Smead Capital Management, an investment management company, released its Smead Value Fund second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -13.33% compared to the S&P 500 Index which lost 16.10% while the Russell 1000 Value Index posted a loss of 12.21%. The bear market affected the performance of the fund in the second quarter and the fund believes that it will act as a blessing for the fund’s long-term performance. Please check the top five holdings of the fund to know more about its best picks in 2022.
In the letter, Smead Capital Management discussed stocks like The Macerich Company (NYSE:MAC). The stock underperformed in the second quarter. The Macerich Company (NYSE:MAC) is a US-based real estate investment trust and has a market capitalization of $2.467 billion. The stock of The Macerich Company (NYSE:MAC) closed at $11.04 per share on August 10, 2022. One-month return of The Macerich Company (NYSE:MAC) was 22.39%, and its 12-month return dropped to -35.02%.
Here's how Smead Capital Management mentioned The Macerich Company (NYSE:MAC) in the Q2, 2022 investor letter:
"Leading the downside were stocks we own tied to any economic optimism. Warner Bros. Discovery (WBD) suffered selling from AT&T (T) shareholders disposing of it upon distribution of the shares in the merger. We have been too optimistic about how long it would take for these uninterested parties to sell. The Macerich Company (NYSE:MAC) suffered from fears of what a recession and higher interest rates would do to their business, disregarding the recovery in the Class “A” mall space since 2020."
Although Smead Capital Management invested in The Macerich Company (NYSE:MAC), it is not on the list of 30 Most Popular Stocks Among Hedge Funds. At the end of the second quarter The Macerich Company (NYSE:MAC) was held by 20 hedge fund portfolios compared to 21 in the previous quarter.
We discussed The Macerich Company (NYSE:MAC) in another article and shared Smead Capital Management, insights about the company in the third quarter of 2021. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.