Giverny Capital, an investment management company, recently published its third-quarter investor letter in 2022. A copy of the same can be downloaded here. In the third quarter, the fund’s performance was in line with the market, but it underperformed year-to-date. During the quarter, the fund fell by 4.64%, net of fees, compared to a 4.88% decline for the Standard & Poor’s 500 Index benchmark. Year-to-date, the portfolio returned -28.71%, net of fees, compared to a return of -23.87% for the S&P 500 Index. You can check the top 5 holdings of the fund to see its best picks for 2022.
Giverny Capital discussed stocks like Ciena Corporation (NYSE:CIEN) in the Q3 2022 investor letter. Headquartered in Hanover, Maryland, Ciena Corporation (NYSE:CIEN) is a software, services, and networking systems company. On October 18, 2022, Ciena Corporation (NYSE:CIEN) stock closed at $41.30 per share. One-month return of Ciena Corporation (NYSE:CIEN) was 1.37% and its shares lost 22.00% of their value over the last 52 weeks. Ciena Corporation (NYSE:CIEN) has a market capitalization of $6.118 billion.
Here is what Giverny Capital specifically said about Ciena Corporation (NYSE:CIEN) in its Q3 2022 investor letter:
“Coherent and Ciena Corporation (NYSE:CIEN) are quite different companies, but both manufacture and sell optical-electronic components and hardware that carry traffic on communications networks. Demand for bandwidth grows and grows; both companies have large order books and backlogs. The market may believe customers will cancel these orders as the economy weakens. The market also seems particularly skeptical about Ciena’s ability to deliver on its backlog, as the company has suffered supply chain problems all year. I think we’ll probably end up being happy to have the exposure to the structural growth in wireless communications, cloud computing, industrial automation and related markets. But I am watching closely to see if these two make progress delivering on their extended backlogs of orders.”
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Ciena Corporation (NYSE:CIEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Ciena Corporation (NYSE:CIEN) at the end of the second quarter which was 40 in the previous quarter.
We discussed Ciena Corporation (NYSE:CIEN) in another article and shared the list of best stocks to buy according to Kerr Neilson’s Platinum Asset Management. 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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