Is this the Best Time to Add General Motors (GM) Stock to Your Portfolio?

Diamond Hill Capital, an investment management company, released its “All Cap Select Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -3.52% net of fees compared to a -4.46% return for the Russell 3000 Index. The strategy’s outperformance in the quarter was attributed to the performance of holdings in the consumer staples and financials sectors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill highlighted stocks like General Motors Company (NYSE:GM) in the Q3 2022 investor letter. Headquartered in Detroit, Michigan, General Motors Company (NYSE:GM) is an automobile company. On November 15, 2022, General Motors Company (NYSE:GM) stock closed at $40.24 per share. One-month return of General Motors Company (NYSE:GM) was 19.66% and its shares lost 37.72% of their value over the last 52 weeks. General Motors Company (NYSE:GM) has a market capitalization of $57.169 billion.

Diamond Hill made the following comment about General Motors Company (NYSE:GM) in its Q3 2022 investor letter:

“Most recently, we initiated a position in General Motors Company (NYSE:GM), one of the largest automakers in the United States. Over the past several years, GM has taken steps necessary to focus the company on the most profitable segments and move into position to compete in an electrified and autonomous world. With the recent rise in interest rates there was a meaningful selloff in the auto industry, which presented us an attractive entry point to a name we know well.”

General Motors Company (NYSE:GM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held General Motors Company (NYSE:GM) at the end of the second quarter, which was 76 in the previous quarter.

We discussed General Motors Company (NYSE:GM) in another article and shared the list of biggest electric vehicle companies in the world In addition, please check out our hedge fund investor letters Q3 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.

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