Mayar Capital on 3M Company (MMM): “We’ve Always Liked this Business with its Diversified Revenues”

Mayar Capital, an asset management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. For the three months ending March 31, 2021, Mayar Fund (Class A) was down 6.6% net of all expenses and fees, while the MSCI World Index declined by 5.2% in the same period. Since its inception in May 2011, Mayar Fund has seen a 198.7% increase versus a 180.9% increase for the MSCI. That corresponds to a 10.6% annualized rate of return for the Mayar Fund, compared to 10.1% for the MSCI. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Mayar Capital mentioned 3M Company (NYSE:MMM) and explained its insights for the company. Founded in 1902, 3M Company (NYSE:MMM) is a Saint Paul, Minnesota-based multinational conglomerate company with an $86.2 billion market capitalization. 3M Company (NYSE:MMM) delivered a -15.41% return since the beginning of the year, while its 12-month returns are down by -24.70%. The stock closed at $150.26 per share on August 16, 2022.

Here is what Mayar Capital has to say about 3M Company (NYSE:MMM) in its Q2 2022 investor letter:

“We also bought back into 3M (NYSE:MMM) as the stock reached attractive levels. We’d sold our shares in 3M last year when the price exceeded our estimated fair value, and as better opportunities to invest in presented themselves at the time. Nonetheless, we’ve always liked this business with its diversified revenues, its R&D leadership and its stable margins.

Professions With the Highest Suicide Rates in America Copyright: bialasiewicz / 123RF Stock Photo

Our calculations show that 3M Company (NYSE:MMM) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. 3M Company (NYSE:MMM) was in 51 hedge fund portfolios at the end of the second quarter of 2022, compared to 41 funds in the previous quarter. 3M Company (NYSE:MMM) delivered a -1.37% return in the past 3 months.

In August 2022, we published an article that includes 3M Company (NYSE:MMM) in 10 Famous Value Stocks that Underperformed in 2022. 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.

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