Here’s Why Cushman & Wakefield plc (CWK) Declined in Q2
Investment management company Vulcan Value Partners recently released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive absolute returns in the second quarter. The fund’s Large Cap Composite returned 10.0% net of fees and expenses, the Small Cap Composite returned 4.4% net, the Focus Composite returned 11.1% net, the Focus Plus composite returned 10.6%, and the All-Cap Composite returned 6.0% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners highlighted stocks like Cushman & Wakefield plc (NYSE:CWK) in the second quarter 2023 investor letter. Headquartered in London, the United Kingdom, Cushman & Wakefield plc (NYSE:CWK) is a commercial real estate services provider. On August 22, 2023, Cushman & Wakefield plc (NYSE:CWK) stock closed at $8.80 per share. One-month return of Cushman & Wakefield plc (NYSE:CWK) was -14.31%, and its shares lost 43.52% of their value over the last 52 weeks. Cushman & Wakefield plc (NYSE:CWK) has a market capitalization of $2.019 billion.
Vulcan Value Partners made the following comment about Cushman & Wakefield plc (NYSE:CWK) in its second quarter 2023 investor letter:
"Cushman & Wakefield plc (NYSE:CWK) has underperformed both our short-term and long-term expectations. The macro environment, the pace of interest rate hikes, and the pandemic have played significant roles, but we also think that management turnover, with three CEOs in five years, has contributed to this underperformance. Having said that, we continue to believe Cushman & Wakefield possesses a structurally favorable business model, has solid long-term prospects, and is very discounted relative to our estimate of fair value."
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Cushman & Wakefield plc (NYSE:CWK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Cushman & Wakefield plc (NYSE:CWK) at the end of second quarter which was 15 in the previous quarter.
We discussed Cushman & Wakefield plc (NYSE:CWK) in another article and shared the list of largest property management companies in the US. In addition, please check out our hedge fund investor letters Q2 2023 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.
