Top Contributor of Diamond Hill Large Cap Strategy: Verizon Communications (VZ)

Soumya Eswaran
·2 min read

Diamond Hill Capital Management, an investment advisor, released its “Large Cap Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. Despite a challenging second quarter, the fund outperformed the Russell 1000 Index. Favorable stock selection in the technology and consumer discretionary 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 Management discussed stocks like Verizon Communications Inc. (NYSE:VZ) in the second quarter 2022 investor letter. Headquartered in New York, New York, Verizon Communications Inc. (NYSE:VZ) is a telecommunication company. On September 30, 2022, Verizon Communications Inc. (NYSE:VZ) stock closed at $37.97 per share. One-month return of Verizon Communications Inc. (NYSE:VZ) was -8.06% and its shares lost 30.07% of their value over the last 52 weeks. Verizon Communications Inc. (NYSE:VZ) has a market capitalization of $159.463 billion.

Here is what Diamond Hill Capital Management specifically said about Verizon Communications Inc. (NYSE:VZ) in its Q2 2022 investor letter:

"Verizon Communications Inc. (NYSE:VZ), alongside other wireless providers, has been increasing plan prices to help offset inflation effects. We’ve also seen indications that the wireless industry is moving away from the aggressive promotional environment of the last 18 months. A lower level of industry promotional intensity should benefit Verizon’s share of quarterly net adds while allowing the company to continue to focus on migrating customers to higher priced unlimited plans."

communicating, connected together

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Verizon Communications Inc. (NYSE:VZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Verizon Communications Inc. (NYSE:VZ) at the end of the second quarter which was 69 in the previous quarter.

We discussed Verizon Communications Inc. (NYSE:VZ) in another article and shared the best communication 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.