NVR (NVR) Benefited from Mortgage Rate Drop
Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy underperformed and returned -0.75% (net) compared to a 7.46% return for the Russell 1000 Index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Large Cap Strategy highlighted stocks like NVR, Inc. (NYSE:NVR) in the first quarter 2023 investor letter. Headquartered in Reston, Virginia, NVR, Inc. (NYSE:NVR) is a home builder. On May 11, 2023, NVR, Inc. (NYSE:NVR) stock closed at $5,837.83 per share. One-month return of NVR, Inc. (NYSE:NVR) was 3.64%, and its shares gained 35.97% of their value over the last 52 weeks. NVR, Inc. (NYSE:NVR) has a market capitalization of $18.955 billion.
Diamond Hill Large Cap Strategy made the following comment about NVR, Inc. (NYSE:NVR) in its Q1 2023 investor letter:
"We did have several strong performing stocks this quarter. Our top contributors to return included NVR, Inc. (NYSE:NVR), Amazon, Alphabet, Microsoft and Booking Holdings, all of which posted double-digit gains.
Homebuilding stocks had a strong start to 2023. Companies in this industry typically perform well ahead of spring selling season and have benefitted this year from mortgage rates dropping and better than expected sales activity. In addition to the broad positive sentiment, homebuilder NVR also reported strong Q4 results and continues to have a best-in-class balance sheet."
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NVR, Inc. (NYSE:NVR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held NVR, Inc. (NYSE:NVR) at the end of the fourth quarter which was 34 in the previous quarter.
We discussed NVR, Inc. (NYSE:NVR) in another article and shared the list of best homebuilder stocks sorted by hedge fund sentiment. In addition, please check out our hedge fund investor letters Q1 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.
