| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.38% | 3.52% | 3.52% |
Diamond Hill's International strategy returned 3.52% net in Q1 2026, outperforming the MSCI ACWI ex USA Index by 423 basis points. Performance was driven by strength in AI-related holdings, particularly semiconductor companies like Samsung Electronics, and energy positions including Canadian Natural Resources and Imperial Oil that benefited from higher oil prices due to Middle East geopolitical tensions. The portfolio added five new positions including Diageo, Samsung C&T, and Japanese industrial company SWCC, while exiting five holdings including ICON and Beazley. Key detractors included HDFC Bank, Richemont, and Tencent, the latter suffering from investor concerns about AI investment returns. The manager views current market conditions favorably for active management, with rapid AI-related change and elevated geopolitical uncertainty creating dispersion across regions and sectors. The strategy maintains its focus on long-term fundamentals and identifying businesses trading below intrinsic value while exercising discipline in areas with high uncertainty or inadequate risk compensation.
Diamond Hill's International strategy focuses on identifying non-US companies selling for less than intrinsic value, leveraging market volatility and geopolitical uncertainty to find opportunities where prices have diverged from fundamentals.
The manager expects continued market volatility and geopolitical uncertainty to create both risks and opportunities. They believe the combination of rapid AI-related change and elevated geopolitical uncertainty is increasing dispersion across regions, sectors and companies, creating a favorable backdrop for active management. The focus remains on long-term fundamentals and identifying businesses whose share prices have diverged materially from intrinsic value.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 28 2026 | 2026 Q1 | 005930 KS, 028260 KS, 0700.HK, CFR SW, CNQ.TO, DGE.L, HDFCBANK.NS, IMO.TO, RTO.L | AI, energy, Geopolitical, international, semiconductors, technology, value |
005930.KS CNQ.TO IMO.TO DEO 028260.KS RTO.L 9435.T |
Diamond Hill's International strategy outperformed by 423bp in Q1 2026, driven by AI-related semiconductor holdings and energy positions benefiting from Middle East tensions. The portfolio added five new positions while maintaining focus on companies trading below intrinsic value. Management sees current volatility and geopolitical uncertainty creating favorable conditions for active stock selection. |
| Jan 27 2026 | 2025 Q4 | 000660.KS, 005930.KS, BABA, EXO.MI, ICON, NWG.L | AI, Asia, Banking, defense, Europe, international, semiconductors, value | 000660 KS | Diamond Hill's International Strategy delivered 28.41% net returns in 2025 despite Q4 underperformance. Strong semiconductor exposure benefited from AI demand, while European banks and defense companies performed well. The managers continue their disciplined value approach, adding positions in SK hynix, ICON, NatWest, and Theon International while focusing on companies where prices diverge from intrinsic value. |
| Oct 24 2025 | 2025 Q3 | 8604.T, AEM, BABA, BEI.TO, BYG.L, FNV, HDB, HIK.L, ICLR, ITSA4.SA, KRN.DE, QURE, S68.SI, SDZ, TSM, WISE.L, WMMVY | AI, Buybacks, China, gold, international, Intrinsic Value, Japan, value |
TSM FRAN HIK |
Diamond Hill's international strategy modestly underperformed in Q3 despite positive absolute returns. Strong performance from AI beneficiaries like TSMC and Alibaba offset weakness in Indian financials and Mexican retail. The team actively deployed capital into Japanese industrials, gold miners, and fintech while maintaining disciplined value approach. Accommodative monetary policy and governance reforms provide supportive backdrop despite global growth concerns. |
| Jul 27 2025 | 2025 Q2 | 8604.T, AEM, BABA, BEI.TO, BYG.L, FNV, HDB, HIK.L, ICLR, ITSA4.SA, KRN.DE, QURE, S68.SI, SDZ, TSM, WISE.L, WMMVY | AI, Asia, Buybacks, China, international, Intrinsic Value, Japan, value |
HAL IN QURE BABA TSM HDB WMMVY KRN.DE |
Diamond Hill's international strategy delivered solid Q3 returns despite modest benchmark underperformance. Asian markets led gains with China's AI confidence and Japan's governance reforms driving performance. The team actively deployed capital into seven new positions while maintaining intrinsic value discipline. Key themes include corporate resilience building, AI advancement, and strategic gold positioning amid rising political uncertainty globally. |
| Apr 24 2025 | 2025 Q1 | 2875.T, 6501.T, 8058.T, ABEV, BABA, BAER.SW, BAP, BEI-UN.TO, BTI, BYG.L, GLEN.L, GSK, IMB.L, MRO.L, NWC.TO, QURE, SAF.PA, SPOT, TSM | aerospace, AI, Asia, Europe, infrastructure, international, real estate, value |
BABA SPOT SAF.PA TSM GLEN.L QURE BTI IMB.L 2875.T NWC.TO MRO.L BYG.L BEI.UN.TO 6501.T |
Diamond Hill's International Strategy underperformed in Q1 despite positive returns, with AI-focused Alibaba and streaming leader Spotify driving gains. The manager actively repositioned the portfolio, adding eight new positions including tobacco and aerospace companies while exiting five holdings at fair value. Compelling international valuations may drive capital flows away from US markets despite ongoing trade and geopolitical uncertainties. |
| Dec 31 2024 | 2024 Q4 | 005930.KS, 0700.HK, 7999.T, BOLSAA.MX, EXO.MI, GLEN.L, KRN.DE, PRX.AS, QURE, RACE, SPOT, STLA, TSM, UHR.SW | China, Europe, Gene Therapy, India, international, Japan, semiconductors, value |
QURE SPOT TSM 005930.KS GLEN.L EXO.MI PRX.AS 7454.T KRN.DE |
