Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The positive returns of the portfolio outperformed the Russell 1000 Index and the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury Bills 1-3 Month Index), both of which were negative in Q3. The short book trailed the index, providing a relative tailwind to performance. Long financial holdings were another source of relative strength. On the other hand, the fund’s long industrials and healthcare holdings were sources of relative weakness in Q3. In addition, you may look at the fund’s top 5 holdings to learn about its best picks in 2023.
Diamond Hill Long-Short Fund highlighted stocks like Garmin Ltd. (NYSE:GRMN) in the third quarter 2023 investor letter. Headquartered in Schaffhausen, Switzerland, Garmin Ltd. (NYSE:GRMN) designs, develops and manufactures navigation, communications, and information devices. On December 21, 2023, Garmin Ltd. (NYSE:GRMN) stock closed at $127.42 per share. One-month return of Garmin Ltd. (NYSE:GRMN) was 5.86%, and its shares gained 39.99% of their value over the last 52 weeks. Garmin Ltd. (NYSE:GRMN) has a market capitalization of $24.379 billion.
Diamond Hill Long-Short Fund made the following comment about Garmin Ltd. (NYSE:GRMN) in its Q3 2023 investor letter:
“We also initiated short positions in Mueller Industries, Bank of Hawaii, Alarm.com Holdings and Garmin Ltd. (NYSE:GRMN) in Q3. Garmin is a consumer electronics company which primarily sells high-end outdoor, fitness and adventure equipment which benefited tremendously from pandemic-related trends — which we believe will normalize. Further, we anticipate the company will face stiffer competition in its core smartwatch market, weighing on fundamentals over the coming years.”
A close-up of a person’s wrist wearing a smartwatch with its unique features.
Garmin Ltd. (NYSE:GRMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Garmin Ltd. (NYSE:GRMN) at the end of third quarter which was 30 in the previous quarter.
We discussed Garmin Ltd. (NYSE:GRMN) in another article and shared the list of best fitness apps in 2023. 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.
