Truist Financial Corp Sees Significant Reduction by Diamond Hill Capital in Q4 2023

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Insight into Diamond Hill Capital (Trades, Portfolio)'s Latest 13F Filing and Investment Adjustments

Diamond Hill Capital (Trades, Portfolio), a distinguished investment firm known for its rigorous fundamental analysis and bottom-up investing approach, has disclosed its 13F holdings for the fourth quarter of 2023. The firm, which prides itself on its independent research and valuation-driven investment strategy, has made several notable changes to its portfolio during this period. With a focus on long-term value creation, Diamond Hill Capital (Trades, Portfolio)'s latest moves offer a glimpse into the sectors and companies it believes are poised for sustainable growth.

Truist Financial Corp Sees Significant Reduction by Diamond Hill Capital in Q4 2023
Truist Financial Corp Sees Significant Reduction by Diamond Hill Capital in Q4 2023

Summary of New Buys

Diamond Hill Capital (Trades, Portfolio) has expanded its portfolio with the addition of 7 new stocks. Key acquisitions include:

  • GoDaddy Inc (NYSE:GDDY), with 317,698 shares, making up 0.15% of the portfolio and valued at $33.73 million.

  • Insperity Inc (NYSE:NSP), comprising 299,909 shares, which represents 0.15% of the portfolio, with a total value of $35.16 million.

  • Envista Holdings Corp (NYSE:NVST), with 1,216,998 shares, accounting for 0.13% of the portfolio and a total value of $29.28 million.

Key Position Increases

Diamond Hill Capital (Trades, Portfolio) has also bolstered its positions in 53 stocks. Noteworthy increases include:

  • Pfizer Inc (NYSE:PFE), with an additional 5,194,844 shares, bringing the total to 11,798,573 shares. This represents a 78.67% increase in share count, a 0.66% impact on the current portfolio, and a total value of $339.68 million.

  • Diamondback Energy Inc (NASDAQ:FANG), with an additional 771,818 shares, bringing the total to 1,602,910 shares. This adjustment signifies a 92.87% increase in share count, with a total value of $248.58 million.

Summary of Sold Out Positions

Diamond Hill Capital (Trades, Portfolio) has exited 10 positions in the fourth quarter of 2023, including:

  • Carrier Global Corp (NYSE:CARR), where Diamond Hill Capital (Trades, Portfolio) sold all 3,446,362 shares, resulting in a -0.92% impact on the portfolio.

  • Hanesbrands Inc (NYSE:HBI), with the liquidation of all 4,437,284 shares, causing a -0.09% impact on the portfolio.

Key Position Reductions

Significant reductions were made in 97 stocks by Diamond Hill Capital (Trades, Portfolio). The most impactful reductions were:

  • Truist Financial Corp (NYSE:TFC), with a reduction of 7,395,118 shares, leading to a -57.5% decrease in shares and a -1.02% impact on the portfolio. The stock traded at an average price of $31.4 during the quarter and has returned 18.28% over the past 3 months and -1.79% year-to-date.

  • KKR & Co Inc (NYSE:KKR), with a reduction of 2,094,349 shares, resulting in a -25.4% reduction in shares and a -0.62% impact on the portfolio. The stock traded at an average price of $67.71 during the quarter and has returned 45.11% over the past 3 months and 6.74% year-to-date.

Portfolio Overview

As of the fourth quarter of 2023, Diamond Hill Capital (Trades, Portfolio)'s portfolio consists of 164 stocks. The top holdings include 4.08% in American International Group Inc (NYSE:AIG), 2.85% in ConocoPhillips (NYSE:COP), 2.66% in Bank of America Corp (NYSE:BAC), 2.65% in NVR Inc (NYSE:NVR), and 2.52% in Abbott Laboratories (NYSE:ABT). The firm's investments are primarily concentrated across 11 industries, with a focus on Financial Services, Industrials, Healthcare, Consumer Cyclical, Technology, Energy, Consumer Defensive, Real Estate, Basic Materials, Communication Services, and Utilities.

Truist Financial Corp Sees Significant Reduction by Diamond Hill Capital in Q4 2023
Truist Financial Corp Sees Significant Reduction by Diamond Hill Capital in Q4 2023
Truist Financial Corp Sees Significant Reduction by Diamond Hill Capital in Q4 2023
Truist Financial Corp Sees Significant Reduction by Diamond Hill Capital in Q4 2023

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.

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