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First Eagle Investments: “We Were Encouraged that ABEV Continued to Gain Market Share”

First Eagle Investments is an independent, privately owned asset management firm dedicated to serving the needs of individuals and institutions worldwide as well as the financial professionals that advise them. Recently, the fund published its “First Eagle Investments Overseas Fund” second-quarter 2022 investor letter – a copy of which can be downloaded here. Overseas Fund A Shares, without a sales charge, posted a return of -9.05% in the second quarter of 2022. All regions detracted from performance, with notable weakness in developed Europe. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, First Eagle Investments Overseas Fund mentioned Ambev S.A. (NYSE:ABEV) and explained its insights into the company. Founded in 1999, Ambev S.A. (NYSE:ABEV) is a State of São Paulo, Brazil-based brewing company with a $47.7 billion market capitalization. Ambev S.A. (NYSE:ABEV) delivered a 4.64% return since the beginning of the year, while its 12-month returns are down by -6.69%. The stock closed at $2.93 per share on September 02, 2022.

Here is what First Eagle Investments Overseas Fund has to say about Ambev S.A. (NYSE:ABEV) in its Q2 2022 investor letter:

“Brazilian brewer Ambev, a subsidiary of Anheuser-Busch InBev, posted better-than-expected earnings for its most recent reporting period driven by improvements in both pricing and volumes. Its stock declined during the quarter, however, weighed down by such Brazil-centric issues as a new wave of Omicron variant infections, high domestic inflation, and a weakened real and national elections in October. We were encouraged that Ambev continued to gain market share despite disruptions associated with Covid and the cancellation of Brazil’s Carnival festivities in April.”

Pixabay/Public Domain

Our calculations show that Ambev S.A. (NYSE:ABEV) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Ambev S.A. (NYSE:ABEV) was in 18 hedge fund portfolios at the end of the second quarter of 2022, compared to 18 funds in the previous quarter. Ambev S.A. (NYSE:ABEV) delivered a 1.38% return in the past 3 months.

In March 2022, we also shared another hedge fund’s views on Ambev S.A. (NYSE:ABEV) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

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