Diamond Hill Capital, an investment management company, released its “Long-Short Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio achieved positive returns in Q4, but it trailed the Russell 1000 Index and the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury Bills 1-3 Month Index). The short positions didn’t perform as well as the index, but they still contributed positively to the overall performance. The long positions in financials, on the other hand, performed better than the index. However, long positions in technology and the fund’s below-benchmark exposure didn’t perform well and were the cause of underperformance in Q4. In addition, you may look at the fund’s top 5 holdings to learn about its best picks in 2023.
Diamond Hill Long-Short Fund featured stocks like EXp World Holdings, Inc. (NASDAQ:EXPI) in the fourth quarter 2023 investor letter. Headquartered in Bellingham, Washington, EXp World Holdings, Inc. (NASDAQ:EXPI) provides cloud-based real estate brokerage services. On April 3, 2024, EXp World Holdings, Inc. (NASDAQ:EXPI) stock closed at $10.70 per share. One-month return of EXp World Holdings, Inc. (NASDAQ:EXPI) was 16.28%, and its shares lost 9.63% of their value over the last 52 weeks. EXp World Holdings, Inc. (NASDAQ:EXPI) has a market capitalization of $1.655 billion.
Diamond Hill Long-Short Fund stated the following regarding EXp World Holdings, Inc. (NASDAQ:EXPI) in its fourth quarter 2023 investor letter:
“We also initiated short positions in EXp World Holdings, Inc. (NASDAQ:EXPI) and Akamai Technologies. eXp is a real estate brokerage company that has experienced rapid agent growth in recent years. Challenging real estate conditions will make it difficult to continue the outsized growth necessary to support the current valuation. Further, pending lawsuits against the industry for commission practices present a risk to the business’s future earnings power.”
An aerial view of the largest real estate development in the city, symbolizing the company’s success.
EXp World Holdings, Inc. (NASDAQ:EXPI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, EXp World Holdings, Inc. (NASDAQ:EXPI) was held by 17 hedge fund portfolios, up from 16 in the previous quarter, according to our database.
We discussed EXp World Holdings, Inc. (NASDAQ:EXPI) in another article and shared the list of stocks with consistent growth. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.