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 Coherent Corp. (NYSE:COHR) in the fourth quarter 2023 investor letter. Headquartered in Saxonburg, Pennsylvania, Coherent Corp. (NYSE:COHR) is a manufacturer and distributor of engineered materials and opto-electronic components and devices. On March 12, 2024, Coherent Corp. (NYSE:COHR) stock closed at $62.86 per share. One-month return of Coherent Corp. (NYSE:COHR) was 1.37%, and its shares gained 76.67% of their value over the last 52 weeks. Coherent Corp. (NYSE:COHR) has a market capitalization of $9.518 billion.
Diamond Hill Select Strategy stated the following regarding Coherent Corp. (NYSE:COHR) in its fourth quarter 2023 investor letter:
“In addition to Diamondback Energy, we also initiated positions in Coherent Corp. (NYSE:COHR) and HCA Healthcare in Q4. Coherent supplies engineered materials and devices to semiconductor equipment companies, data center and telecom companies, and it also produces lasers for industrial applications. The company has a long history of successfully innovating in these areas and is well-positioned to benefit from demand for advanced transceivers as artificial intelligence (AI) investments increase. As near-term cyclical headwinds have weighed on the share price, we capitalized on what we view as an attractive price relative to our estimate of intrinsic value to initiate a position.”
A row of precision industrial lasers in action, cutting the most intricate of shapes.
Coherent Corp. (NYSE:COHR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Coherent Corp. (NYSE:COHR) was held by 35 hedge fund portfolios, compared to 34 in the previous quarter, according to our database.
We discussed Coherent Corp. (NYSE:COHR) in another article and shared the list of stocks Jim Cramer recommended selling, but billionaires love them. 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.
