Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 1000 Index. With the revival of growth and technology stocks, the strategy’s underweight exposure to the sector was a headwind on the relative performance. Technology and communication services holdings of the strategy collectively performed well but did not keep pace with those in the index. It benefited from the strength of investments in the materials and consumer discretionary sectors. The strategy returned 6.04% (net) in the quarter compared to 8.58% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Large Cap Strategy highlighted stocks like AAmazon.com, Inc. (NASDAQ:AMZN) in the second quarter 2023 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On September 14, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $144.72 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 8.63%, and its shares gained 17.15% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.493 trillion.
Diamond Hill Large Cap Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2023 investor letter:
“Among our top contributors were insurance company American International Group (AIG), auto retailer CarMax and global online retailer Amazon.com, Inc. (NASDAQ:AMZN).
Amazon’s management team has been working to improve retail profitability, and Q1 results showed progress. In the case of Amazon’s web services (AWS), the market has shifted its focus from where growth will bottom in the near term to how AI can help accelerate the adoption of public cloud services in the future. We believe Amazon’s competitive advantages will continue to grow and that the business has the potential to grow faster than the overall economy in the coming years.”
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Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 278 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of second quarter which was 243 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of good stocks to invest in. In addition, please check out our hedge fund investor letters Q2 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.
