Weitz Investment Management, an asset management company, released its second-quarter 2022 investor letter. You can download it here. In the second quarter, Fund’s institutional class returned -16.03% compared to -16.10% for the S&P 500 Index and -20.94% for the Russell 1000. Year-to-date, the fund returned -22.72%. Persistent inflation followed by the aggressive monetary policy by the Federal reserve affected the performance of the portfolio. You can check the fund’s top five holdings to know about its best picks in 2022.
Weitz Investment Management added Adobe Inc. (NASDAQ:ADBE) to its portfolio. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a software company that operates worldwide. The stock of Adobe Inc. (NASDAQ:ADBE) closed at $437.82 per share on August 17, 2022. Adobe Inc. (NASDAQ:ADBE) returned 7.07% in one month and its shares lost 31.34% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $204.9 billion.
Here is what Weitz Investment Management specifically said about Adobe Inc. (NASDAQ:ADBE) in its Q2 2022 letter.
“We added a new position in Adobe Inc. (NASDAQ:ADBE) as software stocks continued their fall from grace. Adobe is a leading provider of software in three large segments with nice tailwinds. Creative Cloud, a collection of Adobe’s software and applications, serves professionals, communicators, and consumers in the rapidly growing creator economy.
Document Cloud includes the ubiquitous PDF technology, Acrobat and Adobe Sign applications, and other tools to power digital documents. Experience Cloud is a customer experience platform that is a marketing tech leader alongside Salesforce.com (CRM).
Adobe is a “meat and potatoes” software investment with deeply entrenched competitive positions, exceptional margins and free cash flows, and long runways for sustainable, above-average growth. Most importantly, we think this well-managed business trades at a very fair price to a long- term owner.”
Weitz Investment Management is invested in Adobe Inc. (NASDAQ:ADBE) and the stock is in 23rd position on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Adobe Inc. (NASDAQ:ADBE) was held by 92 hedge fund portfolios at the end of the first quarter, and 93 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared Andvari Associates’ views on the company. For more investor letters from hedge funds and other prominent investors, you can check our hedge fund investor letters Q2 2022 page.
Disclosure: None. This article is originally published at Insider Monkey.
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