Diamond Hill Capital, an investment management company, released its “Long-Short Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio achieved positive returns in Q4, but it trailed the Russell 1000 Index and the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury Bills 1-3 Month Index). The short positions didn’t perform as well as the index, but they still contributed positively to the overall performance. The long positions in financials, on the other hand, performed better than the index. However, long positions in technology and the fund’s below-benchmark exposure didn’t perform well and were the cause of underperformance in Q4. In addition, you may look at the fund’s top 5 holdings to learn about its best picks in 2023.
Diamond Hill Long-Short Fund featured stocks like Garmin Ltd. (NYSE:GRMN) in the fourth quarter 2023 investor letter. Headquartered in Schaffhausen, Switzerland, Garmin Ltd. (NYSE:GRMN) designs, develops, and manufactures navigation, communications, and information devices. On April 3, 2024, Garmin Ltd. (NYSE:GRMN) stock closed at $146.04 per share. One-month return of Garmin Ltd. (NYSE:GRMN) was 3.26%, and its shares gained 48.94% of their value over the last 52 weeks. Garmin Ltd. (NYSE:GRMN) has a market capitalization of $28.007 billion.
Diamond Hill Long-Short Fund stated the following regarding Garmin Ltd. (NYSE:GRMN) in its fourth quarter 2023 investor letter:
“Other bottom contributors included our short positions in Garmin Ltd. (NYSE:GRMN) and International Business Machines (IBM), as well as our long position in Chevron. Outdoor fitness and adventure equipment maker Garmin benefited from strong growth in its fitness and auto original equipment manufacturer segments. Over the long term, we believe the company’s high-end wearables products will face significant competition from competitors like Apple and Samsung.”
A marathon runner wearing a company branded smartwatch, monitoring his performance in real-time.
Garmin Ltd. (NYSE:GRMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Garmin Ltd. (NYSE:GRMN) was held by 27 hedge fund portfolios, up from 22 in the previous quarter, according to our database.
We discussed Garmin Ltd. (NYSE:GRMN) in another article and shared the list of biggest smartwatch companies in the world. 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.
