| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.57% | -2.02% | -2.02% |
Diamond Hill's Mid Cap Strategy declined 2.02% net in Q1 2026 versus a 1.29% gain for the Russell Midcap Index. The quarter was characterized by increased volatility driven by geopolitical developments and evolving AI expectations. Energy was the best-performing sector, advancing 38% as oil prices rose sharply due to supply concerns following the closure of the Strait of Hormuz. The portfolio benefited from exposure to oil and gas, materials, and aerospace and defense companies. However, stock selection within health care and being underweight energy were the largest relative detractors. The portfolio is underweight AI-beneficiaries, which served as a headwind, while several software holdings faced pressure from AI disruption concerns. Key contributors included Regal Rexnord, Ciena, and Freeport-McMoRan, while detractors included Humana, SS&C Technologies, and AIG. The manager initiated eight new positions and eliminated six, emphasizing higher-quality businesses. Positioning has become incrementally more defensive given elevated uncertainty, though the team believes the portfolio is well positioned to navigate challenging conditions and protect capital.
Focus on higher-quality mid-cap businesses trading below intrinsic value, with emphasis on defensive positioning amid elevated market uncertainty and geopolitical risks.
The manager remains somewhat cautious given elevated uncertainty in markets and ongoing geopolitical conflict, but believes the portfolio is well positioned to navigate a more challenging environment and protect capital in a down market.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 28 2026 | 2026 Q1 | AIG, AR, AVTR, CARR, CIEN, FCX, HUM, KMB, LAMR, MGM, RRX, RTO, SSNC, WAY | AI, Defensive, energy, Geopolitical, healthcare, mid cap, Quality | - | Diamond Hill's Mid Cap Strategy underperformed in Q1 2026 amid geopolitical volatility and AI disruption concerns. Energy exposure helped offset health care weakness and AI-related headwinds. The manager added eight new positions while emphasizing higher-quality, defensive businesses. Despite elevated uncertainty from Middle East conflict and AI disruption, the portfolio is positioned to protect capital in challenging markets. |
| Jan 27 2026 | 2025 Q4 | CHKP, CIEN, CIVI, CUBE, GIS, HII, LEA, POST, VRSN, WCC, WIX, WLK, ZTS | AI, defense, healthcare, industrials, materials, mid cap, technology, value | - | Diamond Hill's Mid Cap Strategy outperformed in Q4 with strong industrials and materials selection, led by AI beneficiaries Ciena and WESCO's data center growth. Portfolio positioning turned more defensive amid elevated valuations, favoring lower-debt, less cyclical names. Healthcare and industrials remain key opportunity areas while managers maintain caution about market uncertainty and AI valuation concerns. |
| Oct 24 2025 | 2025 Q3 | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, defense, financials, healthcare, mid cap, technology, value |
CIEN WCC HII |
Diamond Hill's mid-cap strategy underperformed in Q3 but continues finding value opportunities amid AI-driven market euphoria. Strong contributors included mortgage servicer Mr. Cooper and AI-beneficiary Ciena, while CarMax and AIG detracted. The team initiated positions in undervalued quality companies including Toro and Cooper Companies, maintaining their disciplined approach to identifying overlooked opportunities in an expensive market environment. |
| Jul 27 2025 | 2025 Q2 | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, consumer, Data centers, defense, mid cap, technology, value |
RRR WCC RRX ICLR ASH ALK FCN |
Diamond Hill's Mid Cap strategy underperformed in Q3 despite strong contributions from AI-beneficiary Ciena and acquired mortgage servicer Mr. Cooper Group. Consumer-facing holdings like CarMax struggled while defense and industrial names provided support. The managers added four new positions at attractive valuations, maintaining their disciplined value approach despite elevated market sentiment around artificial intelligence themes. |
| Apr 24 2025 | 2025 Q1 | AIG, ALK, ASH, BSX, CIEN, COOP, ESAB, HII, ILMN, L, MLM, RRX, RYN, ST, TFX, TRU, UDR, VRSN, VTR, WCC | defense, financials, healthcare, mid cap, tariffs, Trade Policy, value, volatility | - | Diamond Hill outperformed in Q1 2025 amid trade policy turmoil, with financials driving relative strength while tariff uncertainty pressured markets. The team actively repositioned the portfolio, adding quality names like Ventas and Illumina at attractive valuations created by volatility. Despite macro headwinds including stagflation risks and consumer weakness, they maintain conviction in their bottom-up approach for long-term value creation. |
