Diamond Hill Capital, an asset management firm, has released its “Large Cap Concentrated Strategy” investor letter for the third quarter of 2022. A copy of it can be downloaded here. In the third quarter, the strategy returned -3.08% after fees, compared to a return of -4.61% for the Russell 1000 Index. Investments in the energy and technology sectors contributed to the fund’s performance, while investments in the healthcare and financial sectors underperformed in the quarter. In addition, you can view the fund’s top 5 holdings to know the best choices in 2022.
Diamond Hill highlighted stocks such as Microsoft Corporation (NASDAQ:MSFT) in its Q3 2022 investor letter. Microsoft Corporation (NASDAQ:MSFT) is a multinational technology company headquartered in Redmond, Washington. On November 15, 2022, shares of Microsoft Corporation (NASDAQ:MSFT) closed at $241.97 per share. A monthly return of Microsoft Corporation (NASDAQ:MSFT) was 1.45% and the shares lost 28.73% of their value in the past 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market cap of $1.804 trillion.
Diamond Hill made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its Q3 2022 investor letter:
“Also among our lowest contributors were media and technology giant Alphabet, software and IT services provider Microsoft Corporation (NASDAQ:MSFT) and insurance company American International Group (AIG). Microsoft shares fell in the third quarter along with other tech companies as rising interest rates affected near-term prospects. We expect the company to continue to generate strong revenue growth and benefit from operating leverage. Azure, Microsoft’s cloud computing services arm, is generating strong growth, confirming its competitive position.”
Microsoft Corporation (NASDAQ:MSFT) takes the top spot on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, there were 258 hedge fund portfolios of Microsoft Corporation (NASDAQ:MSFT) at the end of the second quarter, up from 259 in the prior quarter.
We covered Microsoft Corporation (NASDAQ:MSFT) in another article and shared the largest tech companies in the world after the stock market collapse in 2022. Additionally, 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 was originally published on Insider Monkey.