Stewart Asset Management, an investment management firm, published its third-quarter 2022 investor letter – a copy of which can be downloaded here. For the quarter that ended September 30th, the fund’s Flagship portfolio declined 8.07%, net of fees. The S&P 500 Index, our benchmark, lost 4.88%. For the nine months ending September 30th, its Flagship declined 35.68%, net of fees, and the S&P 500 Index lost 23.87%. 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, Stewart Asset Management mentioned Danaher Corporation (NYSE:DHR) and explained its insights for the company. Founded in 1969, Danaher Corporation (NYSE:DHR) is a Washington, D.C.-based globally diversified conglomerate with a $199.0 billion market capitalization. Danaher Corporation (NYSE:DHR) delivered a -16.87% return since the beginning of the year, while its 12-month returns are down by -14.13%. The stock closed at $273.49 per share on December 12, 2022.
Here is what Stewart Asset Management has to say about Danaher Corporation (NYSE:DHR) in its Q3 2022 investor letter:
“We also need to point out one global consequence of the rapid rise in interest rates: an irrepressibly strong dollar. This hurts the reported earnings of U.S. companies who sell their goods and services overseas. Foreign currency earnings translate into fewer dollars and thus lower earnings. Most of the companies in your portfolios gain a notable amount of earnings from their international operations. While the strength or weakness of a currency doesn’t change the quality of a business or its longer-term earnings power, it can change the reported earnings of a company over short periods of time. It is difficult to forecast this effect accurately because many of our companies manufacture where they sell, which to some extent dulls the sharp negative effect of a surging dollar. Danaher (NYSE:DHR), among others, is a good example.”
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Our calculations show that Danaher Corporation (NYSE:DHR) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Danaher Corporation (NYSE:DHR) was in 89 hedge fund portfolios at the end of the second quarter of 2022, compared to 82 funds in the previous quarter. Danaher Corporation (NYSE:DHR) delivered a -6.82% return in the past 3 months.
In December 2022, we also shared another hedge fund’s views on Danaher Corporation (NYSE:DHR) 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.