Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The positive returns of the portfolio outperformed the Russell 1000 Index and the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury Bills 1-3 Month Index), both of which were negative in Q3. The short book trailed the index, providing a relative tailwind to performance. Long financial holdings were another source of relative strength. On the other hand, the fund’s long industrials and healthcare holdings were sources of relative weakness in Q3. In addition, you may look at the fund’s top 5 holdings to learn about its best picks in 2023.
Diamond Hill Long-Short Fund highlighted stocks like SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) in the third quarter 2023 investor letter. Headquartered in Windsor, Connecticut, SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) is a software products and software-enabled services provider to the financial and healthcare sectors. On December 20, 2023, SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) stock closed at $59.62 per share. One-month return of SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) was 7.19%, and its shares gained 15.63% of their value over the last 52 weeks. SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) has a market capitalization of $14.757 billion.
Diamond Hill Long-Short Fund made the following comment about SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) in its Q3 2023 investor letter:
“Our bottom contributors in Q3 were all from our long book, including HCA Healthcare and SS&C Technologies Holdings, Inc. (NASDAQ:SSNC). SS&C Technologies, a provider of software and services to investment firms, brokerages and other financial institutions, has faced slower organic growth in recent quarters as its business units have produced inconsistent results. Further, rising costs have crimped margins — issues we believe will eventually stabilize but which we are monitoring closely. However, we believe the market is overly pessimistic about the company’s ability to improve its organic growth rate and its margins and are maintaining our position.”
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SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) at the end of third quarter which was 43 in the previous quarter.
We discussed SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) in another article and shared the list of best value stocks picked by Seth Klarman to buy heading into 2024. In addition, please check out our hedge fund investor letters Q3 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.
