYSE:PINS) was in 57 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 58 funds in the previous quarter. Pinterest, Inc. (NYSE:PINS) delivered a -31.31% return in the past 3 months.
In April 2022, we also shared another hedge fund’s views on Pinterest, Inc. (NYSE:PINS) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.
