Diamond Hill Capital, an investment management company, released its “Small Cap Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 6.98% net of fees, outperforming the benchmark Russell 2000 Index, which returned 6.23%. Strength in health care, consumer discretionary, and materials holdings contributed to the fund’s outperformance in the quarter while holdings in energy and information technology detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Capital highlighted stocks like Rimini Street, Inc. (NASDAQ:RMNI) in its Q4 2022 investor letter. Headquartered in Las Vegas, Nevada, Rimini Street, Inc. (NASDAQ:RMNI) is an enterprise software company that offers, products services, and support. On January 26, 2023, Rimini Street, Inc. (NASDAQ:RMNI) stock closed at $4.9600 per share. One-month return of Rimini Street, Inc. (NASDAQ:RMNI) was 30.18%, and its shares gained 2.48% of their value over the last 52 weeks. Rimini Street, Inc. (NASDAQ:RMNI) has a market capitalization of $437.859 million.
Diamond Hill Capital made the following comment about Rimini Street, Inc. (NASDAQ:RMNI) in its Q4 2022 investor letter:
“Bottom contributors in Q4 included Rimini Street, Inc. (NASDAQ:RMNI) and Wolverine World Wide (WWW). Shares of IT services company Rimini Street were pressured as the company’s ongoing restructuring of its global sales team has weighed on billings. The company, which offers third-party support and maintenance for enterprise software like Oracle and SAP products, offers its clients a compelling value proposition at a steep discount relative to the software providers themselves. We believe Rimini Street will be able to drive attractive levels of revenue growth once it has worked through the near-term growing pains associated with its sales team restructuring.”
Rimini Street, Inc. (NASDAQ:RMNI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Rimini Street, Inc. (NASDAQ:RMNI) at the end of the third quarter, which was 17 in the previous quarter.
We discussed Rimini Street, Inc. (NASDAQ:RMNI) in another article and shared Greystone Capital Management’s views on the company. 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.
