Lancaster Colony Corporation (LANC) Dropped on Weakening Consumer Backdrop
Diamond Hill Capital, an investment management company, released its “Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q3 2023, US stocks fell by 3%, bringing YTD gains to around 12% as measured by the Russell 3000 Index. The portfolio trailed the Russell 2000 Index in Q3 and returned -5.62% bringing the YTD returns to 6.70%. Relative weakness in consumer discretionary holdings, industrials, and technology impacted the performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Small Cap Fund highlighted stocks like Lancaster Colony Corporation (NASDAQ:LANC) in its Q3 2023 investor letter. Based in Westerville, Ohio, Lancaster Colony Corporation (NASDAQ:LANC) is a food products manufacturing company that operates through Retail and Foodservice segments. On November 8, 2023, Lancaster Colony Corporation (NASDAQ:LANC) stock closed at $165.41 per share. One-month return of Lancaster Colony Corporation (NASDAQ:LANC) was -4.66%, and its shares lost 18.65% of their value over the last 52 weeks. Lancaster Colony Corporation (NASDAQ:LANC) has a market capitalization of $4.552 billion.
Diamond Hill Small Cap Fund made the following comment about Lancaster Colony Corporation (NASDAQ:LANC) in its Q3 2023 investor letter:
"Other bottom contributors in Q3 included Rimini Street, Lancaster Colony Corporation (NASDAQ:LANC) and Allegiant Travel Company. Packaged food products manufacturer Lancaster Colony and regional airline Allegiant Travel underperformed in Q3 against a weakening consumer backdrop as well as, for Allegiant, an unfavorable pricing environment."
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Lancaster Colony Corporation (NASDAQ:LANC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Lancaster Colony Corporation (NASDAQ:LANC) at the end of second quarter which was 20 in the previous quarter.
We discussed Lancaster Colony Corporation (NASDAQ:LANC) in another article and shared The London Company SMID Cap Strategy's 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.
