Diamond Hill Capital, an investment management company, released its “Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q3 2023, US stocks fell by 3%, bringing YTD gains to around 12% as measured by the Russell 3000 Index. The portfolio trailed the Russell 2000 Index in Q3 and returned -5.62% bringing the YTD returns to 6.70%. Relative weakness in consumer discretionary holdings, industrials, and technology impacted the performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Small Cap Fund highlighted stocks like Progress Software Corporation (NASDAQ:PRGS) in the third quarter 2023 investor letter. Headquartered in Burlington, Massachusetts, Progress Software Corporation (NASDAQ:PRGS) develops, deploys, and manages business applications. On November 8, 2023, Progress Software Corporation (NASDAQ:PRGS) stock closed at $52.49 per share. One-month return of Progress Software Corporation (NASDAQ:PRGS) was -2.40%, and its shares gained 4.88% of their value over the last 52 weeks. Progress Software Corporation (NASDAQ:PRGS) has a market capitalization of $2.287 billion.
Diamond Hill Small Cap Fund made the following comment about Progress Software Corporation (NASDAQ:PRGS) in its Q3 2023 investor letter:
“Progress Software Corporation (NASDAQ:PRGS) is a diversified, multi-product infrastructure software business with high customer retention and cash-generation capabilities. Its key solutions center around data management and IT environment monitoring — a stable core business which is growing nicely. Over time, we anticipate shareholders should benefit from value-generating M&A — a possibility which the current share price fails to reflect. We also like the management team, which we think is capable and pragmatic.”
Closeup of a software engineer in front of a laptop coding a modern platform.
Progress Software Corporation (NASDAQ:PRGS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Progress Software Corporation (NASDAQ:PRGS) at the end of second quarter which was 13 in the previous quarter.
We discussed Progress Software Corporation (NASDAQ:PRGS) in another article and shared the list of earnings reports everyone is talking about. In addition, please check out our hedge fund investor letters Q3 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.
