ClearBridge Investments, an investment management company, has released its Q3 2022 Letter to Investors “Small Cap Value Strategy” – a copy of which can be downloaded here. The ClearBridge Small Cap Value strategy underperformed its benchmark Russell 2000 Value Index during the third quarter. On an absolute basis, the Strategy recorded losses in eight of the 11 sectors in which it was invested during the quarter. The main detractors were the IT and Financials sectors, while the Energy, Consumer Staples and Healthcare sectors were the positive contributors. Try taking the time to check out the fund’s top 5 holdings to get an idea of their top stock picks in 2022.
In its letter to investors for the third quarter of 2022, ClearBridge Small Cap Value Strategy mentioned Euronet Worldwide, Inc. (NASDAQ:EFT) and explained his ideas for the company. Founded in 1994, Euronet Worldwide, Inc. (NASDAQ: EEFT) is a Leawood, Kansas-based payment services company with a market capitalization of $4.0 billion. Euronet Worldwide, Inc. (NASDAQ:EEFT) has returned -31.12% year-to-date, while its 12-month returns are down -31.45%. The stock closed at $82.09 per share on November 09, 2022.
Here’s what ClearBridge Small Cap Value Strategy has to say about Euronet Worldwide, Inc. (NASDAQ:EEFT) in its Q3 2022 Letter to Investors:
“We took advantage of the massive sell-off in the IT sector to initiate a new position in Euronet in the world (NASDAQ:EEFT). The company is a global leader in providing payment and transaction processing and distribution solutions to financial institutions, retailers, merchants and individual consumers through ATM networks, point-of-sale management and management. fraud, among other services. Transaction volumes within the company’s highly profitable consumer ATM business have suffered significantly over the past two years due to COVID-19 lockdowns and shelter-in-place restrictions, but we are seeing growth. ‘Huge opportunities for this business segment to fully recover over the next two years and lead to further share price improvements.’
Our calculations show that Euronet Worldwide, Inc. (NASDAQ:EEFT) fell short and did not make it to our list of 30 most popular stocks among hedge funds. Euronet Worldwide, Inc. (NASDAQ:EEFT) featured in 32 hedge fund portfolios at the end of Q2 2022, up from 31 funds in the previous quarter. Euronet Worldwide, Inc. (NASDAQ: EEFT) returned -18.26% over the past 3 months.
In October 2022, we also shared another hedge fund’s perspective on Euronet Worldwide, Inc. (NASDAQ:EEFT) in another article. You can find other letters from hedge fund investors and leading investors on our letters to hedge fund investors 2022 Q3 page.
Disclosure: none. This article originally appeared on Insider Monkey.