Diamond Hill Capital, an investment management company, released its “Small Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q4 2023, the strategy returned 15.49% compared to 14.03% for the Russell 2000 Index. The relative outperformance in Q4 came from the strong performance of Financials and consumer discretionary holdings while industrials and healthcare holdings detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Small Cap Fund featured stocks such as Civitas Resources, Inc. (NYSE:CIVI) in the fourth quarter 2023 investor letter. Headquartered in Denver, Colorado, Civitas Resources, Inc. (NYSE:CIVI) is an oil and natural gas exploration and production company. On February 5, 2024, Civitas Resources, Inc. (NYSE:CIVI) stock closed at $60.98 per share. One-month return of Civitas Resources, Inc. (NYSE:CIVI) was -6.97%, and its shares lost 7.48% of their value over the last 52 weeks. Civitas Resources, Inc. (NYSE:CIVI) has a market capitalization of $6.156 billion.
Diamond Hill Small Cap Fund stated the following regarding Civitas Resources, Inc. (NYSE:CIVI) in its fourth quarter 2023 investor letter:
“Our bottom contributors in Q4 included Civitas Resources, Inc. (NYSE:CIVI) and WNS Holdings. Civitas, an oil and natural gas explorer and producer focused primarily on the DJ Basin, announced another Permian Basin acquisition early in Q4. This comes on the heels of closing two prior Permian acquisitions as the company attempts to diversify its holdings beyond the DJ Basin — a move which has seemingly prompted concern among investors. However, we understand the company’s rationale and appreciate its decision to diversify its holdings. Though Civitas is capitalizing on its low-cost drilling inventory to deliver solid results, the share price declined in sympathy with the broader industry as oil prices fell in the back half of the quarter.”
A close up of a tanker truck transporting crude oil, natural gas liquids, and natural gas.
Civitas Resources, Inc. (NYSE:CIVI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Civitas Resources, Inc. (NYSE:CIVI) at the end of third quarter which was 30 in the previous quarter.
We discussed Civitas Resources, Inc. (NYSE:CIVI) in another article and shared the list of very cheap energy stocks ready to explode. In addition, please check out our hedge fund investor letters Q4 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.