Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q4, the markets experienced a sharp rebound, resulting in positive returns in most regions and countries. The portfolio had a better performance than the Russell Midcap Index during the Q4 period, but it underperformed for the entire calendar year. The strategy experienced relative strength in Q4, which was mainly due to the real estate holdings and exposure. These benefited from the declining interest rates environment. Holdings in industrials, financials, and consumer discretionary also added to the performance, as well as the below-benchmark exposure to energy. However, the below-benchmark exposure to technology and above-benchmark exposure to consumer staples detracted from the relative performance. The strategy delivered returns of 13.68% (net of fees) in Q4 and 9.88% (net of fees) for the full year. This compares to the Russell Midcap Index returns of 12.82% and 17.23% for Q4 and the full year, respectively. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Mid Cap Strategy featured stocks like Coterra Energy Inc. (NYSE:CTRA) in its Q4 2023 investor letter. Headquartered in Houston, Texas, Coterra Energy Inc. (NYSE:CTRA) is an oil and gas company. On March 7, 2024, Coterra Energy Inc. (NYSE:CTRA) stock closed at $26.16 per share. One-month return of Coterra Energy Inc. (NYSE:CTRA) was 6.78%, and its shares gained 4.18% of their value over the last 52 weeks. Coterra Energy Inc. (NYSE:CTRA) has a market capitalization of $19.668 billion.
Diamond Hill Mid Cap Strategy stated the following regarding Coterra Energy Inc. (NYSE:CTRA) in its fourth quarter 2023 investor letter:
“Other bottom contributors in Q4 includedCoterra Energy Inc. (NYSE:CTRA), VF Corporation and Ciena Corporation. Coterra Energy is an oil exploration and production company focused in West Texas’s Permian Basin and Oklahoma. Though production is beating expectations, shares traded in sympathy with the broader industry, which declined alongside falling oil and natural gas prices.”
A drilling rig fueled by the energy and expertise of the oil & gas exploration and production company.
Coterra Energy Inc. (NYSE:CTRA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Coterra Energy Inc. (NYSE:CTRA) was held by 42 hedge fund portfolios, up from 32 in the previous quarter, according to our database.
We discussed Coterra Energy Inc. (NYSE:CTRA) in another article and shared the list of most promising energy stocks according to analysts. . 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.
