| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.59% | -2.43% | -2.43% |
Diamond Hill's Large Cap Fund declined 2.43% in Q1 2026 versus a 2.10% gain for the Russell 1000 Value Index, primarily due to limited exposure to AI-related capital spending which continues to drive technology sector outperformance. The fund's intentional energy positioning in oil-sensitive exploration and production companies like ConocoPhillips and Diamondback Energy proved beneficial as oil prices rose sharply due to the war in Iran and closure of the Strait of Hormuz. Technology exposure detracted from performance as the fund owns higher-quality software businesses like Salesforce, Adobe, and newly added Microsoft, which faced pressure from AI disruption concerns despite strong competitive moats. The managers believe current valuations discount an overly dire scenario for their technology holdings. New positions include Microsoft, Kimberly-Clark, and Carrier Global, purchased at attractive valuations during temporary weakness. The fund eliminated International Paper due to disappointing fundamentals. Looking forward, the managers are finding more opportunities in defensive areas and cyclicals not benefiting from AI while continuing to evaluate the war's economic impacts.
Focus on high-quality businesses trading at attractive valuations, with particular emphasis on companies with strong competitive moats and recurring revenue streams, while maintaining selective exposure to energy and avoiding overvalued AI-related investments.
The manager continues to evaluate the war's broad economic impacts and is adjusting estimates of intrinsic business value as necessary. They are finding more attractive opportunities in defensive areas of the market and cyclicals that are not benefiting from AI.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 31 2026 | 2026 Q1 | ABT, ADBE, CARR, COF, COP, FANG, IP, KMB, MSFT, TXN | AI, energy, Geopolitical, large cap, technology, value |
MSFT KMB CARR |
Diamond Hill's Large Cap Fund underperformed in Q1 due to limited AI exposure while benefiting from energy positioning amid Iran war. Technology holdings like Adobe and Microsoft faced AI disruption concerns but trade at attractive valuations. New positions in Microsoft, Kimberly-Clark, and Carrier Global capitalize on temporary weakness in quality businesses. |
| Jan 27 2026 | 2025 Q4 | AIG, AON, BRK-B, CAT, CB, CL, COF, COO, DOV, EQT, GM, GOOGL, HCA, HIG, LH, MU, NDAQ, SOLV, SYY, WIX, ZTS | AI, Defensive, financials, healthcare, large cap, Quality, technology, value |
GM AIG COF ZTS LH SYY COO DOV WIX SOLV EQT |
Diamond Hill Large Cap Fund underperformed in Q4 due to limited AI exposure, returning 1.41% versus 3.81% for the Russell 1000 Value Index. Managers remain cautious of AI exuberance, preferring high-quality, cash-generative defensive businesses like Colgate, Aon, and Berkshire Hathaway. New positions initiated in undervalued quality names while selling holdings that reached fair value. |
| Oct 24 2025 | 2025 Q3 | AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS | AI, Data centers, defense, large cap, Quality, technology, value |
FDX ZTS |
Diamond Hill maintains contrarian value approach amid AI-driven market momentum, initiating positions in quality companies like FedEx and Thermo Fisher at attractive valuations while exiting lululemon and Target. Despite above-average market valuations creating challenging return environment, the manager believes active stock selection focusing on overlooked fundamentals can generate superior long-term returns. |
| Jul 27 2025 | 2025 Q2 | AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS | AI, consumer, defense, infrastructure, large cap, technology, Trade Policy, value |
RRX FERG ADBE FDX TMO ZTS EQH |
Diamond Hill's Large Cap Fund trails benchmarks amid AI-driven market rally, maintaining contrarian focus on overlooked quality companies. Added four new positions including FedEx and Thermo Fisher while exiting lululemon and Target. Manager sees valuation concerns and potential AI bubble but believes active management can outperform through identifying undervalued businesses disconnected from narrow market themes. |
| Apr 24 2025 | 2025 Q1 | ABT, AIG, BRK-B, COF, D, GIS, GM, HCA, HD, LULU, MET, PH, RRX, TGT, WM | consumer, financials, healthcare, large cap, Trade Policy, value, volatility | - | Diamond Hill's Large Cap Fund underperformed in Q1 as Trump's aggressive tariff policies created market uncertainty, with the portfolio hurt by consumer discretionary names but helped by financials. The manager views current volatility as creating attractive entry points for high-quality companies and remains confident in their disciplined value approach to navigate the uncertain environment ahead. |
