Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q4, the markets experienced a sharp rebound, resulting in positive returns in most regions and countries. The portfolio had a better performance than the Russell Midcap Index during the Q4 period, but it underperformed for the entire calendar year. The strategy experienced relative strength in Q4, which was mainly due to the real estate holdings and exposure. These benefited from the declining interest rates environment. Holdings in industrials, financials, and consumer discretionary also added to the performance, as well as the below-benchmark exposure to energy. However, the below-benchmark exposure to technology and above-benchmark exposure to consumer staples detracted from the relative performance. The strategy delivered returns of 13.68% (net of fees) in Q4 and 9.88% (net of fees) for the full year. This compares to the Russell Midcap Index returns of 12.82% and 17.23% for Q4 and the full year, respectively. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Mid Cap Strategy featured stocks like V.F. Corporation (NYSE:VFC) in the Q4 2023 investor letter. Headquartered in Denver, Colorado, V.F. Corporation (NYSE:VFC) is a branded lifestyle apparel, footwear, and related products company. On March 7, 2024, V.F. Corporation (NYSE:VFC) stock closed at $16.09 per share. One-month return of V.F. Corporation (NYSE:VFC) was 4.58%, and its shares lost 26.54% of their value over the last 52 weeks. V.F. Corporation (NYSE:VFC) has a market capitalization of $6.256 billion.
Diamond Hill Mid Cap Strategy stated the following regarding V.F. Corporation (NYSE:VFC) in its fourth quarter 2023 investor letter:
“Other bottom contributors in Q4 included Coterra Energy, V.F. Corporation (NYSE:VFC) and Ciena Corporation. Footwear and apparel designer VF Corporation faces headwinds tied to a few of its brands, particularly Vans. Given our limited visibility into whether and when the company will successfully turn its struggling brands around, we exited our position in favor of more compelling opportunities.”
A model walking down the runway wearing a fashionable and performance-based apparel designed by the company.
V.F. Corporation (NYSE:VFC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, V.F. Corporation (NYSE:VFC) was held by 30 hedge fund portfolios, up from 24 in the previous quarter, according to our database.
We discussed V.F. Corporation (NYSE:VFC) in another article and shared the list of best clothing stocks to buy. 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.
