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 Taseko Mines Limited (AMEX:TGB), in the second quarter 2024 investor letter. Incorporated in 1966, Taseko Mines Limited (AMEX:TGB) is a mining company. The one-month return of Taseko Mines Limited (AMEX:TGB) was -24.10%, and its shares gained 37.96% of their value over the last 52 weeks. On August 7, 2024, Taseko Mines Limited (AMEX:TGB) stock closed at $1.89 per share with a market capitalization of $554.433 million.
Diamond Hill Small Cap Fund stated the following regarding Taseko Mines Limited (AMEX:TGB) in its Q2 2024 investor letter:
“Other top Q2 contributors included Mama’s Creations, Rocky Brands and Taseko Mines Limited (AMEX:TGB). Mining company Taseko Mines is benefiting from its exposure to copper — which is in demand as electrification requires significant access to copper supplies. The company was also able to resolve a labor dispute at its newly acquired Gibraltar mine during the quarter.”
Aerial view of the Yellowhead copper project, the scale of the landscape revealed.
Taseko Mines Limited (AMEX:TGB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Taseko Mines Limited (AMEX:TGB) at the end of the first quarter which was 7 in the previous quarter. While we acknowledge the potential of Taseko Mines Limited (AMEX:TGB) 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 Taseko Mines Limited (AMEX:TGB) and shared the list of the best copper stocks to buy according to analysts. Diamond Hill Small Cap Fund initiated a position in Taseko Mines Limited (AMEX:TGB) during the third quarter of 2021. 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.