| Dec 31 2024 | 2024 Q4 | AMZN, BAC, BLDR, CL, EXR, FCX, GM, HCA, HUM, LEA, LULU, PEP, SBAC, SYK, WFC | Banking, consumer, healthcare, large cap, REITs, technology, value | - | Diamond Hill's Large Cap Fund lagged in Q4 despite strong performance from General Motors and new position lululemon. The value-focused managers remain cautious about elevated market valuations and policy uncertainty while selectively adding quality companies at attractive discounts. They maintain confidence in outperforming through disciplined stock selection over the medium term. |
| Sep 30 2024 | 2024 Q3 | ACN, AON, BLDR, CAT, COP, CVX, FANG, GOOGL, HCA, HON, HUM, NVR, PH, SBAC | energy, healthcare, industrials, large cap, rates, technology, value |
AON ACN BLDR |
Diamond Hill's Large Cap Fund outperformed in Q3 on technology strength and sector allocation. The managers added three new positions while trimming energy exposure. They acknowledge elevated valuations and consumer weakness risks but remain committed to their disciplined value approach, believing they can identify attractive opportunities despite challenging market conditions. |
| Jul 26 2024 | 2024 Q2 | AAPL, AMZN, BAC, COP, EXR, GOOGL, IP, KKR, KMX, LEA, META, MMC, MRO, MSFT, NVDA, RRX, SBUX, TGT, TXN | AI, Cloud, large cap, semiconductors, technology, value |
IP SBUX |
Diamond Hill's Large Cap Fund lagged in Q2 due to underweight tech exposure amid AI-driven rally. Strong performance from Amazon AWS and Texas Instruments offset weakness in industrials like Lear and Regal Rexnord. Fund added International Paper and Starbucks while trimming at target prices. Managers maintain disciplined value approach despite narrow market leadership from mega-cap tech. |
| Apr 15 2024 | 2024 Q1 | AIG, ALL, CAT, EXR, GM, HCA, HUM, KEY, LH, MSFT, SBAC, SYY, TFC | Electric Vehicles, financials, healthcare, large cap, rates, REITs, technology, value | - | Diamond Hill's Large Cap Fund outperformed in Q1 2024 with strong financials and consumer discretionary performance, led by AIG's turnaround progress and HCA Healthcare's hospital demand strength. REITs faced interest rate pressure while the manager added Sysco and KeyCorp. Despite challenging valuations limiting opportunities, the team maintains conviction in their fundamental research approach to generate above-average returns. |
| Jan 2 2024 | 2023 Q4 | AAPL, AIG, ALL, AMZN, BAC, BDX, BWA, CARR, CVX, GOOGL, HON, KKR, META, MSFT, NVDA, PFE, TGT, TSLA, UNP | energy, financials, large cap, Quality, rates, technology, value | - | Diamond Hill's value approach faced growth market headwinds in Q4, underperforming on technology exposure while benefiting from financials positioning. The Fed's dovish pivot drove rate-sensitive rallies. Portfolio remains focused on high-quality, less-cyclical companies trading below intrinsic value despite challenging market valuations and narrow leadership from mega-cap technology stocks. |
| Sep 30 2023 | 2023 Q3 | ABT, AIG, CAT, COP, CVX, DIS, EXR, FANG, GM, HCA, KKR, KMX, LH, SHW, TGT, TXN, VZ | energy, fundamentals, large cap, rates, real estate, Utilities, value | - | Diamond Hill's Large Cap Fund performed in line with markets during Q3's first negative quarter, benefiting from energy outperformance while consumer holdings struggled with rate pressures. The fund added quality names during market weakness including Permian operator Diamondback Energy and self-storage leader Extra Space Storage. Narrowing market breadth creates opportunities for disciplined fundamental investors despite challenging rate environment. |
| Jul 25 2023 | 2023 Q2 | ABBV, AIG, AMZN, DIS, FERG, HCA, HUM, KMX, MSFT, PFE, TFC, TGT, TTWO, WY | AI, Banking, healthcare, large cap, rates, technology, value |
AIG BRK/A|CSGP|KMX AMZN FERG ICLR|LLY|PLTR|SNPS|TGT |
Diamond Hill's value-focused Large Cap Fund underperformed in Q2 due to tech underweight but added quality names Ferguson and Target at attractive valuations. Strong performance from AIG's insurance turnaround and Amazon's AI-driven AWS growth offset weakness in healthcare names. Management believes their value approach is well-positioned for higher rate environment despite recession risks. |
| Mar 31 2023 | 2023 Q1 | AIG, ALL, AMZN, BKNG, GOOGL, LEA, LIN, MSFT, NVR, RRX, TFC | Banking, financials, Intrinsic Value, large cap, technology, value |
