Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. Markets rose modestly in the second quarter of 2024, providing positive returns across most regions and countries. The strategy trailed the Russell 1000 Index in Q2 and returned -3.90% (net) vs 3.57% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.
Diamond Hill Large Cap Strategy highlighted stocks like Extra Space Storage Inc. (NYSE:EXR) in the second quarter 2024 investor letter. Extra Space Storage Inc. (NYSE:EXR) is a self-administered and self-managed REIT. The one-month return of Extra Space Storage Inc. (NYSE:EXR) was 4.26%, and its shares gained 51.16% of their value over the last 52 weeks. On September 24, 2024, Extra Space Storage Inc. (NYSE:EXR) stock closed at $182.16 per share with a market capitalization of $40.175 billion.
Diamond Hill Large Cap Strategy stated the following regarding Extra Space Storage Inc. (NYSE:EXR) in its Q2 2024 investor letter:
“Other top contributors in Q2 included Bank of America and Extra Space Storage Inc. (NYSE:EXR). Self-storage real estate investment trust Extra Space Storage (EXR) rose alongside storage companies as street rates show signs of stabilizing — which, given Extra Space Storage’s sector-leading occupancy rate, would benefit EXR most.”
An aerial view of a self-storage facility, its parking lot full with cars and RV’s.
Extra Space Storage Inc. (NYSE:EXR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Extra Space Storage Inc. (NYSE:EXR) at the end of the second quarter which was 20 in the previous quarter. While we acknowledge the potential of Extra Space Storage Inc. (NYSE:EXR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Extra Space Storage Inc. (NYSE:EXR) and shared Diamond Hill Large Cap Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2024 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.