Diamond Hill Capital, an investment management company, released its “Small Cap Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In Q3, markets contributed to strong year-to-date gains, though not without some volatility. As shown by the Russell 2000 Index, small-cap equities increased by 9%, while the broad market Russell 3000 Index increased by slightly more than 6%. Against this backdrop, the strategy trailed the index and returned 8.43% in the quarter compared to 9.27% for the Russell 2000 Index. 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 International General Insurance Holdings Ltd. (NASDAQ:IGIC), in the third quarter 2024 investor letter. International General Insurance Holdings Ltd. (NASDAQ:IGIC) is a global provider of specialty insurance and reinsurance solutions. The one-month return of International General Insurance Holdings Ltd. (NASDAQ:IGIC) was 21.40%, and its shares gained 105.46% of their value over the last 52 weeks. On October 30, 2024, International General Insurance Holdings Ltd. (NASDAQ:IGIC) stock closed at $23.00 per share with a market capitalization of $1.05 billion.
Diamond Hill Small Cap Fund stated the following regarding International General Insurance Holdings Ltd. (NASDAQ:IGIC) in its Q3 2024 investor letter:
“We continue finding compelling new ideas, even as the bull market proceeds. In Q3, we initiated new positions in Insperity, International General Insurance Holdings Ltd. (NASDAQ:IGIC), Perma-Fix Environmental Services and Proficient Auto Logistics.
International General Insurance Holdings (IGIC) is a specialty (re)insurance provider that underwrites niche, less commoditized risks, allowing the company to generate returns well above its cost of capital. We believe the company’s fundamentals are solid and that it can provide attractive returns in the period ahead.”
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International General Insurance Holdings Ltd. (NASDAQ:IGIC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held International General Insurance Holdings Ltd. (NASDAQ:IGIC) at the end of the second quarter which was 11 in the previous quarter. International General Insurance Holdings Ltd.’s (NASDAQ:IGIC) net income for the second quarter 2024 was $32.8 million and $70.7 million for the first half of 2024, a slight decrease from the previous year, but results remain solid. While we acknowledge the potential of International General Insurance Holdings Ltd. (NASDAQ:IGIC) 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 addition, please check out our hedge fund investor letters Q3 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.