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 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 $140.4 billion market capitalization. Adobe Inc. (NASDAQ:ADBE) delivered a -46.71% return since the beginning of the year, while its 12-month returns are down by -54.76%. The stock closed at $302.17 per share on November 08, 2022.
Here is what Distillate Capital has to say about Adobe Inc. (NASDAQ:ADBE) in its Q3 2022 investor letter:
“The largest new purchases includes Adobe Inc. (NASDAQ:ADBE). Adobe trailed the overall benchmark by a signiϯcant 20% and saw its valuation improve considerably. Similar to our prior presentations, one way to visualize the current portfolio and note recent changes versus the benchmark is to look at scatter plot of all of Distillate’s FSV holdings versus those in the benchmark with valuation on the vertical axis and free cash ϲow stability on the horizontal axis.”
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Our calculations show that Adobe Inc. (NASDAQ:ADBE) fell short and didn’t make it 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 -29.16% return in the past 3 months.
In November 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.