Diamond Hill's International Strategy matched benchmark performance in Q4 2024 despite global headwinds. Gene therapy leader uniQure and streaming giant Spotify drove outperformance while semiconductor and commodity exposures weighed on returns. The team added three new positions in undervalued quality businesses and sees compelling opportunities in Japan and India despite ongoing macro uncertainties. |
| Sep 30 2024 | 2024 Q3 | 005930.KS, ARCO, ASSA-B.ST, BABA, FFH.TO, TESCO.L, UBI.PA, UL, UMG.AS, VIE.PA, WTW | China, Europe, international, Japan, rates, Stimulus, value | - | Diamond Hill's International Strategy underperformed in Q3 despite global monetary easing and China stimulus. The manager actively repositioned the portfolio, adding five new positions while maintaining focus on undervalued opportunities. Key risks include geopolitical tensions and European economic challenges, but corporate governance reforms in Japan and selective global opportunities support the long-term value creation thesis. |
| Jul 26 2024 | 2024 Q2 | 0700.HK, 8058.T, ARVIND.NS, CNHI, EVT.DE, GXI.DE, SPOT, TSM, WALMEX.MX, WHC.AX | AI, Coal, Elections, Electric Vehicles, geopolitics, healthcare, international, value |
TSM SPOT 0700.HK CNH WHC.AX ARVIND.NS GXI.DE |
Diamond Hill's international strategy underperformed in Q2 despite strong AI-related gains from Taiwan Semiconductor and Tencent. The firm added four new positions while maintaining disciplined value approach amid sector disruptions in AI, electric vehicles, and healthcare. 2024's landscape of elections, monetary policy divergence, and geopolitical tensions creates rich opportunities for patient, fundamental investors seeking undervalued international companies. |
| Apr 15 2024 | 2024 Q1 | 1448.HK, 4507.T, 7451.T, 8058.T, AUPH, BAER.SW, DNP.WA, EVT.DE, HDB, ROG.SW, SAF.PA, SDZ.SW, SPOT, TSM, UCB.BR, UHR.SW, VTSC.DE | aerospace, Banking, China, international, Japan, semiconductors, value | - | Diamond Hill's International Strategy outperformed in Q1 2024, led by Japanese holdings benefiting from monetary policy normalization and improved corporate governance. Strong performance from Mitsubishi Corporation's buyback program and Safran's aerospace dominance offset weakness in Chinese and luxury holdings. The team actively deployed capital into new positions while maintaining conviction in bottom-up fundamental research approach despite global uncertainties. |
| Jan 2 2024 | 2023 Q4 | 005930.KS, 4503.T, 8058.T, ASHM.L, ASSA-B.ST, BABA, CVE.TO, DNP.WA, ERII, FCX, FM.TO, GLEN.L, SPOT, UBI.PA, UCB.BR | Asia, emerging markets, Europe, international, Japan, Non-US, value |
ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA DNP.WA GLEN.L 8058.T UCB.BR |
Diamond Hill International delivered solid Q4 returns of 9.61%, driven by European holdings while Japan lagged. The fund capitalized on market uncertainty by initiating positions in Glencore, Mitsubishi Corporation, and UCB at attractive valuations. Managers remain optimistic about 2024 opportunities for active stock-pickers in non-US markets despite ongoing geopolitical and macroeconomic uncertainties. |
| Sep 30 2023 | 2023 Q3 | 7751.T, CFR.SW, CNQ, CPG.L, DNP.WA, FFH.TO, FMFL.NS, FUC.DE, HDFCBANK.NS, HWDN.L, IMO, KCR.HE, SAP.DE, SN.L, WALMEX.MX | Banking, China, energy, Europe, inflation, international, rates, value | - | Diamond Hill's International Strategy underperformed in Q3 despite energy gains from rising oil prices. New positions in Mexican retail, Finnish industrials, and Indian microfinance reflect opportunistic deployment. Inflation pressures and post-pandemic volatility weighed on select holdings. The manager expects continued uncertainty but views market dislocations as creating attractive long-term opportunities for disciplined fundamental investors. |
| Jul 25 2023 | 2023 Q2 | 7974.T, ASHM.L, BABA, CS.TO, DNP.L, EPOKY, FERG.L, FFH.TO, FM.TO, FMX, SPOT, TCEHY, UHR | China, Copper, emerging markets, inflation, international, Mining, value |
ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA DNP.WA EPIA.ST FERG.L AFM.TO CCS.TO |
Diamond Hill's International Strategy outperformed in Q2 2023, driven by strength in Swedish, Polish, and Mexican holdings while Chinese positions lagged due to disappointing economic reopening. The manager initiated copper mining positions anticipating supply challenges from energy transition demand. Despite macro uncertainty around inflation and central bank policy, they view current conditions as creating opportunities for selective international investors. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI-related holdings contributed to performance, particularly semiconductor companies tied to the AI supply chain. Samsung Electronics benefited from AI-related infrastructure spending. However, Tencent underperformed as investors questioned returns on rising AI investments without clear monetization timeline. |
Semiconductors Infrastructure Memory Hardware |
OilEnergy was the strongest sector as conflict in Iran and disruption in the Strait of Hormuz pushed oil prices higher. Canadian Natural Resources and Imperial Oil both benefited from higher oil prices and continued disciplined capital allocation. |
Energy Geopolitical Pricing Canada | |
SemiconductorsSemiconductor companies tied to the AI supply chain outperformed during the quarter. Samsung Electronics benefited from continued strength in memory demand which supported pricing and margin trends, remaining well positioned for AI-related infrastructure spending. |
Memory AI Supply Chain Korea | |
