Tourlite Capital: “Amazon.com (AMZN) Faced a Onetime Headwind”

Investment management company Tourlite Capital Management released its second quarter investor letter, which can be downloaded here. This is the first letter by the fund, since its inception. In the second quarter, the fund returned 4.5% and the S&P 500 Index declined by -16.1%. You can check the top 5 holdings of the fund to know about its best picks in 2022.

In the letter, Tourlite Capital Management discussed its investment strategy and market outlooks. The letter mentioned its various stocks in the portfolio like Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) is a retailer that operates internationally, headquartered in Seattle, Washington. The stock of Amazon.com, Inc. (NASDAQ:AMZN) closed at $135.39 per share on August 1, 2022. On a monthly time frame, the return of Amazon.com, Inc. (NASDAQ:AMZN)  rose to 23.58% whereas the shares lost -18.72% of their value over the last 52 weeks. It has a market capitalization of $1.379 trillion.

Here is what Tourlite Capital Management discussed about Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2022 investor letter:

“Amazon.com, Inc. (NASDAQ:AMZN) is at the forefront of two key secular trends, cloud adoption and e-commerce penetration, and had begun trading at the low end of its historical valuation range on a revenue and EBITDA multiple basis prior to the overall market correction. Amazon faced what we consider to be a onetime headwind after reporting first quarter results. Sell side estimates for the first half were too high and included Amazon Prime Day which was moved to the third quarter. In addition, a significant one-time loss resulted from the decline in its stake in Rivin Automotive (RIVN).”

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Amazon.com, Inc. (NASDAQ:AMZN) is at the top position on our list of 30 Most Popular Stocks Among Hedge Funds. Our records show that 271 hedge funds held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the first quarter of  2022, compared to 279 in the previous quarter. Amazon.com, Inc. (NASDAQ:AMZN) shares gained 8.75% of their value over the last 3 months.

You can check another article on Amazon.com, Inc. (NASDAQ:AMZN) that we shared in July. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.