FRC TFC ALL LEA RRX |
Diamond Hill's Large Cap Strategy underperformed in Q1 due to banking sector exposure during regional bank failures, but used volatility to exit positions near fair value and initiate new holdings at attractive discounts. The firm maintains conviction in their bottom-up value approach, expecting to deliver superior returns over five years despite near-term macro headwinds. |
| Dec 31 2022 | 2022 Q4 | ABT, AIG, AMZN, CAT, COP, FCX, GOOG, HD, MSFT, TFC, UNP | - | - | |
| Oct 26 2022 | 2022 Q3 | ABT, AIG, COP, DE, GOOG, NDAQ, PFE, SYK, VFC | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilEnergy positioning in oil-sensitive exploration and production companies was intentional and beneficial in Q1 as oil prices rose sharply due to the war in Iran and closure of the Strait of Hormuz. The fund holds ConocoPhillips and Diamondback Energy which benefited from higher commodity prices and potential for strong capital returns. |
Oil Energy Exploration Production Geopolitical |
AIThe fund has little exposure to AI-related capital spending theme which continues to hurt relative performance as hundreds of billions are being spent on AI infrastructure. Where they do have technology exposure, they're monitoring AI disruption risks closely but believe current valuations discount an overly dire scenario for their software holdings. |
AI Technology Software Disruption Valuation | |
| 2025 Q4 |
FinancialsThe Fund is currently substantially invested in the Financials sector, with performance closely tied to developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment and interest rate changes. |
Banks Insurance Interest Rates Regulation |
| 2025 Q3 |
AIAI-fueled boom continues driving technology and communication services sectors, with sentiment potentially disconnected from reality as AI's potential is yet to be fully realized. Markets are rewarding companies with minimal AI exposure while punishing those at risk of disruption. |
Technology Sentiment Disruption Valuation Bubble |
ValueFocus on identifying high-quality companies the markets may be overlooking, seeking areas where valuations are disconnected from underlying fundamentals and long-term growth outlooks. Capitalizing on opportunities created by market's narrow AI focus. |
Fundamentals Intrinsic Value Discount Quality Overlooked | |
DefenseL3Harris Technologies capitalizing on strong demand from US government and allies in key areas including small satellites, secure communications and rocket motors, with preparations for potential threats driving opportunity. |
Government Satellites Communications Rockets Threats | |
Data CentersCaterpillar benefiting from positive sentiment around its power-generation business tied to data center growth, representing a key driver for the heavy construction machinery manufacturer. |
Power Generation Growth Infrastructure Construction | |
| 2025 Q2 |
AIAI-fueled boom continues driving technology and communication services sectors, with sentiment around AI's potential to radically change life remaining high. However, manager believes sentiment is partially disconnected from reality as AI's potential is yet to be fully proven, creating opportunities for discerning investors. |
Technology Sentiment Disruption Valuation Opportunity |
Trade PolicyTariffs remained a top headline in Q3, with markets initially declining on Trump's tariff announcements but later rebounding. General Motors benefited from growing clarity around tariffs improving business visibility, while lululemon faces expected disproportionate impact from tariffs and removal of de minimis exemption. |
Tariffs Policy Automotive Retail Uncertainty | |
Infrastructure SpendingInfrastructure and non-residential construction appear poised to improve, benefiting companies like Martin Marietta Materials which is well-positioned as one of the US's largest aggregates producers and distributors. The company is optimizing its portfolio including divesting its Midlothian cement plant. |
Construction Materials Aggregates Non-residential Positioning | |
Defense SpendingL3Harris Technologies is capitalizing on strong demand from the US government and allies in key areas including small satellites, secure communications and rocket motors. The company's cost-cutting efforts are bearing fruit with improved execution at acquired Aerojet Rocketdyne amid Department of Defense preparations for potential threats. |
Defense Government Satellites Communications Aerospace | |
