Investment management company Vulcan Value Partners recently released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The firm has five strategies, trailing their benchmark indexes in the third quarter of 2022. The fund’s Large-Cap Composite returned -7.3% net of fees and expenses, the Small Cap Composite returned -14.4% net, Focus Composite returned -8.0% net, the Focus Plus composite returned -7.9%, and All Cap Composite returned -11.5% net during the quarter. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners highlighted stocks like SmartRent, Inc. (NYSE:SMRT) in its Q3 investor letter. Headquartered in Scottsdale, Arizona, SmartRent, Inc. (NYSE:SMRT) is an integrated smart home operating system provider. On November 3, 2022, SmartRent, Inc. (NYSE:SMRT) stock closed at $2.4400 per share. One-month return of SmartRent, Inc. (NYSE:SMRT) was -2.40% and its shares lost 81.36% of their value over the last 52 weeks. SmartRent, Inc. (NYSE:SMRT) has a market capitalization of $482.481 million.
Vulcan Value Partners made the following comment about SmartRent, Inc. (NYSE:SMRT) in its Q3 2022 investor letter:
“We have discussed SmartRent, Inc. (NYSE:SMRT) at length in recent quarters. Demand for their products and services continues to be solid, but the company is facing supply chain issues that continue to impact its installation schedule. This combination has led the company to reduce guidance. We believe that the supply chain will continue to be a headwind but we are also starting to see some anecdotal evidence that the supply chain challenge is improving. We believe these supply chain challenges will continue to improve, allowing the company to produce free cash flow by second half of 2023. The company’s financial position remains strong, with $250mm in cash and no debt. This should enable the company to manage through this tough environment. We remain optimistic about the long-term opportunity ahead for the company.”
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SmartRent, Inc. (NYSE:SMRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held SmartRent, Inc. (NYSE:SMRT) at the end of the second quarter which was 17 in the previous quarter.
We discussed SmartRent, Inc. (NYSE:SMRT) in another article and shared Baron Funds’ views on the company. 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.
