Jackson Square Partners, an investment management firm, released its “Large-Cap Growth” Q3 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -10.08% (net), underperforming its benchmark Russell 1000 Growth Index, which returned -3.60%. The most significant performance contributor during the quarter was industrials, while the healthcare sector detracted from performance. In addition, check the fund’s top five holdings to know its best picks in 2022.
Jackson Square Partners highlighted stocks like Adobe Inc. (NASDAQ:ADBE) in its Q3 2022 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a global software company. On December 20, 2022, Adobe Inc. (NASDAQ:ADBE) stock closed at $338.22 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 0.73%, and its shares lost 40.03% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $157.238 billion.
Jackson Square Partners made the following comment about Adobe Inc. (NASDAQ:ADBE) in its Q3 2022 investor letter:
“Two significant actions taken in the quarter were the exit of Adobe Inc. (NASDAQ:ADBE) and the initiation of Boeing. Adobe paid a price to acquire a competitor called Figma ($22B) that we could not justify even under the most bullish fundamental outlook. It struck us as desperate, defensive, and reactive. After reassuring investors for many quarters that Figma was not having a negative competitive impact on its business, to us this was a clear admission of the opposite. While a more optimistic interpretation could be that Figma is a good asset, Adobe just got rid of a competitor, and the day 1 stock reaction already wiped out more than $22B from Adobe’s market cap – we saw too many red flags potentially signaling worsening trends to come in Adobe’s core. It is also not obvious to us why Figma sails through anti-trust clearance, which if the deal is not allowed to proceed would leave a gaping exposure as Adobe just showed its hand.”
Adobe Inc. (NASDAQ:ADBE) is in 22nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 93 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of the third quarter, which was 92 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared the best digital transformation companies in the U.S. In addition, please check out our hedge fund investor letters Q3 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.
