Allegiant Travel Company (ALGT) Faced Challenging Industry Backdrop in Q4

Diamond Hill Capital, an investment management company, released its “Small Cap Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 6.98% net of fees, outperforming the benchmark Russell 2000 Index, which returned 6.23%. Strength in health care, consumer discretionary, and materials holdings contributed to the fund’s outperformance in the quarter while holdings in energy and information technology detracted from the performance.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital highlighted stocks like Allegiant Travel Company (NASDAQ:ALGT) in its Q4 2022 investor letter. Based in Las Vegas, Nevada, Allegiant Travel Company (NASDAQ:ALGT) is a travel company. On January 26, 2023, Allegiant Travel Company (NASDAQ:ALGT) stock closed at $84.26 per share. One-month return of Allegiant Travel Company (NASDAQ:ALGT) was 24.20%, and its shares lost 51.01% of their value over the last 52 weeks. Allegiant Travel Company (NASDAQ:ALGT) has a market capitalization of $1.55 billion.

Diamond Hill Capital made the following comment about Allegiant Travel Company (NASDAQ:ALGT) in its Q4 2022 investor letter:

“Other bottom contributors included Allegiant Travel Company (NASDAQ:ALGT), Concrete Pumping Holdings and WNS Holdings. Lowcost airline Allegiant Travel faces a challenging industry backdrop, including higher fuel costs and ongoing concerns about the potential for a recession.”

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Allegiant Travel Company (NASDAQ:ALGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Allegiant Travel Company (NASDAQ:ALGT) at the end of the third quarter, which was 25 in the previous quarter.

We discussed Allegiant Travel Company (NASDAQ:ALGT) in another article and shared the best airline stocks to invest in. In addition, please check out our hedge fund investor letters Q4 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.