Should You Hold WESCO International (WCC)?
Diamond Hill Capital, an investment management company, released its “Select Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3, the portfolio fell behind the Russell 3000 Index. Relative weakness was concentrated among staples holdings, and discretionary holdings also trailed benchmark peers, impacting the relative performance. On the other hand, the financial sector holdings and overweight to the sector contributed to a slight tailwind in Q3. The strategy returned -5.99% net of fees in Q3 compared to the Russell 3000 Index’s -3.25% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Select Strategy highlighted stocks like WESCO International, Inc. (NYSE:WCC) in the third quarter 2023 investor letter. Headquartered in Pittsburgh, Pennsylvania, WESCO International, Inc. (NYSE:WCC) offers business-to-business distribution, logistics services, and supply chain solutions. On November 28, 2023, WESCO International, Inc. (NYSE:WCC) stock closed at $151.82 per share. One-month return of WESCO International, Inc. (NYSE:WCC) was 15.82%, and its shares gained 17.76% of their value over the last 52 weeks. WESCO International, Inc. (NYSE:WCC) has a market capitalization of $7.754 billion.
Diamond Hill Select Strategy made the following comment about WESCO International, Inc. (NYSE:WCC) in its Q3 2023 investor letter:
"Shares of industrial distributor WESCO International, Inc. (NYSE:WCC) declined during the quarter amid a cyclical slowdown, which is impacting the company’s commercial construction and original equipment manufacturer (OEM) customers and has been exacerbated by inventory destocking. However, we believe the long-term secular outgrowth remains intact and WESCO is well-positioned to leverage its scale advantages to take share in the period ahead."
Logistics robots filling packages in a warehouse, preparing for delivery.
WESCO International, Inc. (NYSE:WCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held WESCO International, Inc. (NYSE:WCC) at the end of third quarter which was 43 in the previous quarter.
We discussed WESCO International, Inc. (NYSE:WCC) in another article and shared Choice Equities' views on the company. 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.
