Miller Value Partners, an investment management firm, published its “Miller Value Partners Income Strategy” second-quarter 2022 investor letter – a copy of which can be downloaded here. The Miller Income Strategy lost 17.7% in the second quarter of 2022, underperforming the 10.0% decline for the ICE BofA US High Yield Index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Miller Value Partners Income Strategy mentioned The Buckle, Inc. (NYSE:BKE) and explained its insights for the company. Founded in 1948, The Buckle, Inc. (NYSE:BKE) is a Kearney, Nebraska-based retail company with a $1.5 billion market capitalization. The Buckle, Inc. (NYSE:BKE) delivered a -27.82% return since the beginning of the year, while its 12-month returns are down by -27.75%. The stock closed at $30.54 per share on August 01, 2022.
Here is what Miller Value Partners Income Strategy has to say about The Buckle, Inc. (NYSE:BKE) in its Q2 2022 investor letter:
“Another name with a nice dividend yield, attractive valuation and significant shareholder alignment is clothing retailer The Buckle (NYSE:BKE). Based in Omaha, NE, management owns almost 40% of the company and is shifting its focus to online sales. The company is very well run and has been onto something for a long time. In each of the last 27 consecutive calendar years, The Buckle has generated positive free cash flow (not “adjusted” free cash flow), something that few companies can say. Despite this track record, the company trades at a trailing free cash flow yield in the teens with a rock-solid balance sheet, in our opinion, and a highly aligned management team in Warren Buffett’s backyard.”
Our calculations show that The Buckle, Inc. (NYSE:BKE) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. The Buckle, Inc. (NYSE:BKE) was in 29 hedge fund portfolios at the end of the second quarter of 2022, compared to 28 funds in the previous quarter. The Buckle, Inc. (NYSE:BKE) delivered a -5.07% return in the past 3 months.
In March 2022, we published an article that includes The Buckle, Inc. (NYSE:BKE) 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.