L1 Capital International, an investment management company, released its “L1 Capital International Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned -0.4% net of fees in the third quarter compared to a 0.3% return for the MSCI World Net Total Return Index in AUD. The depreciation of Australian dollars against the USD and Euro added to the fund’s reported and benchmark returns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
L1 Capital International highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2022 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On December 7, 2022, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $88.46 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -8.45% and its shares lost 49.21% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $902.442 billion.
L1 Capital International made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2022 investor letter:
"Quarterly results (mostly reported in late July and early August) were generally in line with our expectations. Solid company execution was subsequently swamped by increases in interest rates and hawkish Federal Reserve commentary. During the quarter, only one company (Amazon.com) made a positive contribution of more than 0.5% in Australian dollars. Amazon.com, Inc. (NASDAQ:AMZN) was the largest negative contributor in the June 2022 quarter, with the share price recovering modestly but it is still well below our view of fair value. No company detracted more than 0.5% from the Fund’s performance in Australian dollars, although the depreciation of the Australian dollar obfuscates some meaningful share price falls in U.S. dollars
We did not participate in the ‘unprofitable tech bubble’, but our portfolio does have significant exposure to some of the largest, highly profitable and incredibly financially strong technology companies which dominate their markets and have outstanding medium to long term growth prospects - including Alphabet, Amazon, Intuit and Microsoft. The share price of these companies has now fallen to levels we now consider provide very attractive valuations for long term investors."
Amazon.com, Inc. (NASDAQ:AMZN) is in 2nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 269 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the third quarter, which was 252 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the best growth stocks to buy according to George Soros. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.