Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.23% net of fees compared to a -4.61% return for the Russell 1000 Index. Holdings in the technology and consumer discretionary sectors led to the underperformance of the strategy in the quarter. In contrast, stock selection in energy, consumer staples, and materials sectors positively contributed to the strategy’s performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Capital discussed stocks like Abbott Laboratories (NYSE:ABT) in the Q3 2022 investor letter. Headquartered in North Chicago, Illinois, Abbott Laboratories (NYSE:ABT) engages in the business of healthcare products. On October 25, 2022, Abbott Laboratories (NYSE:ABT) stock closed at $97.95 per share. One-month return of Abbott Laboratories (NYSE:ABT) was -0.78% and its shares lost 23.30% of their value over the last 52 weeks. Abbott Laboratories (NYSE:ABT) has a market capitalization of $171.532 billion.
Diamond Hill Capital made the following comment about Abbott Laboratories (NYSE:ABT) in its Q3 2022 investor letter:
“Also among our bottom contributors were health care products manufacturer Abbott Laboratories (NYSE:ABT), global pharmaceutical company Pfizer, media and technology giant Alphabet, and insurance company American International Group (AIG).
Abbott has been working through a recall of its infant formula brand Similac in the US, which has continued to pressure its share price. Although the recall will impact near-term revenues, we are not concerned about any long-term impacts. We remain optimistic about the company given it is one of the highest quality names in health care, in our view, with a talented management team that makes smart capital allocation decisions. Abbott also has leading health care and consumer franchises with a particularly strong competitive position in its medical device business. The company continues to launch innovative products in key strategic areas (such as diabetes, structural heart, and diagnostics), which should help drive not only revenue growth but margin expansion.”
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Abbott Laboratories (NYSE:ABT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Abbott Laboratories (NYSE:ABT) at the end of the second quarter which was 68 in the previous quarter.
We discussed Abbott Laboratories (NYSE:ABT) in another article and shared the list of large-cap stocks to buy for a starter stock portfolio. 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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