Here’s Why CoStar Group (CSGP) Outperformed in the Third Quarter

Harding Loevner, an asset management company, released its “Global Equity Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy declined 5.6% gross of fees compared to a 6.7% decline for the MSCI All Country World Index. Strategy’s outperformance in the quarter was attributed to positive stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Harding Loevner highlighted stocks like CoStar Group, Inc. (NASDAQ:CSGP) in the Q3 2022 investor letter. Headquartered in Washington, the District of Columbia, CoStar Group, Inc. (NASDAQ:CSGP) provides information, analytics, and marketplace services to commercial real estate. On November 23, 2022, CoStar Group, Inc. (NASDAQ:CSGP) stock closed at $80.02 per share. One-month return of CoStar Group, Inc. (NASDAQ:CSGP) was -1.96% and its shares gained 0.40% of their value over the last 52 weeks. CoStar Group, Inc. (NASDAQ:CSGP) has a market capitalization of $32.543 billion.

Harding Loevner made the following comment about CoStar Group, Inc. (NASDAQ:CSGP) in its Q3 2022 investor letter:

"Industrial services provider CoStar Group, Inc. (NASDAQ:CSGP) was another significant contributor. The company, the world’s largest digital platform for buying, selling, and leasing commercial properties, delivered 12% revenue growth and 36% earnings growth, and increased its earnings guidance for the year following record-high annualized subscriptions and advertising sales across its key services."

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CoStar Group, Inc. (NASDAQ:CSGP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held CoStar Group, Inc. (NASDAQ:CSGP) at the end of the third quarter which was 47 in the previous quarter.

We discussed CoStar Group, Inc. (NASDAQ:CSGP) in another article and shared Baron Funds' 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.