| 2025 Q1 |
Trade PolicyPresident Trump announced significant tariffs including 104% on China in response to retaliation, creating widespread market uncertainty. The administration's determination to reshape global trade relationships is causing companies to preemptively invest in US operations to avoid tariffs. |
Tariffs China Trade War Retaliation Negotiations |
VolatilityMarkets experienced their first quarterly decline since Q3 2023, with heightened uncertainty from policy shifts creating compelling investment opportunities. The manager views current volatility as resetting valuations and offering attractive entry points for high-quality companies. |
Market Decline Uncertainty Valuations Opportunities Reset | |
| 2024 Q4 |
Trade PolicyTrade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. President-elect Trump's tariff threats are creating market shifts and uncertainty among central banks, with the Bank of Japan explicitly citing uncertainty around Trump's policies as reason for pausing rate increases. |
Tariffs Dollar Uncertainty Policy Emerging Markets |
BuybacksGeneral Motors has allocated capital well, repurchasing shares at a high rate and creating significant shareholder value. With a strong balance sheet, the company is well-positioned to continue driving shareholder value through share repurchases. |
Share Repurchases Capital Allocation Shareholder Value | |
CloudAmazon Web Services revenue growth accelerated in the quarter, and despite increased AI-related capital expenditures, margins improved to all-time highs. Amazon continues taking share in non-discretionary categories while cloud infrastructure remains a key growth driver. |
AWS Infrastructure AI Margins Growth | |
| 2024 Q3 |
RatesThe Federal Reserve cut US rates 50 basis points in September and signaled several more rate cuts are on the table. Several other major global central banks cut rates too, including the European Central Bank, Swiss National Bank and People's Bank of China. The apparent end of the higher interest-rate cycle helped spur markets higher in September. |
Interest Rates Federal Reserve Monetary Policy Rate Cuts Central Banks |
HomebuildersHomebuilder NVR benefited from limited existing home sales, combined with still-strong new home buyer demand. Looking forward, lower interest rates may spur further demand. The fund initiated a position in Builders FirstSource as new single-family housing construction increases to meet high demand and low supply. |
Housing Construction Building Materials Real Estate Interest Rates | |
OilOil and gas exploration and production companies were broadly pressured in Q3 as general fears around weaker future global oil demand drove down West Texas Intermediate and Brent crude oil prices. Investors also seem to be weighing whether US-based exploration and production companies will be able to generate significant future free cash flow. |
Energy Oil Prices Exploration Production Crude Oil | |
ValuationsValuations continue to slowly grind higher, and market participants appear largely unfazed, showing little concern about the sustainability of these elevated valuations. Although supported somewhat by the fall in interest rates since their peak in October 2023, these valuations may still challenge the ability to generate returns that align with historical averages over the next five years. |
Market Valuation Price Multiples Returns Risk Assessment Market Outlook | |
| 2024 Q2 |
AIAI-related stocks have driven increasingly narrow market performance with a small number of massive technology stocks driving the majority of index returns. NVIDIA alone has contributed nearly one-third of equity market returns with its +150% increase year to date. |
NVIDIA Technology Mega Cap Performance Returns |
ValueThe fund maintains disciplined adherence to their value philosophy, looking past latest trends to identify high-quality, underappreciated companies. They believe this offers an increasingly interesting environment to deploy their fundamental approach amid the market's narrow focus. |
Undervalued Quality Fundamental Philosophy Discipline | |
CloudAmazon Web Services business is benefiting from strong profitability and growing optimism around demand as customers' investments in generative AI projects continue growing. Cloud infrastructure remains a key driver of performance. |
AWS Amazon Infrastructure Generative AI Profitability | |
| 2024 Q1 |
