Diamond Hill Capital, an investment management company, released its “Small-Mid Cap Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy returned 7.59% net of fees in the fourth quarter compared to a 7.43% return for the Russell 2500 Index. For the calendar year 2022, the strategy returned -13.54% compared to the Russell 2500 Index’s return of -18.37%. Healthcare and technology holdings contributed to the relative performance of the strategy in the quarter while energy and financials holdings detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Small-Mid Cap Strategy highlighted stocks like Century Communities, Inc. (NYSE:CCS) in the Q4 2022 investor letter. Headquartered in Greenwood Village, Colorado, Century Communities, Inc. (NYSE:CCS) is a single-family attached and detached home builder. On February 21, 2023, Century Communities, Inc. (NYSE:CCS) stock closed at $58.16 per share. One-month return of Century Communities, Inc. (NYSE:CCS) was -1.51%, and its shares lost 6.94% of their value over the last 52 weeks. Century Communities, Inc. (NYSE:CCS) has a market capitalization of $1.848 billion.
Diamond Hill Small-Mid Cap Strategy made the following comment about Century Communities, Inc. (NYSE:CCS) in its Q4 2022 investor letter:
“Though periods of downward volatility like we saw in 2022 can challenge investors’ fortitude, they can equally offer opportunities to add high-quality holdings to the portfolio at compelling valuations. As we have throughout the year, we capitalized on such opportunities as we identified them in Q4, initiating positions in CarMax and Century Communities, Inc. (NYSE:CCS).
CCS is a diversified national homebuilder with a solid balance sheet and attractive land holdings in several strong markets. Management owns a fair amount of stock, and the company is one of the few builders to pay a dividend. We capitalized on an attractive entry point during the quarter to initiate our position.”
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Century Communities, Inc. (NYSE:CCS) is not on our 30 Most Popular Stocks Among Hedge Funds list. As per our database, 16 hedge fund portfolios held Century Communities, Inc. (NYSE:CCS) at the end of the fourth quarter which was 18 in the previous quarter.
We discussed Century Communities, Inc. (NYSE:CCS) in another article and shared the list of most profitable small-cap stocks. 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.
