Diamond Hill Capital, an investment management company, released its “Small Cap Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund outperformed the Russell 2000 Index and returned 6.31%, compared to the Index’s return of 2.74%. Strength in industrials, energy, and healthcare holdings contributed to the fund’s relative performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Small Cap Strategy highlighted stocks like WESCO International, Inc. (NYSE:WCC) in the first quarter 2023 investor letter. WESCO International, Inc. (NYSE:WCC) is a supply chain solutions provider headquartered in Pittsburgh, Pennsylvania. On May 12, 2023, WESCO International, Inc. (NYSE:WCC) stock closed at $128.19 per share. One-month return of WESCO International, Inc. (NYSE:WCC) was -8.04%, and its shares gained 5.05% of their value over the last 52 weeks. WESCO International, Inc. (NYSE:WCC) has a market capitalization of $6.612 billion.
Diamond Hill Small Cap Strategy made the following comment about WESCO International, Inc. (NYSE:WCC) in its Q1 2023 investor letter:
“On an individual holdings’ basis, top contributors to return in Q1 included WESCO International, Inc. (NYSE:WCC) and ESAB Corporation. WESCO International, leading distributor of electrical, industrial and communications materials, is benefiting from its Anixter acquisition, which is generating stronger revenue and cost synergies than initially anticipated. The company has been able to successfully cross-sell Anixter/ WESCO products and has benefited from better access to products than smaller peers, many of whom have struggled with ongoing supply chain issues. As the largest player in a fragmented market, we are attracted by the company’s approach to bolt-on acquisitions — including its recent purchase of Rahi Systems, which was also beneficial to Q1 operating results — and maintain our conviction in the attractive outlook from here.”
nitinut380 / Shutterstock.com
WESCO International, Inc. (NYSE:WCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held WESCO International, Inc. (NYSE:WCC) at the end of the fourth quarter which was 43 in the previous quarter.
We discussed WESCO International, Inc. (NYSE:WCC) in another article and shared the list of most profitable value stocks. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 25 Best US Cities for People With Allergies
- 30 Cities With the Best Healthcare in the World
- 10 Best Diversified Bank Stocks to Buy Now
Disclosure: None. This article is originally published at Insider Monkey.