Electric VehiclesGeneral Motors continues capitalizing on the shift to electric vehicles while maintaining the strength of its core gas-engine truck and SUV business. BorgWarner faced near-term volatility in the ongoing shift to electric vehicles and hybrids, which has impacted results and weighed on shares. |
Electric Vehicles Automotive EV Transition Hybrids Auto Parts |
RatesMarkets focused narrowly on global monetary policy and its future direction throughout the quarter. The Federal Reserve is expected to keep interest rates higher for longer than anticipated, affecting real estate and REITs. Japan ended its ultra-loose monetary policy regime, raising rates from -0.1% to +0.1%. |
Interest Rates Monetary Policy Federal Reserve Central Banks REITs | |
HealthcareHCA Healthcare benefited from strong demand environment for hospitals with normalizing nursing labor costs and improving margins. Humana faced pressure from accelerating medical costs among its Medicare population, weighing on health plan profitability. Corporate earnings are expected to see a rebound in health care sector earnings after a large decline in 2023. |
Healthcare Hospitals Health Insurance Medicare Medical Costs | |
| 2023 Q4 |
ValueThe fund focuses on finding good companies with solid fundamentals trading at attractive discounts to intrinsic value estimates. They emphasize their rigorous, bottom-up approach to identifying compelling investing opportunities despite market uncertainty. |
Intrinsic Value Discounts Fundamentals Bottom-up Valuation |
RatesFederal Reserve policy dominated Q4 markets as investors reached consensus that global monetary authorities were done raising rates. The Fed's dovish pivot benefited rate-sensitive sectors like real estate and financials, while creating uncertainty about future policy direction. |
Federal Reserve Interest Rates Monetary Policy Dovish Rate Cuts | |
QualityThe fund seeks high-quality companies with strong balance sheets, smart capital allocation, and solid fundamentals. They highlight examples like KKR's improved compensation structure and Bank of America's diversified deposit base as quality characteristics they value. |
Balance Sheets Capital Allocation Fundamentals Diversified Quality | |
| 2023 Q3 |
EnergyEnergy sector had the best Q3 performance with 12% gains driven by rising oil prices. Portfolio benefited from holdings in ConocoPhillips and Chevron which outpaced the index. Added Diamondback Energy as a pure-play Permian operator with strong operational capabilities and intelligent capital allocation. |
Oil Exploration & Production Permian Energy Trading Integrated Oil & Gas |
RatesRising interest rates significantly impacted market performance and sector rotation. Long-term Treasury rates rose notably toward quarter-end, with Fed signaling higher for longer policy stance. Rate environment pressured utilities, real estate, and consumer sectors while affecting auto financing costs. |
Interest Rates Fed Policy Treasury Monetary Policy Rate Hikes | |
ValueValue stocks generally outperformed growth during Q3 downturn, reversing the year-to-date trend. Market breadth narrowed meaningfully with gains concentrated in small handful of leaders, creating opportunities for bottom-up fundamental investors to identify attractive valuations. |
Value Investing Market Breadth Fundamental Analysis Attractive Valuations Bottom-up | |
| 2023 Q2 |
ValueThe fund emphasizes value investing philosophy and approach, believing it is well-suited to an environment with higher rates and inflation where value stocks are positioned to produce abundant cash flows. The team focuses on achieving value-added results through active portfolio management. |
Value Cash flows Undervalued Intrinsic value Discount |
RatesFederal Reserve raised rates 25 basis points in May to 5.00%-5.25% range and hinted the hiking cycle may be nearing conclusion. Higher interest rates are creating challenges for banks and affecting economic growth, while the team believes their approach is well-suited to this higher rate environment. |
Interest rates Federal Reserve Monetary policy Rate hikes Banking | |
AIAmazon's AWS business is benefiting from market focus shifting to how AI can help accelerate adoption of public cloud services. The market has moved focus from where growth will bottom to AI's potential to drive future cloud adoption. |
Artificial intelligence Cloud services AWS Technology adoption Growth acceleration | |
| 2023 Q1 |
