Diamond Hill Capital, an investment management company, released its “Long-Short Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy trailed the Russell 1000 Index while leading the blended benchmark. The fund outperformed both indexes for the full year. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Long-Short Fund highlighted stocks like Grand Canyon Education, Inc. (NASDAQ:LOPE) in the Q4 2022 investor letter. Headquartered in Phoenix, Arizona, Grand Canyon Education, Inc. (NASDAQ:LOPE) is an education services provider. On March 29, 2023, Grand Canyon Education, Inc. (NASDAQ:LOPE) stock closed at $111.40 per share. One-month return of Grand Canyon Education, Inc. (NASDAQ:LOPE) was -3.30%, and its shares gained 14.72% of their value over the last 52 weeks. Grand Canyon Education, Inc. (NASDAQ:LOPE) has a market capitalization of $3.458 billion.
Diamond Hill Long-Short Fund made the following comment about Grand Canyon Education, Inc. (NASDAQ:LOPE) in its Q4 2022 investor letter:
“Other bottom contributors included our long positions in Alphabet and Meta and our short position in Grand Canyon Education, Inc. (NASDAQ:LOPE). Post-secondary education services company Grand Canyon Education (LOPE) is benefiting from a positive inflection in online enrollment at Grand Canyon University (GCU), LOPE’s main client. This positive inflection may reflect some countercyclical demand for education as people anticipate a slowing economy and therefore return to school to finish or obtain a degree. Shares responded positively to this inflection, which is expected to similarly increase net online enrollment in 2023’s first half. Longer term, we have doubts about LOPE’s growth prospects in a crowded field and as many for-profit universities (including LOPE) face challenges — and heightened regulatory scrutiny — shifting to a non-profit business model.”
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Grand Canyon Education, Inc. (NASDAQ:LOPE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Grand Canyon Education, Inc. (NASDAQ:LOPE) at the end of the fourth quarter which was 18 in the previous quarter.
We discussed Grand Canyon Education, Inc. (NASDAQ:LOPE) in another article and shared the list of best education stocks to buy in 2022. In addition, please check out our hedge fund investor letters Q4 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.
