Diamond Hill Capital’s Top Contributor: Amazon.com (AMZN)

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 Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2022 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) engages in the sale of consumer products and subscriptions. On October 25, 2022, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $120.60 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 2.19% and its shares lost 28.90% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN)  has a market capitalization of $1.229 trillion.

Diamond Hill Capital made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2022 investor letter:

“Other top contributors in Q3 included agricultural equipment manufacturer Deere & Company, health care facilities operator HCA Healthcare and global online retailer Amazon.com, Inc. (NASDAQ:AMZN). Amazon reported better-than-expected Q2 results, driven by a step-up in retail consumer demand, solid progress on remedying cost pressures (related to over investment) and strong performance in its web services business.”

Amazon.com, Inc. (NASDAQ:AMZN) is in 2nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 252 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the second quarter which was 271 in the previous quarter.

We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the best ecommerce stocks to buy. 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.