| 2025 Q4 |
DividendsThe fund follows a Dogs of the Dow strategy, investing approximately 50% of assets in the 10 highest dividend-yielding Dow Jones Industrial Average stocks. The strategy systematically targets high-yielding dividend stocks through a formulaic approach that rebalances annually. |
High Yield DJIA Income Systematic Rebalancing |
| 2025 Q3 |
AIChinese equities rallied on growing confidence that domestic producers are becoming less reliant on foreign suppliers in artificial intelligence. TSMC benefited from strong demand for advanced manufacturing tied to AI and high-performance computing. Alibaba is increasingly viewed as a leader in China's AI landscape with continued investment in AI and cloud. |
Artificial Intelligence Computing Cloud Semiconductors China |
BuybacksJapanese governance reforms accelerated with the Tokyo Stock Exchange pushing for better capital efficiency, leading to a wave of parent-subsidiary buyouts. Alibaba implemented a substantial share repurchase program. Walmex increased share buybacks supported by a strong balance sheet. |
Share Repurchase Capital Efficiency Corporate Governance Japan Capital Return | |
GoldInitiated small positions in Franco-Nevada and Agnico Eagle Mines for gold-linked cash flows. Both companies are attractive in a world that likely supports structurally higher gold prices as political uncertainty rises and trust in institutions declines. Gold exposure can serve as a ballast in this environment. |
Gold Miners Political Uncertainty Inflation Hedge Precious Metals Safe Haven | |
ResilienceCompanies are refining pricing, adjusting product sizing and leveraging technology to build resilience. Many businesses, battle-hardened by COVID-19, are now better equipped to navigate today's challenges including elevated uncertainty and a less globalized world. |
Business Adaptation Technology Operational Flexibility Crisis Management Pricing Power | |
| 2025 Q2 |
AIChinese equities rallied on growing confidence that domestic producers are becoming less reliant on foreign suppliers in artificial intelligence. TSMC benefited from strong demand for advanced manufacturing tied to AI and high-performance computing. Alibaba is increasingly viewed as a leader in China's AI landscape. |
Artificial Intelligence Computing Semiconductors China Technology |
BuybacksJapanese governance reforms accelerated with the Tokyo Stock Exchange pushing for better capital efficiency, leading to a wave of parent-subsidiary buyouts. Alibaba executed a substantial share repurchase program. Walmex increased share buybacks supported by a strong balance sheet. |
Share Repurchase Capital Efficiency Corporate Governance Japan Capital Allocation | |
GoldInitiated small positions in Franco-Nevada and Agnico Eagle Mines for gold-linked cash flows. Both are attractive in a world that likely supports structurally higher gold prices as political uncertainty rises and trust in institutions declines, providing ballast in this environment. |
Gold Miners Political Uncertainty Precious Metals Hedging Inflation | |
ResilienceCompanies are refining pricing, adjusting product sizing and leveraging technology to build resilience. Many businesses, battle-hardened by COVID-19, are now better equipped to navigate today's challenges including elevated uncertainty and a less globalized world. |
Business Adaptation Technology Pricing Power Operational Efficiency Crisis Management | |
| 2025 Q1 |
AIChinese AI innovation, particularly DeepSeek, demonstrated capability to rival US technologies at significantly lower costs, underscoring intensifying global AI competition. Alibaba benefited from market optimism around its AI initiatives and expanded capital investment to bolster AI capabilities. |
DeepSeek Competition Innovation Investment |
Infrastructure SpendingGermany announced a landmark €1 trillion defense and infrastructure spending package, representing a marked departure from traditional fiscal conservatism. This unprecedented fiscal initiative could signal the beginning of a broader capital investment cycle across Europe. |
Germany Defense Fiscal Europe | |
AerospaceSafran performed strongly supported by robust demand for aftermarket aerospace products and services. Its position as a leading supplier for narrow-body aircraft engines provides resilient, recurring revenue stream from maintenance and parts replacement. Melrose Industries was added for cash flow growth potential from aerospace Risk and Revenue Sharing Partnerships. |
Aftermarket Maintenance Engines Partnerships | |
TobaccoInitiated positions in British American Tobacco and Imperial Brands, both global tobacco leaders. Despite regulatory headwinds, these companies offer robust free cash flow, strong dividend profiles, and aggressive capital returns to shareholders. |
Cash Flow Dividends Regulatory | |
Real EstateAdded Big Yellow Group, the UK's premier self-storage provider, and Boardwalk REIT, a Canadian multi-family residential property operator. Both offer attractive discounts to net asset value and compelling entry points into high-quality real estate businesses. |
Self Storage Residential NAV Discount | |
| 2024 Q4 |
Gene TherapyuniQure's Huntington's disease treatment program advanced with FDA accelerating the approval pathway for its gene therapy treatment. The company demonstrates leadership in innovative therapies and ability to navigate gene therapy development complexities. Future royalty streams and broader drug pipeline position it as an attractive long-term opportunity. |
Gene Therapy FDA Huntington's Royalties Pipeline |
