Diamond Hill Capital, an investment management company, released its “Select Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3, the portfolio fell behind the Russell 3000 Index. Relative weakness was concentrated among staples holdings, and discretionary holdings also trailed benchmark peers, impacting the relative performance. On the other hand, the financial sector holdings and overweight to the sector contributed to a slight tailwind in Q3. The strategy returned -5.99% net of fees in Q3 compared to the Russell 3000 Index’s -3.25% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Select Strategy highlighted stocks like SunOpta Inc. (NASDAQ:STKL) in the third quarter 2023 investor letter. Headquartered in Eden Prairie, Minnesota, SunOpta Inc. (NASDAQ:STKL) manufactures and distributes food-based and plant-based foods and beverages. On November 28, 2023, SunOpta Inc. (NASDAQ:STKL) stock closed at $4.80 per share. One-month return of SunOpta Inc. (NASDAQ:STKL) was 26.98%, and its shares lost 48.66% of their value over the last 52 weeks. SunOpta Inc. (NASDAQ:STKL) has a market capitalization of $555.13 million.
Diamond Hill Select Strategy made the following comment about SunOpta Inc. (NASDAQ:STKL) in its Q3 2023 investor letter:
“Other bottom contributors included SunOpta Inc. (NASDAQ:STKL), Rimini Street and CarMax. Shares of leading non-dairy beverages and frozen fruit offerings provider SunOpta were pressured during the quarter amid concerns about the likelihood of a slowdown in the plant-based milk category. While we are watching for signs of this, we maintain our conviction in SunOpta’s positioning relative to the trend toward plant-based beverages given its durable cost advantage in a structurally attractive industry.”
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SunOpta Inc. (NASDAQ:STKL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held SunOpta Inc. (NASDAQ:STKL) at the end of third quarter which was 19 in the previous quarter.
We discussed SunOpta Inc. (NASDAQ:STKL) in another article and shared Diamond Hill Select Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
