Investment management firm Diamond Hill Capital has released its 2023 Q4 Investor Letter for its Long Short Fund. You can download a copy of the same here. Although the portfolio achieved positive returns in the fourth quarter, it fell short of the Russell 1000 Index and the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury 1-3 Month Index). Although the short positions did not perform as well as the index, they still contributed positively to the overall performance. On the other hand, long positions in financial instruments performed better than the index. However, long positions in the technology sector and exposures below the fund's benchmark underperformed, contributing to the decline in performance in the fourth quarter. You can also check out the fund's top 5 holdings to learn about the best stocks of 2023.
Diamond Hill Long-Short Fund featured stocks such as Trust Financial Corporation (NYSE:TFC) in its Q4 2023 Investor Letter. Trust Financial Corporation (NYSE:TFC), headquartered in Charlotte, North Carolina, is a financial services company providing banking and trust services. On April 3, 2024, Trust Financial Corporation (NYSE: TFC) stock closed at $37.95 per share. Trust Financial Corporation (NYSE:TFC)'s 1-month return is 2.79%, and the stock has increased 15.91% in value over the past 52 weeks. Trust Financial Corporation (NYSE:TFC) has a market capitalization of $50,648 million.
The Diamond Hill Long-Short Fund said the following about Trust Financial Corporation (NYSE:TFC) in its Q4 2023 Investor Letter:
“On an individual holding basis, all of the top returning investors in the fourth quarter included KKR, Citigroup, Trust Financial Corporation (NYSE:TFC). Banking and financial services companies Citigroup and Trust Financial, along with large banks, broadly rallied in the fourth quarter as the market turned less focused on interest rate risk as the Federal Reserve said it was likely to complete its rate hikes. Banks also likely benefited from the rise in bailouts after negative sentiment had persisted for more than three quarters since the start of the year. But industry trends aside, we maintain our belief in both companies. Under new leadership, Citigroup continues to improve its position relative to its competitors and has an attractive opportunity to close the valuation gap with its peers, while the trust has The company has attractive exposure to regional regions and insurance brokerage businesses. A company should be able to generate above-average profits over a long period of time. ”
Close-up view of hand inserting credit card into ATM machine.
Trust Financial Corporation (NYSE:TFC) is not included in the list of 30 most popular stocks among hedge funds. Our database shows that Trust Financial Corporation (NYSE:TFC) was held by 59 hedge fund portfolios at the end of the fourth quarter, compared to 47 in the prior quarter.
We discussed Trust Financial Corporation (NYSE:TFC) in a separate article and shared Ariel Global Fund's view on the company. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q4 2023 page.
Recommended articles:
Disclosure: None. This article was originally published on Insider Monkey.
