Diamond Hill Capital, an investment management company, released its “Small Cap Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund outperformed the Russell 2000 Index and returned 6.31%, compared to the Index’s return of 2.74%. Strength in industrials, energy, and healthcare holdings contributed to the fund’s relative performance in the quarter. 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 First Western Financial, Inc. (NASDAQ:MYFW) in the Q1 2023 investor letter. Headquartered in Denver, Colorado, First Western Financial, Inc. (NASDAQ:MYFW) is a financial holding company. On May 12, 2023, First Western Financial, Inc. (NASDAQ:MYFW) stock closed at $15.22 per share. One-month return of First Western Financial, Inc. (NASDAQ:MYFW) was -14.49%, and its shares lost 52.15% of their value over the last 52 weeks. First Western Financial, Inc. (NASDAQ:MYFW) has a market capitalization of $148.12 million.
Diamond Hill Small Cap Fund made the following comment about First Western Financial, Inc. (NASDAQ:MYFW) in its Q1 2023 investor letter:
“As is often the case, market volatility offers unique opportunities to shift the portfolio, capitalizing on valuations to introduce new holdings which we believe will offer attractive long-term returns. Accordingly, we capitalized on Q1’s choppiness to initiate positions in First Western Financial, Inc. (NASDAQ:MYFW) and Silvercrest Asset Management.
Prior to the banking chaos we initiated a position in Denver, CO-based First Western. It is a private trust bank in the western US, where the franchise is well-positioned to capitalize on attractive demographic trends. Further, First Western is well-managed, with a focus on operational discipline that has historically led to strong operating leverage. We believe First Western should benefit from strong economic growth in its local markets, allowing it to take market share in the period ahead.”
First Western Financial, Inc. (NASDAQ:MYFW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 4 hedge fund portfolios held First Western Financial, Inc. (NASDAQ:MYFW) at the end of the fourth quarter, which was 5 in the previous quarter.
We discussed First Western Financial, Inc. (NASDAQ:MYFW) in another article and shared the list of best micro-cap stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 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.