| Dec 31 2024 | 2024 Q4 | ALK, ARW, ASH, CIEN, CUBE, FCX, FWONA, ICON, INFA, JLL, LPLA, NVR, OZK, RRR, SOLV, TDY, TFX, WBS, WCC | Data centers, healthcare, Intrinsic Value, mid cap, Trade Policy, value | - | Diamond Hill's Mid Cap strategy lagged in Q4 but delivered solid full-year returns of 10.61%. The team actively repositioned the portfolio, adding six new positions including data center beneficiary WESCO and clinical trials leader ICON. Despite elevated market valuations creating headwinds, they maintain conviction in their disciplined value approach targeting companies below intrinsic value estimates. |
| Sep 30 2024 | 2024 Q3 | ALGT, ASH, BOKF, CIEN, CIVI, CTRA, CUBE, DEI, HII, HUM, LANC, NVR, PH, RRX | defense, energy, industrials, interest rates, mid cap, real estate, value | HII | Diamond Hill's mid-cap value strategy underperformed in Q3 due to materials weakness and limited utilities exposure. The team added defense contractor Huntington Ingalls Industries while exiting three positions for better opportunities. Despite elevated valuations and consumer concerns, they maintain conviction in their disciplined approach to finding undervalued companies with strong long-term prospects. |
| Jul 26 2024 | 2024 Q2 | ADM, BSX, CIVI, ENOV, GDDY, GNRC, HUM, LH, MAA, NXPI, PH, RRR, RRX, SYY, UDR, VRSN, WCC | AI, mid cap, Quality, technology, value | - | Diamond Hill's mid-cap strategy delivered -4.56% in Q2, underperforming due to industrials weakness while finding value in overlooked quality companies. The team added positions in Sysco, Civitas Resources, Labcorp, and VeriSign while maintaining disciplined value approach despite market concentration in mega-cap tech stocks, positioning for long-term outperformance through fundamental analysis. |
| Apr 15 2024 | 2024 Q1 | ADM, AIG, BWA, EXR, FANG, GNRC, HUM, JCI, KEX, OZK, PH, POST, RRR, RRX, SBAC, WCC | energy, financials, healthcare, industrials, mid cap, real estate, value | - | Diamond Hill's Mid Cap Strategy outperformed in Q1 with a 9.55% return, driven by strong stock selection in consumer staples, technology, and financials. The fund added four new positions including Diamondback Energy and Humana while exiting BorgWarner and Kirby. Despite elevated valuations, managers remain confident in their bottom-up value approach to generate above-market returns. |
| Jan 2 2024 | 2023 Q4 | BRBR, BWA, CIEN, CTRA, CUBE, FBIN, GDDY, HBI, NSP, NVST, PH, RRR, ST, VFC, WBS, WCC | Automotive, energy, financials, industrials, mid cap, real estate, technology, value | - | Diamond Hill's Mid Cap Fund outperformed in Q4 driven by real estate and industrial holdings benefiting from rate cut expectations. The fund actively deployed capital into four new positions while maintaining conviction in quality companies trading below intrinsic value. Despite elevated market valuations creating headwinds, the manager believes their disciplined bottom-up approach can generate above-average returns. |
| Sep 30 2023 | 2023 Q3 | AIG, ALGT, BHF, CIEN, CTRA, CTSH, ENOV, ESAB, EXR, LHX, LNDC, MAA, RRR, SRCL, WBS, WCC, WY | energy, financials, industrials, mid cap, REITs, technology, value | - | Diamond Hill's Mid Cap Strategy underperformed in Q3 due to weak industrials holdings but found opportunities to initiate positions in defense contractor L3 Harris and real estate names Extra Space Storage and Mid-America Apartment Communities. The firm maintains conviction in its value approach despite market headwinds from higher rates and narrow market breadth. |
| Jul 25 2023 | 2023 Q2 | ALGT, ASH, CIEN, ENOV, FERG, LEA, NVR, PH, POST, SBAC, ST, UGI, WSO | Banking, Distribution, industrials, infrastructure, mid cap, technology, value | - | Diamond Hill's Mid Cap Fund focuses on value-oriented mid-cap companies that can generate consistent cash flows in a higher rate environment. The fund added three new positions in Q2 including Ferguson and SBA Communications while maintaining conviction in industrial holdings like WESCO International. Despite market headwinds, the manager sees selective opportunities for above-average returns through disciplined value investing. |
| Mar 31 2023 | 2023 Q1 | AIG, ALL, ARW, BKU, CUBE, DIS, ESAB, ESGR, FIS, FRC, NVR, OZK, RRR, SF, SIVB, SJI, WBS, WCC | Banking, financials, mid cap, rates, value |
WESCO ESAB CUBE AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ CNVRG PM ARW ALL AAPL|MSFT|NFLX|NVDA|UNH DFISX |
Diamond Hill's Mid Cap strategy lagged in Q1 due to banking crisis exposure, exiting SVB and First Republic while maintaining conviction in other regional banks. New positions in Arrow Electronics, Allstate, Stifel, and FIS were funded by banking exits. Despite near-term headwinds, current valuations support long-term return expectations through fundamental stock selection. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI continued to be a strong theme in the quarter with both headwinds and tailwinds for the portfolio. The portfolio is underweight AI-beneficiaries which served as a relative headwind, while several software holdings faced pressure due to AI-driven disruption concerns. |
