Is Penumbra (PEN) a Good Short Position?
Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The positive returns of the portfolio outperformed the Russell 1000 Index and the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury Bills 1-3 Month Index), both of which were negative in Q3. The short book trailed the index, providing a relative tailwind to performance. Long financial holdings were another source of relative strength. On the other hand, the fund’s long industrials and healthcare holdings were sources of relative weakness in Q3. In addition, you may look at the fund's top 5 holdings to learn about its best picks in 2023.
Diamond Hill Long-Short Fund highlighted stocks like Penumbra, Inc. (NYSE:PEN) in the third quarter 2023 investor letter. Headquartered in Alameda, California, Penumbra, Inc. (NYSE:PEN) designs and manufactures medical devices. On December 20, 2023, Penumbra, Inc. (NYSE:PEN) stock closed at $247.02 per share. One-month return of Penumbra, Inc. (NYSE:PEN) was 6.62%, and its shares gained 10.51% of their value over the last 52 weeks. Penumbra, Inc. (NYSE:PEN) has a market capitalization of $9.534 billion.
Diamond Hill Long-Short Fund made the following comment about Penumbra, Inc. (NYSE:PEN) in its Q3 2023 investor letter:
"Other top contributors were from our short book, including Penumbra, Inc. (NYSE:PEN) and Teradata Corporation. Medical device manufacturer Penumbra announced a delay in the launch of one of its new products, weighing on the share price during Q3."
A surgeon in surgical gown using an advanced medical technology device to perform a spine implant surgery.
Penumbra, Inc. (NYSE:PEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Penumbra, Inc. (NYSE:PEN) at the end of third quarter which was 32 in the previous quarter.
We discussed Penumbra, Inc. (NYSE:PEN) in another article and shared Carillon Eagle Mid Cap Growth Fund’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.