Credit StressRegional bank failures including SVB and Signature Bank created market volatility and concerns about contagion. The fund exited First Republic Bank due to deposit concentration risks while maintaining conviction in Truist Financial despite sector pressure. |
Banking Deposits Liquidity Contagion Regional Banks |
ValueThe strategy focuses on identifying high-quality companies trading at attractive valuations relative to intrinsic value estimates. Portfolio activity involved exiting positions that approached fair value and reallocating to more deeply discounted opportunities. |
Intrinsic Value Discount Valuation Bottom-up Quality |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Mar 31, 2026 | Fund Letters | Diamond Hill Large Cap Strategy | CARR | Carrier Global Corporation | Building Products & Equipment | Building Products | Bull | New York Stock Exchange | Building Products, Bull, Commercial, Cyclical, HVAC, Margin Improvement, market share, Residential, spin-off | Login |
| Mar 31, 2026 | Fund Letters | Diamond Hill Large Cap Strategy | MSFT | Microsoft Corporation | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI, Azure, Bull, Cloud computing, Enterprise software, OpenAI, Software, technology | Login |
| Mar 31, 2026 | Fund Letters | Diamond Hill Large Cap Strategy | KMB | Kimberly-Clark Corporation | Household & Personal Products | Household Products | Bull | New York Stock Exchange | acquisition, Bull, consumer staples, Consumer-health, Cost synergies, defensive, household products, Kenvue | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | COO | The Cooper Companies, Inc. | Health Care | Health Care Supplies | Bull | New York Stock Exchange | Contact lenses, growth, Medicaldevices, valuation, Womenshealth | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | DOV | Dover Corporation | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | Cyclicality, Execution, Industrials, Margins, valuation | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | WIX | Wix.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, Platforms, SaaS, Software, valuation | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | SOLV | Solventum Corporation | Health Care | Health Care Technology | Bull | New York Stock Exchange | Healthcare IT, Margins, R And D, spinoff, turnaround | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | EQT | EQT Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | Commodities, Cost leadership, energy, infrastructure, Naturalgas | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | GM | General Motors Company | Consumer Discretionary | Automobile Manufacturers | Bull | New York Stock Exchange | Autos, Cyclicality, EV, marketshare, Pricing | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | AIG | American International Group, Inc. | Financials | Property & Casualty Insurance | Bull | New York Stock Exchange | buybacks, capital return, Expenses, Insurance, Mna | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | COF | Capital One Financial Corporation | Financials | Consumer Finance | Bull | New York Stock Exchange | buybacks, Consumerfinance, creditcards, earnings, Economy | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | ZTS | Zoetis Inc. | Health Care | Pharmaceuticals | Bear | New York Stock Exchange | Animal Health, Demand, guidance, healthcare, pipeline | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | LH | Labcorp Holdings Inc. | Health Care | Diagnostics & Research | Bear | New York Stock Exchange | diagnostics, healthcare, Margins, restructuring, scale | Login |
| Jan 27, 2026 | Fund Letters | Chuck Bath | SYY | Sysco Corporation | Consumer Staples | Food Distribution | Bear | New York Stock Exchange | consumer, Defensiveness, Distribution, Foodservice, scale | Login |
| Oct 24, 2025 | Fund Letters | Chuck Bath | FDX | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | cost-cutting, Freight, Logistics, Margins, restructuring, spin-off, Transportation | Login |
| Oct 24, 2025 | Fund Letters | Chuck Bath | ZTS | Zoetis Inc. | Health Care | Pharmaceuticals | Bull | NASDAQ | Animal Health, growth, innovation, Pets, pharmaceuticals, pipeline, valuation | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Large Cap Strategy | FDX | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | Cost Reduction, Cyclical, e-commerce, Freight, Logistics, Ltl, spin-off, Transportation, Value | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Large Cap Strategy | TMO | Thermo Fisher Scientific Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | diagnostics, growth, healthcare, life sciences, market leader, Medical Tools, Product Portfolio, scale | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Large Cap Strategy | ZTS | Zoetis Inc. | Health Care | Pharmaceuticals | Bull | NYSE | Animal Health, Companion Animals, growth, Livestock, Pet Care, pharmaceuticals, pipeline, Veterinary | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Large Cap Strategy | EQH | Equitable Holdings, Inc. | Financials | Life & Health Insurance | Bull | NYSE | cash generation, diversification, financial services, financials, life insurance, profitability, transformation, Value | Login |