Artificial Intelligence Disruption Software Technology |
OilOil prices rose sharply due to supply concerns following the closure of the Strait of Hormuz, with energy being the best-performing sector advancing 38%. Several of the strongest portfolio contributors were tied to oil and gas given the macro backdrop of geopolitical conflict and higher oil prices. |
Energy Geopolitical Supply Commodities | |
Natural GasThe manager initiated a position in Antero Resources, a natural gas exploration and production company, to gain exposure given their constructive long-term outlook for US natural gas. |
Energy Exploration Production US | |
Data CentersRegal Rexnord outperformed as the company reported strong orders for a new data center product which should support solid revenue growth in 2027. Ciena saw shares increase amid optimism around hyperscaler business driven by strong demand for optical equipment due to data center buildouts. |
Infrastructure Technology Growth Equipment | |
| 2025 Q4 |
AIAI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025. |
Artificial Intelligence Technology Market Concentration Growth Innovation |
RatesThe Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles. |
Federal Reserve Interest Rates Monetary Policy Easing Financial Conditions | |
InflationThe inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term. |
Inflation Federal Reserve Monetary Policy Economic Data | |
DollarInternational markets had a standout year supported by a U.S. dollar that fell more than 9% during the year. The U.S. dollar fell over 9% in 2025, pressured by a high starting valuation and mounting concerns about global investor concentration in U.S. assets. |
Currency Dollar Weakness International Markets Valuation | |
| 2025 Q3 |
AITechnology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact GoDaddy's business in the future. |
Artificial Intelligence Hyperscale Technology Networking Cloud |
ValueThe manager continues focusing on areas where they believe valuations are disconnected from underlying fundamentals and long-term growth outlooks. They believe investors who do the hard work of researching and identifying high-quality companies the markets may be entirely overlooking can ultimately generate attractive long-term returns. This environment can produce interesting opportunities for discerning investors to unearth companies with attractive business models that markets are either currently ignoring altogether or disproportionately punishing. |
Valuation Fundamentals Undervalued Quality Long-term | |
DefenseUSD Department of Defense and Navy supplier Huntington Ingalls is seeing early signs of progress from its recent efforts to improve employee attrition. The manager continues to believe Huntington Ingalls is one of the best positioned defense companies to meet the DOD's need to prepare for a potential conflict in the Pacific, which should ensure strong demand for the next five-plus years. |
Defense Spending Military Navy Pacific Government | |
| 2025 Q2 |
AITechnology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact companies like GoDaddy's business in the future. |
Artificial Intelligence Hyperscale Technology Networking Sentiment |
DefenseUS Department of Defense and Navy supplier Huntington Ingalls is seeing early signs of progress from its recent efforts to improve employee attrition. The company is one of the best positioned defense companies to meet the DOD's need to prepare for a potential conflict in the Pacific, which should ensure strong demand for the next five-plus years. |
Defense Spending Pacific Navy DOD Conflict | |
Data CentersIndustrial distributor WESCO's data center business is growing rapidly, in turn driving revenue growth. The company is well positioned to benefit from several secular tailwinds including data centers, which the market doesn't fully appreciate. |
Data Centers Industrial Revenue Growth Secular Infrastructure | |
| 2025 Q1 |
Trade PolicyPresident Trump announced significant tariffs including Liberation Day tariffs and threatened 104% tariffs on China in response to retaliation. Markets are nervous about wholesale reworking of global trade landscape affecting historical allies like Taiwan. Companies are preemptively announcing US investments to avoid tariffs. |
Tariffs China Retaliation Trade War Global Trade |
