Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy performed roughly in line with the Russell 1000 Index. Early indications of consumer weakness among select merchants and a significant increase in interest rates impacted the portfolio in the third quarter. The strategy returned -3.04% net of fees compared to -3.15% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Large Cap Strategy highlighted stocks like General Motors Company (NYSE:GM) in the third quarter 2023 investor letter. Headquartered in Detroit, Michigan, General Motors Company (NYSE:GM) designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provides software-enabled services and subscriptions. On November 20, 2023, General Motors Company (NYSE:GM) stock closed at $28.52 per share. One-month return of General Motors Company (NYSE:GM) was -0.14%, and its shares lost 28.65% of their value over the last 52 weeks. General Motors Company (NYSE:GM) has a market capitalization of $39.058 billion.
Diamond Hill Large Cap Strategy made the following comment about General Motors Company (NYSE:GM) in its Q3 2023 investor letter:
“Several of our bottom contributors were in the consumer area, including auto retailer CarMax and auto manufacturer General Motors Company (NYSE:GM). In general, rising interest rates have priced out a large portion of the population who simply can’t afford to buy a car given where financing costs stand today. These challenges have weighed on both companies. General Motors was also impacted by the UAW strike, which put a damper on the automotive industry in general.”
General Motors Company (NYSE:GM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held General Motors Company (NYSE:GM) at the end of second quarter which was 38 in the previous quarter.
We discussed General Motors Company (NYSE:GM) in another article and shared the list of top lowest P/E ratios of the S&P 500. 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.