Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Markets rose significantly in the first quarter of 2024, providing positive returns across most regions and countries. The strategy outperformed the Russell 1000 Index in Q1 and returned 10.64% (net) vs 10.30% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.
Diamond Hill Large Cap Strategy highlighted stocks like BorgWarner Inc. (NYSE:BWA) in the first quarter 2024 investor letter. BorgWarner Inc. (NYSE:BWA) offers solutions for combustion, hybrid, and electric vehicles. BorgWarner Inc.’s (NYSE:BWA) one-month return was -2.42%, and its shares lost 13.10% of their value over the last 52 weeks. On June 3, 2024, BorgWarner Inc. (NYSE:BWA) stock closed at $35.91 per share with a market capitalization of $8.182 billion.
Diamond Hill Large Cap Strategy stated the following regarding BorgWarner Inc. (NYSE:BWA) in its first quarter 2024 investor letter:
“Other bottom Q1 contributors included BorgWarner Inc. (NYSE:BWA) and Laboratory Corporation of America (LabCorp). Global automotive supplier BorgWarner has faced near-term volatility in the ongoing shift to electric vehicles and hybrids, which has, in turn, impacted results and weighed on shares. Given our expectation this volatility will continue for the foreseeable future, we exited our position in the quarter to upgrade our capital into more compelling opportunities.”
Workers assembling a state-of-the-art engine in a modern auto factory.
BorgWarner Inc. (NYSE:BWA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held BorgWarner Inc. (NYSE:BWA) at the end of the first quarter which was 25 in the previous quarter. Despite a slight industry decline, BorgWarner Inc. (NYSE:BWA) reported approximately $3 million in sales, close to 7% organic growth in the quarter.
In another article, we discussed BorgWarner Inc. (NYSE:BWA) and shared Artisan Mid Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.