SemiconductorsTaiwan Semiconductor delivered robust financial performance from strong AI-related chip demand, maintaining leadership in high-performance computing components. Samsung faced delays in high-bandwidth memory chips and weaker traditional memory demand, though HBM chips remain critical for AI-driven technology growth capture. |
AI HBM Memory Computing TSMC | |
StreamingSpotify meaningfully contributed to portfolio performance through strong financial results, margin expansion and sustained subscriber growth. While growth potential remains optimistic, a smaller discount to intrinsic value prompted position size adjustment to maintain balanced risk-reward profile. |
Spotify Subscribers Margins Growth Music | |
| 2024 Q3 |
ChinaChina was a standout performer in Q3 as late-quarter stimulus measures boosted stocks significantly. The government announced monetary policy shifts including rate cuts and reserve requirement reductions, plus a forthcoming fiscal policy package aimed at spurring domestic demand. However, details of fiscal stimulus are yet to be announced, and whether this proves a true game-changer remains to be seen. |
Stimulus Monetary Policy Consumer Spending Economic Recovery Fiscal Policy |
RatesThe long-awaited shift of the interest-rate cycle arrived with the Federal Reserve cutting US rates 50 basis points in September and signaling several more cuts ahead. Several other major global central banks followed suit, including the European Central Bank and Swiss National Bank. Global monetary policy has been and will likely continue to be supportive after years of tightening, which could bode well for international equities. |
Fed Cuts Central Banks Monetary Policy Interest Rates Policy Support | |
EuropeMany European economies are grappling with a tough combination of growth challenges, competitive threats, high energy costs, conflicting policy initiatives and debt burdens. The United Kingdom, France and Germany all have yet to return to pre-COVID economic growth levels. French President Macron has pushed for a more unified energy market and criticized fragmented industries, while Germany faces particular challenges from high energy costs and Chinese electric vehicle competition. |
Economic Challenges Energy Costs Competitiveness Policy Fragmentation Growth Recovery | |
JapanThe Bank of Japan increased rates from 0.1% to 0.25% in late July as it attempts to balance nascent inflation after years of deflation, a markedly weaker yen and lackluster economic growth. Corporate governance reform remains a more powerful driver of long-term returns than political changes, with companies embracing better capital allocation and enhanced shareholder value creation potentially unlocking decades of unrealized value. |
Corporate Governance Capital Allocation Shareholder Value Interest Rates Reform | |
| 2024 Q2 |
AIAI advancements are creating substantial buzz with international companies providing necessary tools and hardware, especially chip makers, poised to benefit immensely. The ripple effects include a massive investment cycle and potential global materials shortage due to skyrocketing demand. Taiwan Semiconductor outperformed due to strong financial performance and increasing optimism about AI growth. |
Semiconductors Taiwan Investment Hardware Growth |
Electric VehiclesThe auto industry is undergoing massive transformation primarily driven by the transition to electric vehicles and the rise of Chinese automakers. This sector's disruption is likely to have significant geopolitical and trade implications, with upcoming years expected to be highly competitive. |
Autos China Trade Competition Transformation | |
GLP1The pharmaceutical sector appears to have made significant strides in addressing obesity. This breakthrough will likely have far-reaching implications across the health care value chain, and global consumer staple companies may see considerable impacts as consumer health dynamics shift. |
Pharmaceuticals Healthcare Consumer Innovation Impact | |
CoalDemand for coal, specifically from Southeast Asia, will likely be stable or increase going forward. Conversely, the supply of new coal mines is expected to remain stable or decrease over the long term, creating a favorable demand/supply imbalance for companies like Whitehaven Coal. |
Mining Asia Supply Demand Energy | |
| 2024 Q1 |
JapanJapan ended its ultra-loose monetary policy after decades of deflation, with the Bank of Japan raising rates and ending yield curve control. Japanese companies like Mitsubishi Corporation are improving capital allocation with share buybacks as corporate governance improves broadly. |
Monetary Policy Corporate Governance Buybacks Deflation Interest Rates |
ChinaChina's economy remains sluggish with real estate sector crisis, plummeting foreign direct investment, and potential trade wars with US and Europe. Government targets 5% GDP growth but faces significant challenges in achieving sufficient economic activity. |
Real Estate GDP Growth Trade Policy Foreign Investment Economic Recovery | |
SemiconductorsTaiwan Semiconductor benefited from strong demand driven by machine learning and cloud computing gaining traction. The semiconductor sector continues to see robust growth from AI and cloud infrastructure buildout. |
AI Cloud Machine Learning Demand Growth Technology | |
AerospaceSafran benefits from its joint venture with General Electric for LEAP engines as competitor Pratt and Whitney struggles with issues. The joint venture holds majority market share in narrow-body engines with strong pricing power in the engine duopoly. |
