Diamond Hill Capital, an investment management company, released its “Large Cap Concentrated Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. US stocks climbed 3% as per the Russell 3000 Index, primarily driven by a nearly 4% increase in large-cap stocks. The strategy trailed the Russell 1000 Index in Q2 and returned -2.77% (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 Concentrated Strategy highlighted stocks like The Allstate Corporation (NYSE:ALL) in the second quarter 2024 investor letter. The Allstate Corporation (NYSE:ALL) is a property and casualty and other insurance products provider. The one-month return of The Allstate Corporation (NYSE:ALL) was 1.51%, and its shares gained 68.01% of their value over the last 52 weeks. On September 24, 2024, The Allstate Corporation (NYSE:ALL) stock closed at $191.82 per share with a market capitalization of $50.184 billion.
Diamond Hill Large Cap Concentrated Strategy stated the following regarding The Allstate Corporation (NYSE:ALL) in its Q2 2024 investor letter:
“Among our bottom Q2 contributors were Abbott Laboratories, ConocoPhillips and The Allstate Corporation (NYSE:ALL). Allstate, one of the US’s largest auto and homeowners’ insurance providers, has seen the pace of premium price increases decelerate, weighing on investor sentiment around the stock. However, the company’s underlying fundamentals are intact, margin expansion should continue through the year, and the outlook remains constructive.”
The Allstate Corporation (NYSE:ALL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held The Allstate Corporation (NYSE:ALL) at the end of the second quarter which was 59 in the previous quarter. While we acknowledge the potential of The Allstate Corporation (NYSE:ALL) 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 The Allstate Corporation (NYSE:ALL) and shared the list of best unstoppable stocks that pay dividends. During Q2 2024, Ariel Global Fund initiated a position in The Allstate Corporation (NYSE:ALL) expecting a stock price increase due to favorable market conditions. 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.