Weitz Funding Administration, an funding administration agency, revealed its “Weitz Companions Worth Fund” third-quarter 2022 investor letter – a replica of which will be downloaded right here. The Companions Worth Fund’s Institutional Class returned -6.32% for the third quarter in comparison with -4.46% for the Russell 3000. 12 months-to-date, the Fund’s Institutional Class has returned -27.22% in comparison with -24.62% for the Russell 3000. Attempt to spare a while to verify the fund’s high 5 holdings so that you can have an thought about their greatest inventory picks this 2022.
In its Q3 2022 investor letter, Weitz Companions Worth Fund talked about CarMax, Inc. (NYSE:KMX) and defined its insights for the corporate. Based in 1993, CarMax, Inc. (NYSE:KMX) is a Richmond, Virginia-based used automobile firm with a $10.3 billion market capitalization. CarMax, Inc. (NYSE:KMX) delivered a -49.66% return because the starting of the 12 months, whereas its 12-month returns are down by -55.24%. The inventory closed at $67.12 per share on November 29, 2022.
Here’s what Weitz Companions Worth Fund has to say about CarMax, Inc. (NYSE:KMX) in its Q3 2022 investor letter:
“Used automobile demand softened as car costs remained excessive and borrowing prices rose, lowering affordability. CarMax (NYSE:KMX)‘s unit volumes fell, whereas bills continued to rise as the corporate invests for the omnichannel future. Whereas the corporate continued to realize market share, near-term earnings will undergo. We predict CarMax is well-positioned to climate the cyclical storm, however for now the inventory is within the penalty field.”
Our calculations present that CarMax, Inc. (NYSE:KMX) fell brief and didn’t make it on our checklist of the 30 Most Common Shares Amongst Hedge Funds. CarMax, Inc. (NYSE:KMX) was in 25 hedge fund portfolios on the finish of the second quarter of 2022, in comparison with 28 funds within the earlier quarter. CarMax, Inc. (NYSE:KMX) delivered a -27.72% return up to now 3 months.
In October 2022, we additionally shared one other hedge fund’s views on CarMax, Inc. (NYSE:KMX) in one other article. You will discover different investor letters from hedge funds and distinguished traders on our hedge fund investor letters 2022 Q3 web page.
Disclosure: None. This text is initially revealed at Insider Monkey.