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Lear Corporation (LEA) Faced Challenging Environment for Electric Vehicle Production

Diamond Hill Capital, an investment management company, released its “Select Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q4, the portfolio rose strongly outperforming the Russell 3000 Index and adding to calendar-year outperformance. The strategy returned 18.06% (net) in Q4 compared to a 12.07% return for the index. For the calendar year, the strategy returned 30.60% compared to a 25.96% return for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Diamond Hill Select Strategy featured stocks like Lear Corporation (NYSE:LEA) in the fourth quarter 2023 investor letter. Headquartered in Southfield, Michigan, Lear Corporation (NYSE:LEA) designs and manufactures automotive seats, electrical distribution systems, and electronic modules, as well as related sub-systems, components, and software. On March 12, 2024, Lear Corporation (NYSE:LEA) stock closed at $141.37 per share. One-month return of Lear Corporation (NYSE:LEA) was 6.31%, and its shares gained 0.72% of their value over the last 52 weeks. Lear Corporation (NYSE:LEA) has a market capitalization of $8.063 billion.

Diamond Hill Select Strategy stated the following regarding Lear Corporation (NYSE:LEA) in its fourth quarter 2023 investor letter:

"Other bottom contributors included Alphabet, Lancaster Colony Corp and Lear Corporation (NYSE:LEA). Leading global automotive seating manufacturer Lear faced a challenging environment for electric vehicle production, which negatively impacted its e-systems segment."

A worker assembling parts in an automotive factory for an autonomous vehicle.

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Lear Corporation (NYSE:LEA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Lear Corporation (NYSE:LEA) was held by 34 hedge fund portfolios, compared to 32 in the previous quarter, according to our database.

We discussed Lear Corporation (NYSE:LEA) in another article and shared the list of best car stocks to invest in. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.