Diamond Hill Capital, an investment advisor, released its “Large Cap Concentrated Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. The second quarter was challenging for US stocks, and the large-cap Russell 1000 Index fell by more than 16%. Despite a challenging second quarter, the fund outperformed the Russell 1000 Index. The stock selection in technology, consumer discretionary, healthcare, consumer staples, and industrials sectors contributed positively to the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best choices in 2022.
Diamond Hill Capital discussed stocks like The Home Depot, Inc. (NYSE:HD) in the second quarter 2022 investor letter. Based in Atlanta, Georgia, The Home Depot, Inc. (NYSE:HD) is a home improvement retailer. On October 3, 2022, The Home Depot, Inc. (NYSE:HD) stock closed at $283.70 per share. One-month return of The Home Depot, Inc. (NYSE:HD) was -2.81%, and its shares lost 13.10% of their value over the last 52 weeks. The Home Depot, Inc. (NYSE:HD) has a market capitalization of $290.432 billion.
Here is what Diamond Hill Capital specifically said about The Home Depot, Inc. (NYSE:HD) in its Q2 2022 investor letter:
“The Home Depot, Inc. (NYSE:HD) is a high-quality operator in the home improvement industry. Macroeconomic concerns, particularly the rise in mortgage rates, caused the share price to pull back and trade at a greater discount to our estimate of intrinsic value. We believe Home Depot is well positioned to continue gaining share due to its premium real estate locations, strong operations and recent investments in its supply chain. We like Home Depot’s exposure to the professional customer and believe in its ability to take market share in this segment as we believe home improvement spending has the potential to remain resilient in upcoming years.”
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The Home Depot, Inc. (NYSE:HD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 80 hedge fund portfolios held The Home Depot, Inc. (NYSE:HD) at the end of the second quarter which was 75 in the previous quarter.
We discussed The Home Depot, Inc. (NYSE:HD) in another article and shared the list of the best seasonal stocks to invest in. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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