Distillate Capital Partners LLC, an investment management firm, published its third-quarter 2022 investor letter – a copy of which can be downloaded here. Distillate’s U.S. FSV strategy declined 19.63% through Q3 of 2022 compared to a decline of 23.87% for the S&P 500 benchmark. This more mitigated decline came despite a 1.75% headwind from being underweight in the energy and utility sectors where cash flow instability and leverage tend to limit our holdings domestically. 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, Distillate Capital mentioned Philip Morris International Inc. (NYSE:PM) and explained its insights for the company. Founded in 1847, Philip Morris International Inc. (NYSE:PM) is a New York, New York-based multinational tobacco company with a $143.3 billion market capitalization. Philip Morris International Inc. (NYSE:PM) delivered a -2.63% return since the beginning of the year, while its 12-month returns are down by -1.25%. The stock closed at $92.50 per share on November 08, 2022.
Here is what Distillate Capital has to say about Philip Morris International Inc. (NYSE:PM) in its Q3 2022 investor letter:
“The largest new purchases includes Philip Morris International Inc. (NYSE:PM). Phillip Morris was sold last quarter and repurchased after underperformance in Q3 led to its valuation again meeting the threshold for inclusion in the portfolio.”
Our calculations show that Philip Morris International Inc. (NYSE:PM) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Philip Morris International Inc. (NYSE:PM) was in 56 hedge fund portfolios at the end of the second quarter of 2022, compared to 55 funds in the previous quarter. Philip Morris International Inc. (NYSE:PM) delivered a -5.00% return in the past 3 months.
In September 2022, we also shared another hedge fund’s views on Philip Morris International Inc. (NYSE:PM) 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.