Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy underperformed and returned -0.75% (net) compared to a 7.46% return for the Russell 1000 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 The Allstate Corporation (NYSE:ALL) in the Q1 2023 investor letter. Headquartered in Northbrook, Illinois, The Allstate Corporation (NYSE:ALL) is an insurance company that provides property and casualty, and other insurance products. On May 11, 2023, The Allstate Corporation (NYSE:ALL) stock closed at $118.33 per share. One-month return of The Allstate Corporation (NYSE:ALL) was 3.70%, and its shares lost 7.23% of their value over the last 52 weeks. The Allstate Corporation (NYSE:ALL) has a market capitalization of $31.301 billion.
Diamond Hill Large Cap Strategy made the following comment about The Allstate Corporation (NYSE:ALL) in its Q1 2023 investor letter:
“Elsewhere in financials, the stocks of two of our insurance holdings – AIG and The Allstate Corporation (NYSE:ALL) – came under pressure we believe due to the negative sentiment in the sector generally. These businesses are very different from banks, and we continue to have strong conviction in their ability to grow intrinsic value over the long term. In fact, Allstate is a new position that we added to the portfolio in Q1. It is one of the largest providers of auto and homeowners’ insurance in the United States. Allstate has a strong brand and significant scale advantages over smaller peers. Recent results have been pressured by rising claims costs across the industry; however, we believe that price changes instituted by the company will drive improvement to more normalized levels over the next couple of years.”
The Allstate Corporation (NYSE:ALL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held The Allstate Corporation (NYSE:ALL) at the end of the fourth quarter, which was 38 in the previous quarter.
We discussed The Allstate Corporation (NYSE:ALL) in another article and shared the list of best large-cap dividend growth stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- Analysts Are Cutting Price Targets of These 10 Stocks
- 20 Best Cities for Singles in their 30s
- Top 20 Ballet Companies in the World
Disclosure: None. This article is originally published at Insider Monkey.
