Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.25% compared to a -4.61% return for the Russell 1000 Index. Even though the fund’s short book trailed the Russell 1000 Index, it still added positive returns. On the other hand, weakness in consumer discretionary and communication services holdings dragged the performance of the long book of the fund in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Capital highlighted stocks like Palomar Holdings, Inc. (NASDAQ:PLMR) in its Q3 2022 investor letter. Headquartered in La Jolla, California, Palomar Holdings, Inc. (NASDAQ:PLMR) is an insurance holding company. On November 29, 2022, Palomar Holdings, Inc. (NASDAQ:PLMR) stock closed at $60.86 per share. One-month return of Palomar Holdings, Inc. (NASDAQ:PLMR) was -28.69%, and its shares lost 14.75% of their value over the last 52 weeks. Palomar Holdings, Inc. (NASDAQ:PLMR) has a market capitalization of $1.536 billion.
Diamond Hill Capital made the following comment about Palomar Holdings, Inc. (NASDAQ:PLMR) in its Q3 2022 investor letter:
“Palomar Holdings, Inc. (NASDAQ:PLMR) is an insurer that has specialized in residential and commercial earthquake insurance and is in the process of diversifying into other business lines. We believe the underlying economics of the business will prove far more challenging than is reflected in the market valuation. We also believe the business model is dependent on unrealistically favorable assumptions about normalized reinsurance pricing.”
Pixabay/Public Domain
Palomar Holdings, Inc. (NASDAQ:PLMR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Palomar Holdings, Inc. (NASDAQ:PLMR) at the end of the third quarter, which was 9 in the previous quarter.
We discussed Palomar Holdings, Inc. (NASDAQ:PLMR) in another article and shared the best fast-growth stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
Credit: Source link
