Worm Capital, LLC, an independent investment advisor, released its 2022 yearly investor letter. A copy of the same can be downloaded here. The Long-Only Equity Growth Strategy of the firm returned -64.55% in 2022 compared to the -18.10% return for the S&P 500 TR Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Worm Capital highlighted stocks like Tesla, Inc. (NASDAQ:TSLA) in the 2022 annual investor letter. Headquartered in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle and energy generation and storage systems manufacturer. On February 14, 2023, Tesla, Inc. (NASDAQ:TSLA) stock closed at $209.25 per share. One-month return of Tesla, Inc. (NASDAQ:TSLA) was 62.49%, and its shares lost 32.02% of their value over the last 52 weeks. Tesla, Inc. (NASDAQ:TSLA) has a market capitalization of $662.088 billion.
Worm Capital made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its 2022 annual investor letter:
“Even as rates rose and the macro environment devolved, we believed Tesla, Inc. (NASDAQ:TSLA) was best positioned to grow and thrive, even through a period of extreme uncertainty. They are the market leader in rapidly growing end markets and have spent the past decade growing their competitive advantages and building out physical infrastructure with worldwide reach. While we believe we were right regarding the direction of fundamentals, this was overcome by a vast array of factors we didn’t anticipate that negatively impacted the price.
By and large, Tesla had amazing execution in 2022. They managed to achieve 40% YOY delivery growth. In addition, revenue growth should exceed 50% and profit growth should exceed 120% YOY once Q4 numbers are released. This was accomplished while navigating a myriad of difficulties including a prolonged shutdown at their most productive plant in Shanghai. They scaled two factories on different continents while maintaining industry-leading margins and continued to make advanced progress in transformational technologies that have fast future cash flow potential like AI, software, and manufacturing. Through all the noise a lot of remarkable progress was made…” (Click here to read the full text)
Tesla, Inc. (NASDAQ:TSLA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 88 hedge fund portfolios held Tesla, Inc. (NASDAQ:TSLA) at the end of the third quarter, which was 73 in the previous quarter.
We discussed Tesla, Inc. (NASDAQ:TSLA) in another article and shared list of best hot stocks to buy. For more top stocks. In addition, please check out our hedge fund investor letters Q4 2022 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.
