Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.25% compared to a -4.61% return for the Russell 1000 Index. Even though the fund’s short book trailed the Russell 1000 Index, it still added positive returns. On the other hand, weakness in consumer discretionary and communication services holdings dragged the performance of the long book of the fund in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Capital highlighted stocks like Asana, Inc. (NYSE:ASAN) in its Q3 2022 investor letter. Headquartered in San Francisco, California, Asana, Inc. (NYSE:ASAN) is a work management platform provider. On November 29, 2022, Asana, Inc. (NYSE:ASAN) stock closed at $17.21 per share. One-month return of Asana, Inc. (NYSE:ASAN) was -7.07%, and its shares lost 80.87% of their value over the last 52 weeks. Asana, Inc. (NYSE:ASAN) has a market capitalization of $3.632 billion.
Diamond Hill Capital made the following comment about Asana, Inc. (NYSE:ASAN) in its Q3 2022 investor letter:
"Work management software company Asana, Inc. (NYSE:ASAN) has, in our view, a relatively undifferentiated and discretionary software product within a software category that will likely be meaningfully smaller than anticipated. Additionally, Asana’s operating losses continue to widen as its revenues have begun decelerating."
Asana, Inc. (NYSE:ASAN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Asana, Inc. (NYSE:ASAN) at the end of the third quarter, which was 21 in the previous quarter.
We discussed Asana, Inc. (NYSE:ASAN) in another article and shared the biggest technology stock drops in 2022. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.