Diamond Hill Capital, an investment management company, released its “Small-Mid Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -3.38% net of fees compared to a -2.82% return for the Russell 2500 Index. Portfolio’s consumer staples holdings and financials exposure contributed positively to the strategy’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Capital discussed stocks like Regal Rexnord Corporation (NYSE:RRX) in the Q3 2022 investor letter. Headquartered in Beloit, Wisconsin, Regal Rexnord Corporation (NYSE:RRX) is a manufacturer of global industrial powertrain solutions, power transmission components, electric motors, and electronic controls, air moving products, and specialty electrical components and systems. On October 24, 2022, Regal Rexnord Corporation (NYSE:RRX) stock closed at $146.81 per share. One-month return of Regal Rexnord Corporation (NYSE:RRX) was 7.90% and its shares lost 2.88% of their value over the last 52 weeks. Regal Rexnord Corporation (NYSE:RRX) has a market capitalization of $9.76 billion.
Diamond Hill Capital made the following comment about Regal Rexnord Corporation (NYSE:RRX) in its Q3 2022 investor letter:
“Regal Rexnord Corporation (NYSE:RRX), the product of an October 2021 merger between Regal Beloit and Rexnord Process and Motion Control, manufactures electric motors and motion control products for industrial and HVAC equipment. We believe a new management team has Regal’s legacy business on a path to significant operating improvements after adopting a much more disciplined approach. The acquisition of Rexnord’s motion control segment roughly doubles the size of Regal’s top-performing business, providing significant opportunities for cost and revenue synergies. Furthermore, as a combined business, RRX is in an excellent position to benefit from secular tailwinds such as an increasing focus on energy efficiency, automation, reshoring and electrification. RRX has a strong balance sheet and currently trades at a significant discount to our estimate of intrinsic value.”
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Regal Rexnord Corporation (NYSE:RRX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Regal Rexnord Corporation (NYSE:RRX) at the end of the second quarter, which was 36 in the previous quarter.
We discussed Regal Rexnord Corporation (NYSE:RRX) in another article and shared ClearBridge Investments’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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