Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.25% compared to a -4.61% return for the Russell 1000 Index. Even though the fund’s short book trailed the Russell 1000 Index, it still added positive returns. On the other hand, weakness in consumer discretionary and communication services holdings dragged the performance of the long book of the fund in the quarter. 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 Wolverine World Wide, Inc. (NYSE:WWW) in the Q3 2022 investor letter. Headquartered in Rockford, Michigan, Wolverine World Wide, Inc. (NYSE:WWW) is a footwear, apparel, and accessories distributor. On November 29, 2022, Wolverine World Wide, Inc. (NYSE:WWW) stock closed at $11.04 per share. One-month return of Wolverine World Wide, Inc. (NYSE:WWW) was -34.88%, and its shares lost 64.65% of their value over the last 52 weeks. Wolverine World Wide, Inc. (NYSE:WWW) has a market capitalization of $863.15 million.
Diamond Hill Capital made the following comment about Wolverine World Wide, Inc. (NYSE:WWW) in its Q3 2022 investor letter:
“Other bottom contributors included our long positions in Comcast Corporation and Wolverine World Wide, Inc. (NYSE:WWW). Cable company Comcast reported underwhelming quarterly results showing disappointing broadband subscriber growth amid increased competition from fixed wireless, though Comcast’s churn remains near all-time lows. Footwear and apparel company Wolverine World Wide is coping with cost pressures and greater-than-anticipated promotional activity amid a more uncertain macro environment. In addition, consumer spending concerns weighed on investor sentiment toward companies selling more discretionary goods.”
lan-deng-quddu_dZKkQ-unsplash
Wolverine World Wide, Inc. (NYSE:WWW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Wolverine World Wide, Inc. (NYSE:WWW) at the end of the third quarter, which was 13 in the previous quarter.
We discussed Wolverine World Wide, Inc. (NYSE:WWW) in another article and shared the list of world-class shoe stocks. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 16 Largest Media Companies in the World in 2022
- 14 Best Casino Stocks To Buy for 2023
- 11 Best Battery Stocks To Buy Now
Disclosure: None. This article is originally published at Insider Monkey.
