Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy trailed the Russell 1000 Index for Q4 and underperformed for the calendar year. In Q4, both the fund’s below-benchmark weighting and individual holdings underperformed index peers, resulting in relative weakness in the technology exposure for both the full year and the quarter. In addition, overweight exposure to the weak energy sector detracted from the relative results, along with healthcare holdings. Financial holdings and over-benchmark allocation boosted performance. Positive stock picks in real estate and consumer staples sectors also contributed. The strategy returned 11.39% (net) in Q4 compared to 11.96% for the Russell 1000 Index. For the full year, the strategy returned 13.68% (net) compared to a 26.53% return for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Large Cap Strategy featured stocks like Pfizer Inc. (NYSE:PFE) in its Q4 2023 investor letter. Headquartered in New York, New York, Pfizer Inc. (NYSE:PFE) is a research-based biopharmaceutical company. On February 28, 2024, Pfizer Inc. (NYSE:PFE) stock closed at $27.04 per share. One-month return of Pfizer Inc. (NYSE:PFE) was -0.92%, and its shares lost 33.43% of their value over the last 52 weeks. Pfizer Inc. (NYSE:PFE) has a market capitalization of $152.689 billion.
Diamond Hill Large Cap Strategy stated the following regarding Pfizer Inc. (NYSE:PFE) in its fourth quarter 2023 investor letter:
“Among our bottom contributors in Q4 were BorgWarner and Pfizer Inc. (NYSE:PFE). Biopharmaceutical company Pfizer was pressured as COVID sales were slower than expected in Q4. However, outside COVID-related sales, the base business is performing as expected, and the company is starting a cost-cutting program that should restore margins to pre-pandemic levels. We continue to like Pfizer for its diversified business, strong cash flow generation capabilities and balance sheet, and solid leadership under a quality CEO.”
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Pfizer Inc. (NYSE:PFE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Pfizer Inc. (NYSE:PFE) was held by 79 hedge fund portfolios, up from 73 in the previous quarter, according to our database.
We discussed Pfizer Inc. (NYSE:PFE) in another article and shared the list of best environmental dividend stocks to invest in 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.
