Investment management company First Pacific Advisors recently released its “FPA Crescent Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the quarter, the fund returned -4.71% compared to a -4.88% return for the S&P 500 Index. In the trailing twelve months, the fund declined 14.68%. However, in the third quarter, the fund performed favorably in the equity market. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
FPA discussed stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q3 2022 investor letter. Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company headquartered in Mountain View, California. On November 2, 2022, Alphabet Inc. (NASDAQ:GOOG) stock closed at $87.07 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -14.84% and its shares lost 41.44% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.126 trillion.
FPA made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2022 investor letter:
“The share prices of both Meta and Alphabet Inc. (NASDAQ:GOOG) have declined significantly over the past twelve months. We believe this is due to a combination of a weakening ad market, depreciation of foreign currencies, and increased competitive intensity. On the positive side, we anticipate each company to continue to generate significant amounts of free cashflow even during these challenging times, which we expect to be redeployed into a combination of growth projects and share buybacks.”
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Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 153 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the second quarter which was 160 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.