Diamond Hill Long-Short Fund Outperforms in Q3; Alphabet Stock a Top Contributor
• Diamond Hill Capital released its “Long-Short Fund” third-quarter 2023 investor letter, reporting positive returns that outperformed benchmarks.
• Long financial holdings and short book were sources of relative strength for the fund. Meanwhile, long industrials and healthcare lagged.
• The letter highlighted Alphabet (GOOG) as a top contributor, as its advertising and cloud businesses remain strong.
• Alphabet delivered third quarter results ahead of market expectations. Its stock rose in the quarter.
• 163 hedge fund portfolios held Alphabet stock at the end of Q3, up from 152 in the previous quarter.