| Jul 27, 2025 | Fund Letters | Chuck Bath | FERG | Ferguson plc | Industrials | Trading Companies & Distributors | Bull | NYSE | consolidation, construction, Distribution, HVAC, infrastructure, Margins, scale | Login |
| Jul 27, 2025 | Fund Letters | Chuck Bath | ADBE | Adobe Inc | Information Technology | Application Software | Bull | NASDAQ | AI, cashflow, Creativity, growth, Moat, Software, Subscription | Login |
| Jul 27, 2025 | Fund Letters | Chuck Bath | RRX | Regal Rexnord Corporation | Industrials | Electrical Components & Equipment | Bull | NYSE | Automation, deleveraging, efficiency, Industrials, Margins, powertrain, synergies | Login |
| Sep 30, 2024 | Fund Letters | Diamond Hill Large Cap Strategy | BLDR | Builders FirstSource Inc | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Acquisitions, Building materials, Digital Solutions, Housing Construction, Lumber, market share, Prefabricated Products | Login |
| Sep 30, 2024 | Fund Letters | Diamond Hill Large Cap Strategy | AON | Aon plc | Financials | Insurance Brokers | Bull | NYSE | Free Cash Flow, Insurance Broker, M&A Integration, professional services, Quality, Value | Login |
| Sep 30, 2024 | Fund Letters | Diamond Hill Large Cap Strategy | ACN | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | Consulting, Differentiated Services, Digital transformation, IT services, Stable Margins, technology | Login |
| Jun 30, 2024 | Fund Letters | Diamond Hill Large Cap Strategy | IP | International Paper Company | Materials | Paper & Forest Products | Bull | NYSE | Containerboard, Cyclical, manufacturing, margin expansion, materials, Packaging, Value | Login |
| Jun 30, 2024 | Fund Letters | Diamond Hill Large Cap Strategy | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | China, Coffee, Consumer Discretionary, global leader, margin expansion, Restaurants, scale | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill Large Cap Strategy | AIG | American International Group | Financials | Insurance | Bull | NYSE | Asset Sale, cash flow, Insurance, P&C insurance, Reinsurance, share repurchase, turnaround, underwriting | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill Large Cap Strategy | BRK/A|CSGP|KMX | CarMax | Consumer Discretionary | Specialty Retail | Bull | NYSE | Auto retail, competitive positioning, cost structure, Industry leader, margin expansion, market share, used car retail | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill Large Cap Strategy | AMZN | Amazon | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, AWS, Cloud computing, Competitive advantages, e-commerce, growth, Retail Profitability | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill Large Cap Strategy | FERG | Ferguson | Industrials | Trading Companies & Distributors | Bull | NYSE | Distribution, Fragmented Industry, HVAC, index inclusion, margin expansion, market leader, Plumbing, Scale Advantages | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill Large Cap Strategy | ICLR|LLY|PLTR|SNPS|TGT | Target | Consumer Discretionary | General Merchandise Stores | Bull | NYSE | inventory management, Margin recovery, market share, Mass retail, merchandising, Omnichannel, Real Estate | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Large Cap Strategy | FRC | First Republic Bank | Financials | Banks | Bear | NYSE | Banking Crisis, credit quality, exit strategy, liquidity risk, regional bank, risk management, uninsured deposits | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Large Cap Strategy | TFC | Truist Financial | Financials | Banks | Bull | NYSE | Contrarian Value, insurance brokerage, Southeastern US, Sticky Deposits, Super-Regional Bank, Undervalued Assets, uninsured deposits | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Large Cap Strategy | ALL | Allstate | Financials | Insurance | Bull | NYSE | Auto Insurance, brand recognition, Claims Inflation, Homeowners Insurance, Pricing power, Property & Casualty Insurance, Scale Advantages | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Large Cap Strategy | LEA | Lear Corporation | Consumer Discretionary | Auto Components | Bull | NYSE | automotive seating, Automotive Supplier, cash generation, Global Manufacturing, ICE/EV Agnostic, intrinsic value, Market Selloff | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Large Cap Strategy | RRX | Regal Rexnord Corporation | Industrials | Electrical Equipment | Bull | NYSE | Automation, electric motors, Electrification, energy efficiency, HVAC, Industrial Equipment, M&A Synergies, Motion Control, Re-shoring | Login |
