Sound Shore Fund, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. The Sound Shore Fund Investor Class (SSHFX) and Institutional Class (SSHVX) declined 13.45% and 13.41%, respectively, in the second quarter of 2022, trailing the Russell 1000 Value Index (Russell Value) which declined 12.21%. As long-term investors, Sound Shore’s 30-year annualized returns of 9.65% and 9.91%, for SSHFX and SSHVX, respectively, as of June 30, 2022, were ahead of the Russell Value at 9.54%. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Sound Shore Fund mentioned Perrigo Company plc (NASDAQ:PRGO) and explained its insights for the company. Founded in 1887, Perrigo Company plc (NASDAQ:PRGO) is a Dublin, Ireland-based pharmaceutical company with a $5.7 billion market capitalization. Perrigo Company plc (NASDAQ:PRGO) delivered a 9.25% return since the beginning of the year, while its 12-month returns are down by -12.75%. The stock closed at $42.50 per share on August 01, 2022.
Here is what Sound Shore Fund has to say about Perrigo Company plc (NASDAQ:PRGO) in its Q2 2022 investor letter:
“On the positive side, a number of our health care names outperformed, including health product supplier Perrigo. Perrigo is the leading private label and branded drug manufacturer with a market share of approximately 70%. Consumers may not realize it, but the store brand Tylenol, Allegra, Prilosec, etc. that they purchase is likely produced by Perrigo. Having navigated through supply chain disruptions during the pandemic, management is aimed at growth and margin improvement and we see significant upside potential from here.”
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Our calculations show that Perrigo Company plc (NASDAQ:PRGO) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Perrigo Company plc (NASDAQ:PRGO) was in 28 hedge fund portfolios at the end of the second quarter of 2022, compared to 28 funds in the previous quarter. Perrigo Company plc (NASDAQ:PRGO) delivered a 27.86% return in the past 3 months.
In January 2022, we also shared another hedge fund’s views on Perrigo Company plc (NASDAQ:PRGO) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.