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Giverny Capital Asset on II-VI Incorporated (IIVI)’s Earnings

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Giverny Capital Asset Management LLC recently published its second quarter investor letter 2022, which can be downloaded here.  The fund’s model portfolio returns declined by 18.48% net of fees in the second quarter of 2022. Current events in the market have influenced the stocks’ short-term prices. The fund generated an annualized return of 17.02% over the last nine quarters, net of fees. You can check the top 5 holdings of the fund to see its best picks for 2022.

In the second quarter 2022 letter, Giverny Capital Asset Management discussed the performance of its portfolios over the last few years. Over the last ten years, ten of the 26 holdings of the fund compounded their earnings by more than 25% but II-VI Incorporated (NASDAQ:IIVI) compounded its earnings by less than 10%. II-VI Incorporated (NASDAQ:IIVI) is a manufacturer and distributor of semiconductors and optical materials, headquartered in Saxonburg, Pennsylvania, and has a market capitalization of $6.792 billion.  II-VI Incorporated (NASDAQ:IIVI)’s stock closed at $52.64 per share on July 29, 2022. II-VI Incorporated (NASDAQ:IIVI) had 7.14% return for last month and its 12-month return was down -24.6%.

Here is what Giverny Capital Asset Management specifically said about II-VI Incorporated (NASDAQ:IIVI):

“S&P earnings over that five-year period compounded at 13%, which is excellent. In the GCAM portfolio, 10 of our 26 holdings compounded their earnings by more than 25% over the past five years. Only one company, II-VI Incorporated (NASDAQ:IIVI) (8%), compounded its earnings by less than 10% annually. We bought II-VI last year in the belief that its long-term earnings trajectory is likely to inflect upwards in the years ahead.”

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Our research shows that II-VI Incorporated (NASDAQ:IIVI) isn’t on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database 26 hedge fund portfolios held II-VI Incorporated (NASDAQ:IIVI) at the end of the first quarter which was 36  in the previous quarter.

We published another article in January on II-VI Incorporated (NASDAQ:IIVI).  If you want to read more investor letters from hedge funds and other leading investors, check out our hedge fund investor letters Q2 2022 page.

Disclosure: None. This article is originally published at Insider Monkey.