The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 30, 2026
Diamond Hill International Strategy returned 7.79% net in Q2 2026, underperforming the MSCI ACWI ex USA Index return of 14.49% as narrow market leadership in AI-related semiconductors drove benchmark performance. The portfolio benefited from holdings in Taiwan Semiconductor Manufacturing Company, Samsung Electronics, and SK hynix, which outperformed on strong AI infrastructure demand, rising memory prices, and increased revenue outlooks. Detractors included Canadian Natural Resources and Imperial Oil, which declined on weakening energy prices despite strong fundamentals, and Alibaba, which fell on concerns about China's consumer recovery and competitive pressures. The manager eliminated four positions to fund more attractive opportunities but added no new names, reflecting selectivity in deployment. The strategy continues to focus on identifying companies where market prices differ meaningfully from intrinsic value, viewing periods of narrow leadership as opportunities to invest in high-quality businesses at attractive prices. Market volatility and geopolitical uncertainty remain elevated, but the manager maintains conviction in the long-term value creation potential of portfolio holdings.
Diamond Hill International Strategy seeks long-term capital appreciation by investing in non-US companies trading below intrinsic value estimates, focusing on high-quality businesses with sustainable competitive advantages and long-term compounding potential.
The manager expects market volatility and geopolitical uncertainty to remain elevated, continuing to create opportunities where market prices diverge meaningfully from intrinsic value estimates. While narrow market leadership may create short-term performance challenges, the manager believes these conditions also create opportunities to invest in high-quality businesses with long runways for value compounding at attractive prices.
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