ClearBridge Investments, an investment management firm, published its “Small Cap Value Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Small Cap Value Strategy underperformed its Russell 2000 Value Index benchmark during the third quarter. On an absolute basis, the Strategy had losses in eight out of 11 sectors in which it was invested during the quarter. The leading detractors were the IT and financial sectors while the energy, consumer staples, and healthcare sectors were the positive contributors. 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, ClearBridge Small Cap Value Strategy mentioned Euronet Worldwide, Inc. (NASDAQ:EEFT) and explained its insights for the company. Founded in 1994, Euronet Worldwide, Inc. (NASDAQ:EEFT) is a Leawood, Kansas-based payment service provider company with a $4.0 billion market capitalization. Euronet Worldwide, Inc. (NASDAQ:EEFT) delivered a -31.12% return since the beginning of the year, while its 12-month returns are down by -31.45%. The stock closed at $82.09 per share on November 09, 2022.
Here is what ClearBridge Small Cap Value Strategy has to say about Euronet Worldwide, Inc. (NASDAQ:EEFT) in its Q3 2022 investor letter:
“We took advantage of the selloff in the IT sector to initiate a new position in Euronet Worldwide (NASDAQ:EEFT). The company is a global leader in providing payment and transaction processing and distribution solutions to financial institutions, retailers, merchants and individual consumers through ATM networks, point-of-sale management and fraud management, among other services. Transaction volumes within the company’s highly profitable consumer ATM business suffered significantly over the last two years as a result of COVID-19 lockdowns and shelter-in-place restrictions, but we see tremendous opportunities for this business segment to fully recover over the next two years and lead to further improvements in the share price.”
“We recognize these periods for what they are: a transitional disconnect between stock prices and their inherent values.”
Our calculations show that Euronet Worldwide, Inc. (NASDAQ:EEFT) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Euronet Worldwide, Inc. (NASDAQ:EEFT) was in 32 hedge fund portfolios at the end of the second quarter of 2022, compared to 31 funds in the previous quarter. Euronet Worldwide, Inc. (NASDAQ:EEFT) delivered a -18.26% return in the past 3 months.
In October 2022, we also shared another hedge fund’s views on Euronet Worldwide, Inc. (NASDAQ:EEFT) 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.