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Oakmark Global Fund Exited Credit Suisse Group AG (CS) in Early March

Soumya Eswaran
更新日期： ·2 分鐘文章

Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 10.5% compared to a 7.7% return for the MSCI World Index. The fund returned 9.3% since its inception compared to 5.4% for the index. In the first quarter, both the U.S. and non-U.S. portions of the portfolio contributed to the outperformance of the fund. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Oakmark Global Fund highlighted stocks like Credit Suisse Group AG (NYSE:CS) in the first quarter 2023 investor letter. Headquartered in Zurich, Switzerland, Credit Suisse Group AG (NYSE:CS) is a financial company that provides wealth management solutions, risk management solutions, and wealth and succession planning. On April 13, 2023, Credit Suisse Group AG (NYSE:CS) stock closed at $0.9500 per share. One-month return of Credit Suisse Group AG (NYSE:CS) was -52.74%, and its shares lost 87.35% of their value over the last 52 weeks. Credit Suisse Group AG (NYSE:CS) has a market capitalization of $3.744 billion.

Oakmark Global Fund made the following comment about Credit Suisse Group AG (NYSE:CS) in its Q1 2023 investor letter:

"We sold Axis Bank, Booking Holdings, Credit Suisse Group AG (NYSE:CS), Grupo Televisa, Howmet Aerospace, Mastercard and Pinterest. With the exceptions of Credit Suisse and Grupo Televisa, the remaining sales were simply a function of price and value converging favorably. David Herro discussed the sale of Credit Suisse in his letter."

Vintage Tone/Shutterstock.com

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Credit Suisse Group AG (NYSE:CS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Credit Suisse Group AG (NYSE:CS) at the end of the fourth quarter which was 11 in the previous quarter.

We discussed Credit Suisse Group AG (NYSE:CS) in another article and shared the list of most promising low-cost stocks according to analysts. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.