Diamond Hill Capital, an investment management company, released its “Small Cap Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 6.98% net of fees, outperforming the benchmark Russell 2000 Index, which returned 6.23%. Strength in health care, consumer discretionary, and materials holdings contributed to the fund’s outperformance in the quarter while holdings in energy and information technology detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Capital highlighted stocks like Gates Industrial Corporation plc (NYSE:GTES) in its Q4 2022 investor letter. Headquartered in Denver, Colorado, Gates Industrial Corporation plc (NYSE:GTES) manufactures power transmission and fluid power solutions. On January 26, 2023, Gates Industrial Corporation plc (NYSE:GTES) stock closed at $12.77 per share. One-month return of Gates Industrial Corporation plc (NYSE:GTES) was 11.92%, and its shares lost 16.37% of their value over the last 52 weeks. Gates Industrial Corporation plc (NYSE:GTES) has a market capitalization of $3.607 billion.
Diamond Hill Capital made the following comment about Gates Industrial Corporation plc (NYSE:GTES) in its Q4 2022 investor letter:
“We are familiar with Gates Industrial Corporation plc (NYSE:GTES) due to our investment via our small-mid cap portfolio and advantageously added it to our small cap portfolio. GTES manufactures and sells engineered power transmission and fluid power solutions globally. It is highly diversified in terms of its products, end markets, geographies and applications and is an innovative and scaled manufacturer in a fragmented industry. Looking forward, we believe GTES is well-positioned to capitalize on several global growth trends, including urbanization, automation and productivity, infrastructure development, and energy and efficiency. We capitalized on an attractive discount to initiate a position.”
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Gates Industrial Corporation plc (NYSE:GTES) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Gates Industrial Corporation plc (NYSE:GTES) at the end of the third quarter, which was 14 in the previous quarter.
We discussed Gates Industrial Corporation plc (NYSE:GTES) in another article and shared the list of cheap value stocks to buy amid market uncertainty. In addition, please check out our hedge fund investor letters Q4 2022 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.
