Smead Capital Management, an investment management company, released its “Smead Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the third quarter of 2023, reality began to set in on the stock market, and the fund was affected by it. In the third quarter, the fund declined -1.02% compared to a -3.27% loss for the S&P 500 Index and a -3.17% fall for the Russell 1000 Value Index. Year to date, the fund returned 2.10%, compared to 13.07% and 1.79% gains for the S&P 500 and the Russell 1000 Value Index, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Smead Value Fund highlighted stocks like Pfizer Inc. (NYSE:PFE) in the third quarter 2023 investor letter. Headquartered in New York, New York, Pfizer Inc. (NYSE:PFE) is a global biopharmaceutical company. On December 19, 2023, Pfizer Inc. (NYSE:PFE) stock closed at $28.16 per share. One-month return of Pfizer Inc. (NYSE:PFE) was -7.12%, and its shares lost 45.49% of their value over the last 52 weeks. Pfizer Inc. (NYSE:PFE) has a market capitalization of $159.003 billion.
Smead Value Fund made the following comment about Pfizer Inc. (NYSE:PFE) in its Q3 2023 investor letter:
“Through the first nine months of the year, we had a gain of 2.10%. The S&P 500 had a gain of 13.07% and the Russell 1000 Value had a gain of 1.79%. The stock market realized markedly higher riskless US Treasury interest rates had their effect on the stock market as it began to reassert what Warren Buffett calls the “gravitational pull” on price-to-earnings ratios (P/E).
On the downside, Target (TGT), Bank of America (BAC) and Pfizer Inc. (NYSE:PFE) detracted the most in the first nine months of the year. Pfizer (PFE) is suffering from a fall-off in Covid-19 vaccinations and we are trying to figure out what to do with it as a small holding.”
Photo by Spencer Davis on Unsplash
Pfizer Inc. (NYSE:PFE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held Pfizer Inc. (NYSE:PFE) at the end of third quarter which was 73 in the previous quarter.
We discussed Pfizer Inc. (NYSE:PFE) in another article and shared the list of highest dividend stocks on Cash App. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