Defense Aviation Market Share Pricing Power Joint Venture | |
| 2023 Q4 |
Energy TransitionThe fund initiated a position in Glencore, which is well-positioned for uncertainty surrounding the energy transition as one of the world's largest copper producers and a large coal producer. The company can take healthy cash flows from its coal business and invest them in copper and other future-facing metals, while coal cash flows provide an attractive hedge if the energy transition takes longer than expected. |
Copper Coal Mining Metals Commodities |
GamingThe fund holds Ubisoft Entertainment, a French video game publisher that has not yet launched most of its new releases, which has weighed on shares. The relatively low engagement scores following the recent Avatar launch have likely weighed on sentiment. The manager believes the company is a high-quality operator with potential to innovate for the future. |
Video Games Entertainment Digital Media Content Publishing | |
StreamingSpotify Technology was a top contributor in Q4 as the Swedish digital music-streaming services provider is beginning to turn the corner from growth to monetization, bolstered by its announcement of substantial cost cuts. The manager is pleased with Spotify's speed in executing its pivot to monetization and believes shares remain undervalued relative to the company's intrinsic value. |
Music Digital Media Subscription Technology Monetization | |
| 2023 Q3 |
OilEnergy names including Canadian Natural Resources, Imperial Oil and Japan Petroleum Exploration Company benefited from rising oil prices in Q3 as WTI crude rose from roughly $71/barrel to $90/barrel. The manager maintains conviction in energy holdings despite anticipated ongoing volatility tied to oil price movements. |
Oil Energy WTI Crude Volatility |
InflationRising costs and high-inflation environment impacted companies like Dino Polska, which reduced new store growth to contain costs. Global central banks continue battling inflation with higher interest rates, complicating monetary policy decisions and creating market uncertainty. |
Inflation Costs Rates Central Banks Policy | |
| 2023 Q2 |
CopperThe fund initiated positions in two copper mining companies, First Quantum Minerals and Capstone Copper, anticipating meaningful long-term supply challenges in copper due to its heavy use in alternative energy sources. There has been a recent trend toward consolidation and M&A in the copper industry, and both companies could present attractive acquisition candidates for large mining companies seeking to increase their copper exposure. |
Copper Miners Mining Services Battery Metals Energy Transition Critical Minerals |
ChinaChina's economic reopening since lifting its zero-COVID policy has proved disappointing, with Chinese consumers yet to normalize their spending patterns. This has weighed on consumer-related companies like Tencent and Alibaba, though the manager anticipates this will prove a near-term headwind and maintains conviction in both companies. China's market declined 9% in Q2 as the anticipated economic bounce following full economic reopening has yet to fully materialize. |
China E-commerce Gaming Consumer Finance | |
InflationThe macro picture has been dominated by inflation concerns throughout 2023, with central bank policy decisions complicated by balancing the potential economic impact of higher interest rates with still-elevated inflation levels. Many emerging markets economies seem on the cusp of considering pausing rate hikes, having started rate hikes before much of the developed world and largely tamed inflation. |
Inflation Rates Emerging Markets Central Banks |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Diamond Hill International | 005930.KS | Samsung Electronics | Consumer Electronics | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | AI infrastructure, Cyclical, growth, memory chips, semiconductors, South Korea, technology hardware | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill International | CNQ.TO | Canadian Natural Resources | Oil & Gas E&P | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Canada, capital allocation, cost discipline, Cyclical, energy, Independent Producer, Oil & Gas | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill International | IMO.TO | Imperial Oil | Oil & Gas Integrated | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Canada, Cyclical, Disciplined Management, energy, Integrated Oil, refining, Upstream | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill International | DEO | Diageo | Beverages - Wineries & Distilleries | Beverages | Bull | New York Stock Exchange | Beverages, consumer staples, Global Brands, premium brands, Spirits, turnaround, Value | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill International | 028260.KS | Samsung C&T | Engineering & Construction | Trading Companies & Distributors | Bull | New York Stock Exchange | Bioprocessing, conglomerate, Corporate Governance, Dividend Growth, holding company, Samsung Group, South Korea | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill International | - | SWCC | Electrical Equipment & Parts | Electrical Equipment | Bull | New York Stock Exchange | AI infrastructure, Corporate Governance, Japan, Japanese Industrials, Power Infrastructure, Return on capital, robotics | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill International | RTO.L | Rentokil Initial | Specialty Business Services | Commercial Services & Supplies | Bull | New York Stock Exchange | acquisition integration, business services, Global, pest control, recurring revenue, resilient demand, turnaround | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill International | 9435.T | Hikari Tsushin | Conglomerates | Diversified Telecommunication Services | Bull | New York Stock Exchange | cash generation, investment portfolio, Japanese Telecom, recurring revenue, SME Services, Sum-of-parts, Value | Login |
