Diamond Hill Capital, an investment management company, released its “Small Cap Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter of 2023, markets were positive, and the US stocks rose over 8% (as measured by the Russell 3000 Index). The portfolio outperformed Russell 2000 Index in Q2 and returned 6.34%, bringing the YTD gains to 13.05%. Financial and consumer discretionary holdings were the source of relative strength in the quarter while the relative weakness came from consumer staples holdings and below-benchmark exposure to the information technology sector. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Small Cap Fund highlighted stocks like Allegiant Travel Company (NASDAQ:ALGT) in the second quarter 2023 investor letter. Based in Las Vegas, Nevada, Allegiant Travel Company (NASDAQ:ALGT) is a leisure travel company that offers scheduled air transportation, air-related travel services and product, and third-party travel products. On July 31, 2023, Allegiant Travel Company (NASDAQ:ALGT) stock closed at $123.70 per share. One-month return of Allegiant Travel Company (NASDAQ:ALGT) was -4.11%, and its shares gained 9.49% of their value over the last 52 weeks. Allegiant Travel Company (NASDAQ:ALGT) has a market capitalization of $2.28 billion.
Diamond Hill Small Cap Fund made the following comment about Allegiant Travel Company (NASDAQ:ALGT) in its second quarter 2023 investor letter:
“Other top contributors included Allegiant Travel Company (NASDAQ:ALGT), Bank OZK and Mr. Cooper Group. Leisure-focused low-cost airline Allegiant Travel has a unique business model, contributing to being among the highest margins versus competitors. As travel demand has normalized against a post-pandemic backdrop, Allegiant has benefited from strong pricing.”
Allegiant Travel Company (NASDAQ:ALGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Allegiant Travel Company (NASDAQ:ALGT) at the end of first quarter which was 18 in the previous quarter.
We discussed Allegiant Travel Company (NASDAQ:ALGT) in another article and shared the list of best airline stocks to buy according to hedge funds. 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.
