Teradata Corporation (TDC) Declined in Q3
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 Teradata Corporation (NYSE:TDC) in the third quarter 2023 investor letter. Headquartered in San Diego, California, Teradata Corporation (NYSE:TDC) is a cloud data analytics company. On December 20, 2023, Teradata Corporation (NYSE:TDC) stock closed at $43.34 per share. One-month return of Teradata Corporation (NYSE:TDC) was -8.10%, and its shares gained 29.64% of their value over the last 52 weeks. Teradata Corporation (NYSE:TDC) has a market capitalization of $4.239 billion.
Diamond Hill Long-Short Fund made the following comment about Teradata Corporation (NYSE:TDC) in its Q3 2023 investor letter:
"Other top contributors were from our short book, including Penumbra and Teradata Corporation (NYSE:TDC). Shares of enterprise data warehouse company Teradata declined in the quarter as the company is executing unevenly on its cloud-migration strategy."
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Teradata Corporation (NYSE:TDC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Teradata Corporation (NYSE:TDC) at the end of third quarter which was 26 in the previous quarter.
We discussed Teradata Corporation (NYSE:TDC) in another article and shared the list of best stocks to buy on the dip for long term. 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.
