Akre Capital Management, an investment management firm, published its “Akre Focus Fund” third-quarter 2022 investor letter – a copy of which can be downloaded here. The Akre Focus Fund’s third quarter 2022 performance for the Institutional share class was -8.51% compared with S&P 500 Total Return at -4.88%. Performance for the trailing 12-month period ending September 30, 2022, for the Institutional share class, was -24.39% compared with S&P 500 Total Return at -15.47%. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, Akre Capital Management mentioned Adobe Inc. (NASDAQ:ADBE) and explained its insights for the company. Founded in 1982, Adobe Inc. (NASDAQ:ADBE) is a San Jose, California-based computer software company with a $139.3 billion market capitalization. Adobe Inc. (NASDAQ:ADBE) delivered a -47.13% return since the beginning of the year, while its 12-month returns are down by -52.59%. The stock closed at $299.83 per share on October 19, 2022.
Here is what Akre Capital Management has to say about Adobe Inc. (NASDAQ:ADBE) in its Q3 2022 investor letter:
“The five largest detractors from performance this quarter includes Adobe. Adobe announced a planned acquisition that was not only very expensive, but also highlighted an architectural vulnerability in the core software franchises, the import of which we continue to assess.”
Our calculations show that Adobe Inc. (NASDAQ:ADBE) ranks 22nd on our list of the 30 Most Popular Stocks Among Hedge Funds. Adobe Inc. (NASDAQ:ADBE) was in 92 hedge fund portfolios at the end of the second quarter of 2022, compared to 93 funds in the previous quarter. Adobe Inc. (NASDAQ:ADBE) delivered a -25.32% return in the past 3 months.
In October 2022, we also shared another hedge fund’s views on Adobe Inc. (NASDAQ:ADBE) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.