Investment management company Miller Value Partners recently released its Q2, 2022 investment letter, a copy of which can be downloaded here. The firm faced notable challenges due to continued volatility in the last couple of years. In the second quarter, Miller Opportunity was down by -29.3%, extending its first half return to -31.08% net of fees. Over the last 10 years, the fund generated an annualized return of 11.83%. Take a look at the fund’s top 5 holdings to have an idea about their best picks for 2022.
In the Q2 2022 investment letter, the firm analyzed and explained the reasons for the fund’s underperformance. The letter discusses United Airlines Holdings, Inc. (NASDAQ:UAL). As per the letter, United Airlines Holdings, Inc. (NASDAQ:UAL) is trading below the industry valuation matrix. United Airlines Holdings, Inc. (NASDAQ:UAL) was incorporated in 1968 and has a market capitalization of $11.9 billion. It is an air transportation company headquartered in Chicago, Illinois. The stock of United Airlines Holdings, Inc. (NASDAQ:UAL) closed at $36.42 per share on July 27, 2022. United Airlines Holdings, Inc. (NASDAQ:UAL) had a 2.07% return for the past month while its 12-month return plunged to -25.89%.
Here is what Miller Value Partners specifically said about United Airlines Holdings, Inc. (NASDAQ:UAL) in its Q2 2022 investor’s letter:
“United (NASDAQ:UAL) trades at a similarly depressed multiple, 3.6x. Outside of two months prior to the pandemic, it’s also only been below 4x in Jun 2016 as well. It rose ~80% over the next year. Travel company stock prices seem to be caught in the vortex of simple rules that drive many systematic and macro discretionary strategies. Recession equals sell consumer discretionary. High oil prices mean sell transportation. The facts don’t matter, at least in the short term. We believe they absolutely will in the long term, which is why we’ve added to our exposure.”
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Although Miller Value Partners is invested in United Airlines Holdings, Inc. (NASDAQ:UAL) the stock isn’t on the list of 30 Most Popular Stocks Among Hedge Funds. At the end of the first quarter, United Airlines Holdings, Inc. (NASDAQ:UAL) was in 31 hedge fund portfolios compared to 35 in Q4, 2021. United Airlines Holdings, Inc. (NASDAQ:UAL) shares lost 27.36% of their value over the last 52 weeks.
United Airlines Holdings, Inc. (NASDAQ:UAL) fell out of our list of 30 most popular stocks among hedge funds, as discussed in another article in February. If you want to read more investor letters from hedge funds and other leading investors, check out our hedge fund investor letters 2022 page.
Disclosure: None. This article is originally published at Insider Monkey.
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