Here’s Why Diamond Hill Mid Cap Strategy Added SBA Communications Corporation (SBAC)

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio delivered positive results in the second quarter while modestly trailing the Russell Midcap Index. The healthcare holdings positively contributed to the relative performance while the information technology and materials holdings trailed benchmark peers. The fund returned 6.76% (net) in Q2 compared to 9.10% for the benchmark. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Capital Mid Cap Strategy highlighted stocks like SBA Communications Corporation (NASDAQ:SBAC) in the second quarter 2023 investor letter. SBA Communications Corporation (NASDAQ:SBAC) owns and operates of wireless communications infrastructure. On September 7, 2023, SBA Communications Corporation (NASDAQ:SBAC) stock closed at $221.24 per share. One-month return of SBA Communications Corporation (NASDAQ:SBAC) was -3.10%, and its shares lost 32.80% of their value over the last 52 weeks. SBA Communications Corporation (NASDAQ:SBAC) has a market capitalization of $23.979 billion.

Diamond Hill Capital Mid Cap Strategy made the following comment about SBA Communications Corporation (NASDAQ:SBAC) in its Q2 2023 investor letter:

“As markets have risen, we have been cautious about deploying cash. That said, we are still finding attractive values in the market and capitalized on attractive entry points to initiate three new positions in Q2: Ferguson, SBA Communications Corporation (NASDAQ:SBAC) and Lear Corp.

SBA Communications is a leading independent owner and operator of wireless communications infrastructure, including towers. We believe towers is a high-quality business that is central to the wireless economy and stands to benefit from the rollout of 5G technology. Though recent concerns around slowing 5G growth — and, in turn, tower leasing — have weighed on shares, we capitalized on the weakness to initiate a position in what we anticipate will be a growing business.”

SBA Communications Corporation (NASDAQ:SBAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held SBA Communications Corporation (NASDAQ:SBAC) at the end of second quarter which was 42 in the previous quarter.

We discussed SBA Communications Corporation (NASDAQ:SBAC) in another article and shared the list of best commercial real estate stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q2 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.