Andvari Associates, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. Year-to-date, the fund was down 41.5% net of fees compared to the SPDR S&P 500 ETF, which was down 23.9%. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Andvari Associates discussed stocks like Adobe Inc. (NASDAQ:ADBE) in the Q3 2022 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a global software company. On October 17, 2022, Adobe Inc. (NASDAQ:ADBE) stock closed at $293.50 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 0.84% and its shares lost 53.86% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $136.448 billion.
Here is what Andvari Associates specifically said about Adobe Inc. (NASDAQ:ADBE) in its Q3 2022 investor letter:
“The only company-specific news worth mentioning is Adobe Inc. (NASDAQ:ADBE)’s announcement in September that it will acquire collaborative design platform Figma for $20 billion. Adobe’s share price dropped 16.8% on the day of the announcement. Shareholders signaled that paying an extraordinary 50x Figma’s annualized run-rate revenues is likely to destroy value.
Although Andvari is skeptical of this deal, there are a few reasons why it could turn out to be a decent use of capital. First is Figma’s astounding growth. Since its first dollar of revenue in late 2017, Figma has grown to $400 million in annualized revenues in just five years. Furthermore, they achieved this growth through the viral adoption of their product, not by employing an army of salespeople. Second, Adobe is experienced at acquiring products and then accelerating growth with its distribution network and access to large enterprise customers. Adobe built its suite of products over the decades by making over fifty acquisitions. Adobe even acquired its best-known product, Photoshop. Andvari thinks Figma can continue its rapid growth when it has access to Adobe’s ability to spend $5 billion annually on sales and marketing.”
Adobe Inc. (NASDAQ:ADBE) is in 22nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 92 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of the second quarter which was 93 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared the list of top QQQ stocks by index weight. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Co-Founder and Research Director at Insider Monkey
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
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At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
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84 Googles
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Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
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