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Will Sony Group Corporation (SONY) Bounce Back?

Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned ‐5.17% net of fees and expenses, outperforming the Russell 1000 Value Index, which returned ‐5.62%. At the same time, the fund underperformed the S&P 500 Index, which returned ‐4.88%. The fund’s outperformance to the Russell 1000 Value Index in the quarter was attributed to stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Aristotle Capital highlighted stocks like Sony Group Corporation (NYSE:SONY) in its Q3 2022 investor letter. Headquartered in Tokyo, Japan, Sony Group Corporation (NYSE:SONY) is an electronic products manufacturer and distributor, and related solutions provider. On November 23, 2022, Sony Group Corporation (NYSE:SONY) stock closed at $82.20 per share. One-month return of Sony Group Corporation (NYSE:SONY) was 22.10%, and its shares lost 32.74% of their value over the last 52 weeks. Sony Group Corporation (NYSE:SONY) has a market capitalization of $103.916 billion.

Aristotle Capital made the following comment about Sony Group Corporation (NYSE:SONY) in its Q3 2022 investor letter:

"Sony Group Corporation (NYSE:SONY), the global provider of video games and consoles, image sensors, and music, as well as movies, was a major detractor for the period. The share price of the company has struggled this year following its strong performance in 2021. Signs of a slowdown in the gaming industry (as people seem inclined to take on outdoor activities as pandemic fears have subsided), combined with sales of its PlayStation 5 that have been held up by a global parts shortage, have led to gaming‐related software sales falling more than 20% year‐over‐year. Rather than focusing on short‐term demand dislocations, we focus on the company’s ability to continue migrating videogame users toward the firm’s subscription offerings, as well as its capacity to leverage content across its video, music and gaming platforms. We are also impressed with the expansion of Sony’s Music segment, which has been supported by the pervasiveness of streaming services. Management’s ongoing work to improve the company’s TV and film studios is bearing fruit as well, with sales growing 67% year‐over‐year for its Pictures segment as its regional strategy has taken hold, including recent progress made toward solidifying a merger plan with India‐based Zee Entertainment. All of this is to say we remain excited by the oligopolistic nature of the businesses Sony operates in, and the future prospects for the company given its leadership in image sensors, music publishing and gaming consoles."

Sony Group Corporation (NYSE:SONY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Sony Group Corporation (NYSE:SONY) at the end of the third quarter, which was 26 in the previous quarter.

We discussed Sony Group Corporation (NYSE:SONY) in another article and shared ClearBridge Investments' views on the company. In addition, please check out 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 is originally published at Insider Monkey.