Smead Capital Management, an investment management company, released its Smead Value Fund third quarter 2022 investor letter. A copy of the same can be downloaded here. For the recent quarter, the Smead Value Fund (SMVLX) lost 1.82% versus a loss of 4.88% for the formerly formidable S&P 500 Index and 5.62% in the Russell 1000 Value Index. The same is true for the year-to-date loss of 14.51% for the fund against losses in the S&P 500 of 23.87% and the Russell 1000 Value of 17.75%. 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, Smead Value Fund mentioned ConocoPhillips (NYSE:COP) and explained its insights for the company. Founded in 2002, ConocoPhillips (NYSE:COP) is a Houston, Texas-based petroleum refineries company with a $154.1 billion market capitalization. ConocoPhillips (NYSE:COP) delivered a 67.79% return since the beginning of the year, while its 12-month returns are up by 59.31%. The stock closed at $121.11 per share on October 19, 2022.
Here is what Smead Value Fund has to say about ConocoPhillips (NYSE:COP) in its Q3 2022 investor letter:
“Our top-performing stocks in the quarter includes Conoco (NYSE:COP). Oil and gas have been the best game in the stock market town this year and it was a pleasant surprise to see home builders pick up even with dour news on interest rates and the economy. For the first three quarters of the year, we should change the name of our fund to the Jed Clampett Fund. Conoco (NYSE:COP) was one of the standouts. Up through the bear market came a “bubblin’ crude!””
Copyright: 1971yes / 123RF Stock Photo
Our calculations show that ConocoPhillips (NYSE:COP) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. ConocoPhillips (NYSE:COP) was in 71 hedge fund portfolios at the end of the second quarter of 2022, compared to 67 funds in the previous quarter. ConocoPhillips (NYSE:COP) delivered a 33.51% return in the past 3 months.
In July 2022, we also shared another hedge fund’s views on ConocoPhillips (NYSE:COP) 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.