Here’s Why Diamond Hill Select Strategy Sold Alphabet (GOOG)
Diamond Hill Capital, an investment management company, released its “Select Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q4, the portfolio rose strongly outperforming the Russell 3000 Index and adding to calendar-year outperformance. The strategy returned 18.06% (net) in Q4 compared to a 12.07% return for the index. For the calendar year, the strategy returned 30.60% compared to a 25.96% return for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Select Strategy featured stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q4 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On March 12, 2024, Alphabet Inc. (NASDAQ:GOOG) stock closed at $139.62 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -4.61%, and its shares gained 48.14% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.728 trillion.
Diamond Hill Select Strategy stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its fourth quarter 2023 investor letter:
"Other bottom contributors included Alphabet Inc. (NASDAQ:GOOG), Lancaster Colony Corp and Lear Corp. Media and technology company Alphabet has been under pressure as the company’s cloud business has slowed. Packaged food products manufacturer Lancaster Colony has faced a challenging pricing environment, which has weighed on volumes. We exited our positions in both Alphabet and Lancaster Colony in Q4 and redeployed our capital into more attractive opportunities."
A laptop and phone open to Google's services in an everyday setting.
Alphabet Inc. (NASDAQ:GOOG) is in 7th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Alphabet Inc. (NASDAQ:GOOG) was held by 166 hedge fund portfolios, compared to 163 in the previous quarter, according to our database.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of AI stocks picked by Wall Street for 2024. In addition, please check out our hedge fund investor letters Q4 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.