| Jan 27, 2026 | Fund Letters | Krishna Mohanraj | 000660 KS | SK hynix Inc | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, HBM, Memory, rerating, semiconductors | Login |
| Oct 24, 2025 | Fund Letters | Krishna Mohanraj | TSM | Taiwan Semiconductor Manufacturing Co. Ltd. | Information Technology | Semiconductors | Bull | NYSE | AI, Foundry, growth, HPC, leadership, manufacturing, semiconductors | Login |
| Oct 24, 2025 | Fund Letters | Krishna Mohanraj | FRAN | FNV | Industrials | Materials | — | Options Clearing Corporation | Franco-nevada’s capital-light royalty model and balance sheet strength provide leveraged upside to higher gold prices. with 80%+ ebitda margins and defensive cash flow, It remains a strategic inflation hedge. | Login |
| Oct 24, 2025 | Fund Letters | Krishna Mohanraj | HIK | Hikma Pharmaceuticals | Health Care | Pharmaceuticals | Bull | NYSE | Emerging markets, growth, Injectables, Margins, pharmaceuticals, valuation | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill International | HDB | HDFC Bank Limited | Financials | Banks | Bull | NYSE | banking, credit quality, Emerging markets, financial services, India, technology leadership, underwriting discipline | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill International | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | Advanced Manufacturing, Artificial Intelligence, Competitive advantages, Foundry, high-performance computing, semiconductors, Taiwan | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill International | QURE | uniQure N.V. | Health Care | Biotechnology | Bull | NASDAQ | AMT-130, biotechnology, Clinical trials, gene therapy, Huntington's Disease, Netherlands, Royalty Streams | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill International | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, China, Cloud computing, e-commerce, Revenue Growth, share repurchase, technology | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill International | WMMVY | Walmart de México, S.A.B. de C.V. | Consumer Staples | Food & Staples Retailing | Bull | OTC | consumer staples, e-commerce, market share, Mexico, retail, Share Buybacks, Technology investment | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill International | KRN.DE | Krones AG | Industrials | Machinery | Bull | XETRA | Bottling Equipment, capital returns, geopolitical risk, Germany, Industrials, machinery, Packaging | Login |
| Jul 27, 2025 | Fund Letters | Krishna Mohanraj | HAL IN | Hindustan Aeronautics Limited | Energy | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, Defense, growth, Localization | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | advanced nodes, contract manufacturing, Foundry, geopolitical risk, semiconductors, Taiwan, technology | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | 2875.T | Toyo Suisan Kaisha, Ltd. | Consumer Staples | Packaged Foods & Meats | Bull | Tokyo Stock Exchange | consumer staples, defensive, expansion, Food Products, Japan, Maruchan, North America, Ramen | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | BEI.UN.TO | Boardwalk Real Estate Investment Trust | Real Estate | Residential REITs | Bull | Toronto Stock Exchange | Canada, conservative management, Employment Growth, Housing supply, Multi-Family, net asset value, REIT, Residential | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | GLEN.L | Glencore plc | Materials | Diversified Metals & Mining | Bull | London Stock Exchange | capital allocation, China, coal, Commodities, Copper, Diversified, Mining, Trading | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | BTI | British American Tobacco p.l.c. | Consumer Staples | Tobacco | Bull | London Stock Exchange | dividend, Free Cash Flow, India, Regulatory, tobacco, United Kingdom, Value | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | QURE | uniQure N.V. | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, FDA, gene therapy, manufacturing, Netherlands, pipeline, Regulatory | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | BYG.L | Big Yellow Group PLC | Real Estate | Specialized REITs | Bull | London Stock Exchange | balance sheet, net asset value, Occupancy, Real Estate, REIT, Self-storage, United Kingdom | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | MRO.L | Melrose Industries PLC | Industrials | Aerospace & Defense | Bull | London Stock Exchange | 3D printing, Additive Manufacturing, Aerospace, cash flow growth, Defense, Maintenance, Risk Revenue Sharing, United Kingdom | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | 6501.T | Hitachi, Ltd. | Industrials | Industrial Conglomerates | Bull | Tokyo Stock Exchange | Asset Divestiture, capital allocation, conglomerate, Consulting, IT services, Japan, Power Grids, transformation | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, cash flow, China, e-commerce, Private Sector, Regulatory, technology | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | SAF.PA | Safran S.A. | Industrials | Aerospace & Defense | Bull | Euronext Paris | Aerospace, aftermarket, Aircraft engines, Defense, france, Maintenance, recurring revenue | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | NWC.TO | The North West Company Inc. | Consumer Staples | Food & Staples Retailing | Bull | Toronto Stock Exchange | Alaska, Canada, Caribbean, cash flow, defensive, Geographic Insulation, remote communities, retail | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | IMB.L | Imperial Brands PLC | Consumer Staples | Tobacco | Bull | London Stock Exchange | capital return, cash flow, Next-Generation Products, resilience, tobacco, United Kingdom | Login |
