Diamond Hill Capital, an investment management company, released its “Small Cap Fund” second-quarter 2024 investor letter. A copy of the same can be downloaded here. Equity markets reported mixed results in the second quarter of 2024. However, the broad market Russell 3000 Index and the large-cap-focused Russell 1000 Index advanced approximately 3%, most other market segments posted negative returns. Diamond Hill Small Cap Fund slightly trailed its benchmark, the Russell 2000 Index, in Q2 and returned -3.42% while the benchmark return was -3.28% during the same period. For more information on the fund’s top picks in 2024, please check its top five holdings.
Diamond Hill Small Cap Fund highlighted stocks like United States Lime & Minerals, Inc. (NASDAQ:USLM), in the second quarter 2024 investor letter. United States Lime & Minerals, Inc. (NASDAQ:USLM) manufactures and supplies lime and limestone products. The one-month return of United States Lime & Minerals, Inc. (NASDAQ:USLM) was -7.08%, and its shares gained 61.17% of their value over the last 52 weeks. On August 7, 2024, United States Lime & Minerals, Inc. (NASDAQ:USLM) stock closed at $69.25 per share with a market capitalization of $1.98 billion.
Diamond Hill Small Cap Fund stated the following regarding United States Lime & Minerals, Inc. (NASDAQ:USLM) in its Q2 2024 investor letter:
“On an individual holdings basis, among our top Q2 contributors were FTAI Aviation and United States Lime & Minerals, Inc. (NASDAQ:USLM). United States Lime & Minerals manufactures and supplies lime and limestone products to a variety of construction and industrial customers. In Q2, reduced construction industry demand was offset by increased industrials demand, which, combined with a favorable limestone pricing environment, contributed to record revenue and operating margins. Looking forward, we expect the company to benefit from its favorable regional position along the I-35 corridor, supporting economic expansion and infrastructure development from Oklahoma City, OK, to the Texas triangle of Dallas, San Antonio and Houston.”
An open-pit quarry with heavy machinery and workers at a lime and limestone production facility.
United States Lime & Minerals, Inc. (NASDAQ:USLM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held United States Lime & Minerals, Inc. (NASDAQ:USLM) at the end of the first quarter which was 9 in the previous quarter. While we acknowledge the potential of United States Lime & Minerals, Inc. (NASDAQ:USLM) 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 United States Lime & Minerals, Inc. (NASDAQ:USLM) and shared the list of best construction materials stocks. Diamond Hill Small Cap Fund established a position in United States Lime & Minerals, Inc. (NASDAQ:USLM) during Q3 2022. 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.
