Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.25% compared to a -4.61% return for the Russell 1000 Index. Even though the fund’s short book trailed the Russell 1000 Index, it still added positive returns. On the other hand, weakness in consumer discretionary and communication services holdings dragged the performance of the long book of the fund in the quarter. 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 United Parcel Service, Inc. (NYSE:UPS) in its Q3 2022 investor letter. Headquartered in Atlanta, Georgia, United Parcel Service, Inc. (NYSE:UPS) is a package delivery, transportation, logistics, and related services provider. On November 29, 2022, United Parcel Service, Inc. (NYSE:UPS) stock closed at $184.89 per share. One-month return of United Parcel Service, Inc. (NYSE:UPS) was 12.34%, and its shares lost 4.77% of their value over the last 52 weeks. United Parcel Service, Inc. (NYSE:UPS) has a market capitalization of $159.915 billion.
Diamond Hill Capital made the following comment about United Parcel Service, Inc. (NYSE:UPS) in its Q3 2022 investor letter:
“United Parcel Service, Inc. (NYSE:UPS) is the world’s largest package deliverer, operating globally. The company and its share price had benefited from pandemic-related spikes in shipping demand while supply was constrained (grounding of airlines and their associated space), leading to increased pricing power. Our view is such conditions will not persist as the environment normalizes. In Q3, UPS reported weak results and a decline in volume in its US domestic business, pressuring the share price.”
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United Parcel Service, Inc. (NYSE:UPS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held United Parcel Service, Inc. (NYSE:UPS) at the end of the third quarter, which was 38 in the previous quarter.
We discussed United Parcel Service, Inc. (NYSE:UPS) in another article and shared the best delivery stocks to buy according to hedge funds. 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.