| TICKER | COMMENTARY |
|---|---|
| COP | Exploration and production companies ConocoPhillips and Diamondback Energy saw shares rise as the sharp rise in oil prices drove a broad rally across US-based oil producers. As geopolitical tensions in the Middle East tightened the supply outlook, investors increasingly rewarded US producers for their leverage to higher commodity prices, potential for outsized cash generation and capacity for strong capital returns. |
| FANG | Exploration and production companies ConocoPhillips and Diamondback Energy saw shares rise as the sharp rise in oil prices drove a broad rally across US-based oil producers. As geopolitical tensions in the Middle East tightened the supply outlook, investors increasingly rewarded US producers for their leverage to higher commodity prices, potential for outsized cash generation and capacity for strong capital returns. |
| TXN | Semiconductor and processor producer Texas Instruments saw shares rise after issuing Q1 guidance that exceeded market expectations and indicated a recovery in demand following a protracted industry downturn. |
| ABT | Shares of diversified health care company Abbott Laboratories declined following Q4 results and forward guidance that were below expectations, largely due to headwinds in its nutrition business. |
| COF | Consumer finance company Capital One underperformed during the quarter following its announced acquisition of Brex, an Al-native commercial fintech platform. While the market generally viewed the deal's strategic and financial merits favorably over the long term, shares were pressured by near-term concerns, including higher planned marketing spend to capture credit opportunities and rising uncertainty around future credit costs amid macro volatility. |
| ADBE | Digital design and marketing software company Adobe underperformed in Q1, driven primarily by AI disruption concerns, slightly lower-than-expected revenue growth and a CEO transition. Despite these headwinds, its core fundamentals remain solid, with strong margins, cash generation and client retention. We continue to view Adobe's platform as well positioned in an AI-enabled workflow ecosystem, though realization may take time. Additionally, we believe the current valuation appears to reflect elevated pessimism. |
| MSFT | We initiated a position in global software provider Microsoft as near-term concerns around Azure's cloud computing growth and capacity constraints weighed on sentiment, giving us the opportunity to purchase the shares at a very attractive valuation. We believe these factors, along with the company's evolving relationship with OpenAI, have temporarily obscured long-term competitive advantages and growth potential. |
| KMB | We added global consumer staples leader Kimberly-Clark to the portfolio following its announced acquisition of Kenvue and subsequent share price decline. Over the long term, we view this as an opportunity to own a high-quality core business alongside a portfolio of strong but under-managed consumer health brands where Kimberly-Clark's operating discipline can drive meaningful cost synergies and improve growth. |
| CARR | Following its March 2020 spin-off from United Technologies, residential and commercial HVAC provider Carrier Global is now a focused, high-quality business that we believe is in an excellent position to continue to gain market share and improve margins long term. However, a cyclical downturn in residential markets has weighed on near-term results, creating an opportunity to initiate a position at a significant discount to our estimate of intrinsic value. |
| IP | We eliminated our position in packaging company International Paper Company, as the company's fundamentals have fallen short of our expectations in the time we have owned it, and we decided to use the proceeds for more attractive opportunities. |
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