Defense SpendingPresident Trump announced formation of new office of shipbuilding and made comments about helping Huntington Ingalls address supply chain and labor issues. Strong demand expected for next 5-10 years due to potential Pacific conflict preparation needs. |
Shipbuilding Pacific Conflict Supply Chain Labor Issues Defense Contractors | |
MortgageMr. Cooper Group executed well during challenging mortgage environment with high interest rates. The business model protects against rate increases as mortgage-servicing rights value goes up when rates rise, enabling continued healthy cash flow generation. |
Mortgage Servicing Interest Rates Servicing Rights Cash Flow Rate Protection | |
Healthcare REITsVentas focuses on private-pay senior housing with compelling demographics as 80+ age cohort rapidly grows while senior housing supply is limited. At 85% occupancy facilities require full staffing making additional tenants significantly higher margin with limited new construction expected. |
Senior Housing Demographics Occupancy Private Pay Supply Constraints | |
GenomicsIllumina has roughly 80% market share in sequencing with strong fundamentals and healthy balance sheet. Optionality from new tests for cancer screening and detection should create long-term growth tailwind despite recent pressure from weaker end-market demand. |
Sequencing Market Share Cancer Screening End Markets Growth Tailwind | |
| 2024 Q4 |
Trade PolicyTrade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. Fears and speculation around which countries will be primary tariff targets sparked market shifts in Q4. Trade uncertainty is affecting emerging markets currencies and prompting fiscal reckonings in countries like Brazil. |
Tariffs Dollar Emerging Markets Brazil Canada |
Data CentersNetworking systems company Ciena is benefiting from continued demand from cloud customers. Industrial distributor WESCO is benefiting from strong demand in its data center business, with the company positioned to leverage secular tailwinds in the period ahead. |
Cloud Networking Infrastructure Secular Growth | |
Clinical LabsICON is a leader in clinical trial outsourcing and commercial support and is a key player in the efficient and timely delivery of worldwide drug development for pharmaceutical clients. The outlook over the long-term is favorable with the company trading below intrinsic value estimates. |
Drug Development Outsourcing Pharmaceuticals Clinical Trials | |
| 2024 Q3 |
DefenseInitiated position in Huntington Ingalls Industries, a critical supplier to the US Navy and provider of technology solutions to the Department of Defense. As the sole provider of aircraft carriers and one of only two suppliers of nuclear submarines, HII is well-positioned to meet Department of Defense needs for potential Pacific conflict preparation. The company has high visibility into strong demand over the next 5 to 10 years due to the long-cycle nature of its products. |
Defense Spending Naval Submarines Aircraft Carriers Pacific |
HomebuildersNVR benefited from limited existing home sales combined with still-strong new home buyer demand. Looking forward, lower interest rates may spur further demand in the homebuilding sector. |
Housing Interest Rates Demand Construction | |
Real EstateCubeSmart benefited from the broad tailwind of lower interest rates. The self-storage REIT continues delivering solid operating results even in a slower real estate environment. Below-benchmark exposure to utilities posed a relative headwind, while overweight to the real estate sector was additive to relative performance. |
REITs Self Storage Interest Rates Operating Results | |
EnergyOil and gas exploration and production companies Civitas Resources and Coterra Energy were pressured against a backdrop of weakening future global oil demand, which weighed on WTI and Brent crude prices and consequently the energy sector overall. Energy was the only sector in the red during Q3 at -1.7%. |
Oil Natural Gas Crude Prices Exploration & Production | |
| 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. This creates opportunities for active managers to add value by avoiding the temptations of following trends and maintaining disciplined fundamental approaches. The concentration in AI stocks affords opportunities to identify high-quality, underappreciated companies outside the obvious front lines of the latest fad. |
Technology Concentration Mega Cap Performance Trends |
ValueDespite rising valuations, the manager continues finding attractively valued, quality companies the market is overlooking amid its narrow focus on mega-cap technology stocks. The strategy focuses on identifying high-quality, underappreciated companies selling for less than estimates of intrinsic value. This disciplined value approach looks past latest trends to the longer term. |
Intrinsic Value Quality Undervalued Fundamental Analysis Long Term | |
