IBM, Citigroup, P&G: Diamond Hill Capital Was Another Market Victim In Q3

JPMorgan Chase & Co. (NYSE:JPM) did not have a great third quarter in terms of stock performance either, with its stock losing 9.43%. Its 13F filing for the June quarter revealed that Diamond Hill had 5.06 million shares of JPMorgan in its portfolio at the end of the second quarter, which were valued at $342.85 million. Earlier this week, JPMorgan Chase & Co. (NYSE:JPM) disclosed its third quarter earnings report, posting net revenue of $23.54 billion, which was down by 6% year-over-year. However, its net income increased by 22% year-over-year to $6.8 billion. It is worth pointing out that the revenue was impacted by lower corporate and investment banking segment revenue and by lower mortgage banking revenue. Ken Fisher’s Fisher Asset Management is among the top stockholders of JPMorgan Chase & Co. (NYSE:JPM), with 13.74 million shares.

Let’s now turn our focus on Alphabet Inc. (NASDAQ:GOOGL), which has recently undergone a business structure overhaul. Diamond Hill owned 485,384 Class A shares of Alphabet at the end of the second quarter, which were worth $262.13 million on June 30. This marked an increase of roughly 68,000 shares from the position disclosed in its 13F for the first quarter. The Class A common stock of Alphabet Inc. (NASDAQ:GOOGL) returned 18.21% in the third quarter, which somewhat offset the negative performance of many of the other stocks included in the investment firm’s portfolio. It is believed that the new structure of Alphabet will unlock more shareholder value, as it is set to enhance transparency and give more room for its bountiful smaller businesses to develop at a higher-pace and develop their own identity (read more details here). Andreas Halvorsen’s Viking Global owns 2.74 million Class A shares and 1.15 million Class C shares of Alphabet Inc. (NASDAQ:GOOG) as of June 30.

Last but not least, Ric Dillon’s Diamond Hill owns nearly 1.35 million shares of International Business Machines Corp. (NYSE:IBM) as of June 30, which were valued at $218.98 million. The stock lost 10.14% during the latest quarter, and is 6% in the red year-to-date. International Business Machines Corp. (NYSE:IBM) is set to disclose its third quarter earnings report after the market close on Monday, and analysts anticipate earnings per share of $3.30 on revenue of $19.6 billion. Let us remind you that the company posted EPS of $3.68 on revenue of $22.4 billion for the same quarter last year. Philippe Laffont’s Coatue Management added a 440,097-share position in International Business Machines Corp. (NYSE:IBM) to its portfolio during the second quarter.

Disclosure: None