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Investment management firm Diamond Hill Capital has announced its 2023 Q4 Investor Letter “Select Strategies”. You can download a copy of the same here. In the fourth quarter, the portfolio significantly outperformed the Russell 3000 Index, further extending its calendar year outperformance. The strategy returned 18.06% (net) in the fourth quarter, compared to the index’s return of 12.07%. For the calendar year, the strategy returned 30.60%, while the index returned 25.96%. Additionally, you can check out the fund’s top five holdings to learn about the best stocks for 2023.
Diamond Hill Select Strategy featured stocks like Coherent Corporation (NYSE:COHR) in its Q4 2023 Investor Letter. Coherent Corporation (NYSE:COHR), headquartered in Saxonburg, Pennsylvania, is a manufacturer and distributor of engineered materials and optoelectronic components and devices. On March 12, 2024, Coherent Corporation (NYSE: COHR) stock closed at $62.86 per share. Coherent Inc. (NYSE:COHR)’s 1-month return is his 1.37% and the company’s stock has increased his 76.67% in value over the past 52 weeks. Coherent, Inc. (NYSE:COHR) has a market capitalization of $9.518 billion.
Diamond Hill Select Strategy has this to say about Coherent Corporation (NYSE:COHR) in its Q4 2023 Investor Letter:
“In addition to Diamondback Energy, we have also initiated the following positions: Coherent Co., Ltd. (NYSE:COHR) and HCA Healthcare in the fourth quarter. Coherent supplies processing materials and devices to semiconductor equipment companies, data centers and telecommunications companies, and also manufactures lasers for industrial applications. The company has a long history of successfully innovating in these areas and is well positioned to benefit from the demand for advanced transceivers as investment in artificial intelligence (AI) increases. With near-term cyclical headwinds weighing on the stock, we entered the position at what we believe to be an attractive price relative to our estimates of intrinsic value. ”
A series of precision industrial lasers are activated to cut the most complex shapes.
Coherent Corporation (NYSE:COHR) isn’t on the list of 30 most popular stocks among hedge funds. Our database shows that Coherent Corporation (NYSE:COHR) was held by 35 hedge fund portfolios at the end of the fourth quarter, compared to 34 in the prior quarter.
We discussed Coherent Corporation (NYSE:COHR) in another article and shared Jim Cramer’s list of stocks that billionaires love to sell. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q4 2023 page.
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Disclosure: None. This article was originally published on Insider Monkey.
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