Ensemble Capital Management, an investment management company, has released its third quarter 2022 investor letter. A copy of it can be downloaded here. In the third quarter, the strategy outperformed its benchmark, the S&P 500, after three consecutive quarters. The strategy fell 2.6% compared to a 4.9% decline for the S&P 500 Index in the quarter. In addition, please review the fund’s top five holdings to find out its best picks in 2022.
Ensemble Capital discussed stocks like NIKE, Inc. (NYSE:NKE) in its Q3 2022 investor letter. Headquartered in Beaverton, Oregon, NIKE, Inc. (NYSE:NKE) is a sportswear company engaged in the design, marketing, development, and distribution of footwear, apparel, and other accessories. On October 17, 2022, NIKE, Inc. stock closed (NYSE:NKE) at $89.97 per share. The one month return of NIKE, Inc. (NYSE:NKE) is -12.16% and its shares have lost 42.99% of their value over the past 52 weeks. NIKE, Inc. (NYSE:NKE) has a market capitalization of $140.766 billion.
Here’s what Ensemble Capital specifically said about NIKE, Inc. (NYSE:NKE) in its Q3 2022 investor letter:
“NIKE, Inc. (NYSE:NKE) (-18.4%): The company spent most of the quarter trading about in line with the overall market. But on the last day of the quarter, they reported earnings that showed strong consumer demand, but a series of inventory level issues at the geographic and product level. Due to the start-stop nature of their production during COVID, strained global supply chains, and Chinese consumers coming in and out of lockdowns, the company has had an overwhelming amount of clothing inventory and announced that they will reduce prices on certain items to reset inventory. to the appropriate levels quickly.”
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NIKE, Inc. (NYSE:NKE) was not on our list of the 30 Most Popular Stocks in Hedge Funds. According to our database, 72 hedge fund portfolios hold NIKE, Inc. (NYSE:NKE) at the end of the second quarter which was 67 in the previous quarter.
We discussed NIKE, Inc. (NYSE:NKE) in another article and we shared the list of the most undervalued stocks to buy. In addition, please see our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article was originally published on Insider Monkey.