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 Akamai Technologies, Inc. (NASDAQ:AKAM) in the fourth quarter 2023 investor letter. Headquartered in Cambridge, Massachusetts, Akamai Technologies, Inc. (NASDAQ:AKAM) provides cloud computing, security, and content delivery services. On April 3, 2024, Akamai Technologies, Inc. (NASDAQ:AKAM) stock closed at $107.08 per share. One-month return of Akamai Technologies, Inc. (NASDAQ:AKAM) was -5.10%, and its shares gained 35.68% of their value over the last 52 weeks. Akamai Technologies, Inc. (NASDAQ:AKAM) has a market capitalization of $16.45 billion.
Diamond Hill Long-Short Fund stated the following regarding Akamai Technologies, Inc. (NASDAQ:AKAM) in its fourth quarter 2023 investor letter:
“Akamai Technologies, Inc. (NASDAQ:AKAM) is a legacy content delivery network (CDN) solutions provider which management has recently pivoted to enterprise and network security as well as distributed cloud computing. However, these markets are intensely competitive, and Akamai has yet to prove it can differentiate itself from cloud hyperscalers and best-of-breed security companies.”
A close-up of a person using a laptop with cloud solutions in the background.
Akamai Technologies, Inc. (NASDAQ:AKAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Akamai Technologies, Inc. (NASDAQ:AKAM) was held by 37 hedge fund portfolios, up from 29 in the previous quarter, according to our database.
We previously discussed Akamai Technologies, Inc. (NASDAQ:AKAM) in another article and shared the list of large-cap tech stock to watch for the latest insider selling. 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.
