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 Truist Financial Corporation (NYSE:TFC) in the second quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Truist Financial Corporation (NYSE:TFC) is a holding company that provides banking and trust services. On September 14, 2023, Truist Financial Corporation (NYSE:TFC) stock closed at $29.42 per share. One-month return of Truist Financial Corporation (NYSE:TFC) was 2.22%, and its shares lost 38.22% of their value over the last 52 weeks. Truist Financial Corporation (NYSE:TFC) has a market capitalization of $39.187 billion.
Diamond Hill Large Cap Strategy made the following comment about Truist Financial Corporation (NYSE:TFC) in its Q2 2023 investor letter:
“Also among our bottom contributors were AbbVie and Truist Financial Corporation (NYSE:TFC). Truist, while not considered a “money center,” is a large, super-regional bank with an attractive Southeastern US footprint that has added value to the communities it serves via its extensive branch network and lending franchises. Truist also owns the fifth largest insurance brokerage in the US, which it recently sold a portion of for roughly $3 billion. Truist’s share price remained under pressure during the quarter as the market continued to be concerned with lower values of longer-duration assets and increasing deposit costs. That said, we remain comfortable with our current position in Truist and believe a significant amount of pessimism is baked into its current share price.”
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Truist Financial Corporation (NYSE:TFC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Truist Financial Corporation (NYSE:TFC) at the end of second quarter which was 48 in the previous quarter.
We discussed Truist Financial Corporation (NYSE:TFC) in another article and shared the list of best dividend stocks yielding at least 7% according to hedge funds. 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.
