Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy trailed the Russell 1000 Index for Q4 and underperformed for the calendar year. In Q4, both the fund’s below-benchmark weighting and individual holdings underperformed index peers, resulting in relative weakness in the technology exposure for both the full year and the quarter. In addition, overweight exposure to the weak energy sector detracted from the relative results, along with healthcare holdings. Financial holdings and over-benchmark allocation boosted performance. Positive stock picks in real estate and consumer staples sectors also contributed. The strategy returned 11.39% (net) in Q4 compared to 11.96% for the Russell 1000 Index. For the full year, the strategy returned 13.68% (net) compared to a 26.53% return for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Large Cap Strategy featured stocks like Chevron Corporation (NYSE:CVX) in the fourth quarter 2023 investor letter. Headquartered in San Ramon, California, Chevron Corporation (NYSE:CVX) engages in integrated energy and chemicals operations through its subsidiaries. On February 28, 2024, Chevron Corporation (NYSE:CVX) stock closed at $152.34 per share. One-month return of Chevron Corporation (NYSE:CVX) was 3.01%, and its shares lost 6.29% of their value over the last 52 weeks. Chevron Corporation (NYSE:CVX) has a market capitalization of $282.937 billion.
Diamond Hill Large Cap Strategy stated the following regarding Chevron Corporation (NYSE:CVX) in its fourth quarter 2023 investor letter:
“Other bottom contributors included Chevron Corporation (NYSE:CVX), Carrier Global and Becton, Dickinson. Shares of integrated oil and gas company Chevron were pressured as global oil production is growing — particularly in the US, which has now surpassed its past production levels — in turn pressuring oil prices and company profit margins.”
A tanker truck making its way through a refinery facility. .
Chevron Corporation (NYSE:CVX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Chevron Corporation (NYSE:CVX) was held by 71 hedge fund portfolios, down from 72 in the previous quarter, according to our database.
We discussed Chevron Corporation (NYSE:CVX) in another article and shared the list of best dividend stocks to buy according to Warren Buffett. In addition, please check out our hedge fund investor letters Q4 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.