| Mar 31, 2025 | Fund Letters | Diamond Hill International | SPOT | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Neutral | NYSE | Audio Streaming, margin expansion, Media Services, Subscription, Sweden, User growth | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill International | PRX.AS | Prosus N.V. | Communication Services | Interactive Media & Services | Bull | Euronext Amsterdam | e-commerce, Fintech, food delivery, Holding Company Discount, Netherlands, Online Classifieds, Technology investment, Tencent | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill International | SPOT | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | Audio, digital media, growth, margin expansion, Streaming, Subscriber Growth, Sweden, technology | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill International | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI chips, Foundry, growth, high-performance computing, manufacturing, semiconductors, Taiwan, technology | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill International | 7454.T | MAX Co., Ltd. | Industrials | Machinery | Bull | Tokyo Stock Exchange | Construction Tools, innovation, Japan, machinery, manufacturing, Pneumatic Nailers, Rebar-Tying, Value | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill International | 005930.KS | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Exchange | AI technology, electronics, HBM, manufacturing, memory chips, semiconductors, South Korea, Value | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill International | GLEN.L | Glencore plc | Materials | Diversified Metals & Mining | Bull | London Stock Exchange | capital allocation, coal, Commodities, Copper, Cyclical, Mining, Supply-Demand, UK, Value | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill International | EXO.MI | EXOR N.V. | Financials | Diversified Financial Services | Bull | Borsa Italiana | automotive, capital allocation, Europe, Ferrari, holding company, NAV discount, Stellantis, Value | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill International | KRN.DE | Krones AG | Industrials | Machinery | Bull | XETRA | Beverage Machinery, Bottling Equipment, Germany, Industrials, manufacturing, market leadership, technology, Value | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill International | QURE | uniQure N.V. | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, drug pipeline, FDA approval, gene therapy, growth, Huntington's Disease, Netherlands, Royalty Streams | Login |
| Jun 30, 2024 | Fund Letters | Diamond Hill International | CNH | CNH Industrial N.V. | Industrials | Agricultural & Farm Machinery | Bull | NYSE | agriculture, Construction Equipment, machinery, restructuring, turnaround, UK, Value | Login |
| Jun 30, 2024 | Fund Letters | Diamond Hill International | WHC.AX | Whitehaven Coal Limited | Energy | Coal & Consumable Fuels | Bull | ASX | Australia, coal, Free Cash Flow, metallurgical coal, Mining, Southeast Asia, Supply-Demand | Login |
| Jun 30, 2024 | Fund Letters | Diamond Hill International | GXI.DE | Gerresheimer AG | Health Care | Health Care Equipment & Supplies | Bull | XETRA | biologics, drug delivery, Germany, GLP-1, healthcare, Pharmaceutical Packaging, premium products | Login |
| Jun 30, 2024 | Fund Letters | Diamond Hill International | TSM | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | 5G, AI, contract manufacturing, Foundry, semiconductors, Taiwan, technology | Login |
| Jun 30, 2024 | Fund Letters | Diamond Hill International | 0700.HK | Tencent Holdings Limited | Communication Services | Interactive Media & Services | Bull | HKEX | China, Digital Ecosystem, Gaming, internet services, monetization, social media, WeChat | Login |
| Jun 30, 2024 | Fund Letters | Diamond Hill International | ARVIND.NS | Arvind Limited | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NSE | advanced materials, business transformation, India, Professional Uniforms, supply chain, Textiles, vertical integration | Login |
| Jun 30, 2024 | Fund Letters | Diamond Hill International | SPOT | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | Audio, digital media, monetization, Pricing power, Streaming, Subscription, Sweden | Login |
| Dec 31, 2023 | Fund Letters | Diamond Hill International | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA | Spotify Technology | Communication Services | Interactive Media & Services | Bull | NYSE | Audio Streaming, Cost Reduction, digital media, monetization, SaaS, subscription model, technology platform, User Base Growth | Login |
| Dec 31, 2023 | Fund Letters | Diamond Hill International | DNP.WA | Dino Polska | Consumer Staples | Food & Staples Retailing | Bull | Warsaw Stock Exchange | Eastern Europe, Geographic Growth, inflation hedge, Land Banking, Polish Retail, Small Format Retail, store expansion, Supermarket Chain | Login |
| Dec 31, 2023 | Fund Letters | Diamond Hill International | GLEN.L | Glencore | Materials | Metals & Mining | Bull | London Stock Exchange | balance sheet improvement, capital allocation, Coal Mining, Commodity Trading, Copper Producer, Diversified Mining, energy transition, share repurchases, Switzerland | Login |
