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 Microsoft Corporation (NASDAQ:MSFT) in the first quarter 2023 investor letter. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops, and licenses software, services, devices, and solutions. On May 11, 2023, Microsoft Corporation (NASDAQ:MSFT) stock closed at $310.11 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was 8.38%, and its shares gained 18.76% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.306 trillion.
Diamond Hill Large Cap Strategy made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its Q1 2023 investor letter:
“We did have several strong performing stocks this quarter. Our top contributors to return included NVR, Amazon, Alphabet, Microsoft Corporation (NASDAQ:MSFT) and Booking Holdings, all of which posted double-digit gains.
Shares of software and IT services provider Microsoft rallied as investors became less cautious about the potential for growth deceleration in Azure, its public cloud business, and more focused on opportunities in search after the company announced an investment in and long-term partnership with OpenAI, the company that developed ChatGPT. Microsoft’s net cash balance sheet also seemed to gain appreciation from investors who became more cautious about the economic cycle.”
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Microsoft Corporation (NASDAQ:MSFT) holds the first position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 259 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of the fourth quarter which was 269 in the previous quarter.
We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared the list of biggest PC companies in the world. In addition, please check out our hedge fund investor letters Q1 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.
