Diamond Hill Capital, an investment management company, released its “Long-Short Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy trailed the Russell 1000 Index while leading the blended benchmark. The fund outperformed both indexes for the full year. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Long-Short Fund highlighted stocks like International Business Machines Corporation (NYSE:IBM) in the Q4 2022 investor letter. Headquartered in Armonk, New York, International Business Machines Corporation (NYSE:IBM) is an integrated solutions and services provider. On March 30, 2023, International Business Machines Corporation (NYSE:IBM) stock closed at $129.22 per share. One-month return of International Business Machines Corporation (NYSE:IBM) was 0.32%, and its shares lost 0.71% of their value over the last 52 weeks. International Business Machines Corporation (NYSE:IBM) has a market capitalization of $115.822 billion.
Diamond Hill Long-Short Fund made the following comment about International Business Machines Corporation (NYSE:IBM) in its Q4 2022 investor letter:
“New positions initiated in Q4 included shorts International Business Machines Corporation (NYSE:IBM), Acushnet Holdings (GOLF) and elf Beauty (ELF). Since diversified information technology company IBM’s 2019 acquisition of Red Hat, the company has aggressively pursued a hybrid cloud strategy. Though IBM and its new management team have made solid progress on this pivot, we believe the company still meaningfully lags the cloud hyperscalers and other cloud-native companies. Management has also laid out aggressive long-term targets for revenue growth and free cash flow, both of which we believe the company will struggle to achieve as it faces intense competition in its hybrid cloud business and structural headwinds in the company’s legacy businesses.”
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International Business Machines Corporation (NYSE:IBM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held International Business Machines Corporation (NYSE:IBM) at the end of the fourth quarter which was 40 in the previous quarter.
We discussed International Business Machines Corporation (NYSE:IBM) in another article and shared the list of best affordable tech stocks to buy. 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.
