Diamond Hill Capital, an investment management company, released its “Long-Short Fund” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The portfolio achieved positive returns in Q4 but trailed the Russell 1000 Index and outperformed the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury Bills 1-3 Month Index). The short positions didn’t perform as well as the index, giving a relative tailwind to the performance. The long positions in financials and communication services also contributed to relative strength. On the other hand, long holdings in health care and industrials were positive on an absolute basis but lagged behind benchmark peers, which hindered relative performance in Q1. In addition, you may look at the fund’s top 5 holdings to learn about its best picks in 2024.
Diamond Hill Capital Long-Short Fund highlighted stocks like Citigroup Inc. (NYSE:C), in the first quarter 2024 investor letter. Citigroup Inc. (NYSE:C) is a diversified financial service holding company. The one-month return of Citigroup Inc. (NYSE:C) was 2.94%, and its shares gained 35.72% of their value over the last 52 weeks. On June 28, 2024, Citigroup Inc. (NYSE:C) stock closed at $63.46 per share with a market capitalization of $122.248 billion.
Diamond Hill Capital Long-Short Fund stated the following regarding Citigroup Inc. (NYSE:C) in its first quarter 2024 investor letter:
“Other top Q1 contributors included Meta Platforms, Citigroup Inc. (NYSE:C) and Walt Disney. Banking and financial services company Citigroup’s restructuring efforts are ongoing, and it continues remediating regulatory issues and building capital in anticipation of increased requirements. The company expects to see expenses fall meaningfully in the second half of 2024, bolstering the outlook from here.”
Citigroup Inc. (NYSE:C) is in 30th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 94 hedge fund portfolios held Citigroup Inc. (NYSE:C) at the end of the first quarter which was 87 in the previous quarter. While we acknowledge the potential of Citigroup Inc. (NYSE:C) 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.
We discussed Citigroup Inc. (NYSE:C) in another article and shared the list of best dividend stocks to buy according to billionaire Leon Cooperman. Silver Beech Capital commented about Citigroup Inc. (NYSE:C) in its first quarter 2024 investor letter. In addition, please check out our hedge fund investor letters Q1 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.