| Dec 31, 2023 | Fund Letters | Diamond Hill International | 8058.T | Mitsubishi Corporation | Industrials | Trading Companies & Distributors | Bull | Tokyo Stock Exchange | Asset Efficiency, Business Diversification, capital allocation, convenience stores, Corporate Governance, Japan, Japanese Trading House, metallurgical coal, ROIC Improvement, share repurchases | Login |
| Dec 31, 2023 | Fund Letters | Diamond Hill International | UCB.BR | UCB | Health Care | Pharmaceuticals | Bull | Euronext Brussels | Autoimmune Drugs, Belgium, biopharmaceuticals, Drug launch, Immunology, Market Misunderstanding, Neurology, Specialized Therapeutics | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill International | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA | Spotify Technology | Communication Services | Interactive Media & Services | Bull | NYSE | Customer Acquisition, Digital Music Streaming, Media Services, profitability, SaaS, Sweden, User growth | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill International | - | FEMSA (Fomento Economico Mexicano) | Consumer Staples | Food & Staples Retailing | Bull | NYSE | Asset Divestiture, Beverage Retail, capital allocation, Mexico, shareholder returns, value unlock | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill International | DNP.WA | Dino Polska | Consumer Staples | Food & Staples Retailing | Bull | Warsaw Stock Exchange | Balance Sheet Discipline, discount retail, inflation hedge, market share gains, Poland, store expansion, Ukrainian Refugees | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill International | EPIA.ST | Epiroc | Industrials | Machinery | Bull | Stockholm Stock Exchange | aftermarket services, Atlas Copco Spinoff, cyclical industry, duopoly, Geographic Diversification, Mining equipment, Sweden | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill International | FERG.L | Ferguson | Industrials | Trading Companies & Distributors | Bull | London Stock Exchange | Distribution, HVAC, industry consolidation, market leader, North America, Plumbing, Scale Advantages, UK | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill International | AFM.TO | First Quantum Minerals | Materials | Metals & Mining | Bull | Toronto Stock Exchange | alternative energy, Canada, copper mining, Low-cost producer, M&A Target, Panama, supply constraints, Zambia | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill International | CCS.TO | Capstone Copper | Materials | Metals & Mining | Bull | Toronto Stock Exchange | alternative energy, Canada, Chile, copper mining, Cost Reduction, M&A Target, Mantoverde Expansion, Mexico | Login |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Samsung Electronics, a South Korean memory chip manufacturer, benefited from continued strength in memory demand, which supported pricing and margin trends. The company also remains well positioned to benefit from spending tied to AI-related infrastructure. |
| CNQ.TO | Canadian Natural Resources, one of Canada's largest independent energy companies, benefited from higher oil prices later in the quarter. Shares were also supported by continued cost discipline and thoughtful capital allocation. |
| IMO.TO | Imperial Oil, a Canadian integrated energy company, performed well as higher oil prices supported the stock, particularly toward quarter-end. Shares also performed well earlier in the period, reflecting steady execution and disciplined management. |
| HDFCBANK.NS | HDFC Bank, a retail-focused private bank in India, underperformed amid concerns about the effect of higher oil prices on the Indian economy and following the sudden resignation of its chairman. |
| CFR.SW | Compagnie Financière Richemont, the Swiss luxury goods company behind brands such as Cartier, Van Cleef & Arpels and Piaget, underperformed as heightened uncertainty in the Middle East weighed on luxury goods stocks. |
| 0700.HK | Tencent, one of China's leading internet and technology companies, underperformed as investors questioned the near-term return on its rising AI investments. Shares weakened after the company signaled meaningfully higher AI spending without providing a clear timeline for monetization, raising concerns about margin pressure. |
| DGE.L | Diageo, a global beverage alcohol company with leading brands across spirits and beer, reported weak recent results as North America and China reflected a more cautious consumer environment and pressure at higher price points. We initiated a position after management reset near-term expectations, including reducing the dividend to support reinvestment and balance sheet improvement. We continue to see a high-quality business with strong brands and global reach. |
| 028260.KS | Samsung C&T, which owns stakes in Samsung Electronics, Samsung Biologics and other operating businesses, offers a diversified way to participate in the value of the broader Samsung Group. We believe the company is becoming more shareholder friendly in its capital allocation, has scope for dividend growth and provides exposure to the fast-growing bioprocessing industry through Samsung Biologics. |
| RTO.L | Rentokil Initial, a global pest control company, became attractive after integration missteps following the Terminix acquisition weighed on sales execution and organic growth. We believe the company remains a high-quality business with resilient demand and a long runway for growth, and recent improvement suggests the worst of the integration challenges may be behind it. |
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