Diamond Hill Capital, an investment management company, released its “Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q3 2023, US stocks fell by 3%, bringing YTD gains to around 12% as measured by the Russell 3000 Index. The portfolio trailed the Russell 2000 Index in Q3 and returned -5.62% bringing the YTD returns to 6.70%. Relative weakness in consumer discretionary holdings, industrials, and technology impacted the 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 Civitas Resources, Inc. (NYSE:CIVI) in the third quarter 2023 investor letter. Headquartered in Denver, Colorado, Civitas Resources, Inc. (NYSE:CIVI) is an oil and natural gas exploration and production company. On November 7, 2023, Civitas Resources, Inc. (NYSE:CIVI) stock closed at $71.99 per share. One-month return of Civitas Resources, Inc. (NYSE:CIVI) was -3.55%, and its shares gained 9.56% of their value over the last 52 weeks. Civitas Resources, Inc. (NYSE:CIVI) has a market capitalization of $6.751 billion.
Diamond Hill Small Cap Fund made the following comment about Civitas Resources, Inc. (NYSE:CIVI) in its Q3 2023 investor letter:
“On an individual holdings’ basis, top contributors to return in Q3 included Civitas Resources, Inc. (NYSE:CIVI) and Cal-Maine Foods. Civitas Resources is an oil and gas producer focused primarily on the DJ Basin in Colorado. The company announced it would acquire assets in the Permian Basin in Q2, which prompted a near-term sell-off in the share price. However, with the acquisition now complete and oil prices rising against a backdrop of OPEC+ production cuts, earnings have recovered, and the share price rebounded accordingly in Q3.”
A busy oil & gas rig on the horizon, revealing the depths of the Etame Marin block’s activity.
Civitas Resources, Inc. (NYSE:CIVI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Civitas Resources, Inc. (NYSE:CIVI) at the end of second quarter which was 30 in the previous quarter.
We discussed Civitas Resources, Inc. (NYSE:CIVI) in another article and shared the list of best 52-week high stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Best Online Jewelry Stores In the World
- 15 States With the Highest Rent in the US
- 15 States With the Highest Property Taxes in the US
Disclosure: None. This article is originally published at Insider Monkey.
