Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund’s Institutional Class returned +5.45% compared to a +7.18% return for the Russell 3000 Index. For the full year, the fund returned -22.46% compared to -19.21% for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Weitz Partners III Opportunity Fund highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN) in the Q4 2022 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On March 9, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $92.25 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -5.49%, and its shares lost 36.61% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $945.313 billion.
Weitz Partners III Opportunity Fund made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2022 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN), perhaps the ultimate “COVID beneficiary,” has seen its shares dip below pre-pandemic levels as investors brace for a potential recession’s impact both on retail spending as well as slowing adoption of Amazon’s cloud infrastructure service, Amazon Web Services.
Meta, Alphabet, Amazon and CarMax were all top detractors for the quarter and calendar year periods (FIS and Liberty Broadband, respectively, complete the quarterly and calendar-year detractor lists.) To varying degrees, each is managing through cyclical challenges during a period of substantial investor pessimism. Drawdowns of this magnitude are painful, and it may be prudent for management to moderate the pace of some investments, but we remain encouraged by their long-term focus. In the short run, cutting spending indiscriminately to “defend earnings” may lessen the pain of a drawdown, but it seldom grows a company’s business value — the ultimate prize.”
Photo by Sunrise King on Unsplash
Amazon.com, Inc. (NASDAQ:AMZN) is in 2nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 240 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the fourth quarter which was 269 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of best stocks under $100. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.