| 2024 Q1 |
EnergyThe fund initiated a position in Diamondback Energy (FANG), a scaled, low-cost energy exploration and production company in one of the US's most prolific shale basins. The company focuses on cost efficiency and prudent, sustainable management of its assets, and is well-positioned for free cash-flow generation over the long term. |
Shale Producers Oil Exploration & Production Energy Trading |
IndustrialsIndustrial holdings delivered positive absolute returns but posed a performance headwind relative to the index. The fund sees opportunities in companies like Regal Rexnord, which is capitalizing on merger synergies and focusing on productive areas to improve margins, and Parker-Hannifin, whose industrial business orders typically turn positive after five or six quarters of decline. |
Industrial Machinery Automation Industrial Distribution Aerospace Components | |
Real EstateReal estate holdings faced pressure in Q1 as sentiment reversed from late 2023 expectations of interest rate cuts. Extra Space Storage and SBA Communications were among bottom contributors, though the fund believes these companies have high-quality, long-term franchises with industry-leading operating platforms. |
Self Storage REITs Tower REITs Commercial Real Estate | |
HealthcareThe fund initiated a position in Humana against a backdrop of accelerating medical costs that pressured shares in 2023. Humana is a leading provider of health care benefit plans with member enrollment concentrated in Medicare Advantage, representing the fastest growing demographic in health care. |
Managed Care Healthcare Insurance | |
| 2023 Q4 |
Real EstateReal estate was the top performing sector in Q4, rising 17% alongside growing consensus that the Federal Reserve is done raising rates. REITs broadly rallied as long-term interest rates rapidly declined. Self-storage REIT CubeSmart benefited as storage rents showed signs of bottoming. |
REITs Interest Rates Storage Property Yields |
IndustrialsIndustrial holdings were additive to performance in Q4. WESCO announced three large project wins despite industry-wide cyclical slowdown and generated better-than-anticipated synergies from its Anixter acquisition. Parker-Hannifin's management is executing well, diversifying beyond cyclical areas to aerospace and deploying capital strategically. |
Distribution Aerospace Cyclical Capital Allocation Synergies | |
FinancialsFinancial holdings contributed positively to Q4 performance. Webster Financial rose alongside the sector following the Fed's November meeting, which investors interpreted as signaling an end to rate hikes and potential pivot to cuts in 2024. |
Banks Rate Cuts Fed Policy Interest Rates HSA | |
AutomotiveAutomotive suppliers faced headwinds in Q4. BorgWarner was pressured alongside slowdown in electric vehicle production growth, while Sensata Technologies was impacted by UAW strikes. However, both companies maintain strong long-term positioning for increased fuel efficiency and sensor adoption trends. |
Electric Vehicles Suppliers Strikes Efficiency Sensors | |
| 2023 Q3 |
DefenseInitiated position in L3 Harris Technologies, a defense contractor focused on communications, surveillance and electronic warfare. Anticipate US defense budget will be better than expected as the Defense Department prepares for peer-level threats. Believe there is room for improvement in recent execution, particularly at recently acquired Aerojet Rocketdyne. |
Defense Spending Defense Electronics Defense Components |
Commercial Real EstateInitiated positions in Extra Space Storage and Mid-America Apartment Communities. Despite near-term challenges like normalizing same store rents and occupancy rates, believe EXR is well-positioned for long-term intrinsic value growth. MAA is a strong franchise with excellent balance sheet and well-located portfolio in the Sun Belt. |
Self Storage REITs Residential REITs Property Management | |
EnergyEnergy had the best Q3 performance on the back of rising oil prices. Coterra Energy is capitalizing on good assets in the Permian Basin and Upper Marcellus holdings are showing promise. Corporate earnings growth has been weighed down by decline in energy sector earnings, but will soon benefit from recent oil price rally. |
Oil Exploration & Production Shale Producers | |
| 2023 Q2 |
ValueThe manager believes value and cyclically oriented stocks are well-positioned to produce abundant, consistent cash flows in an environment of higher rates, higher inflation and possibly higher volatility. They view their philosophy and approach as well-suited to this environment where value stocks are likely to become more attractive to investors. |
Value Cyclical Cash Flow Rates Inflation |
IndustrialsIndustrials led sector performance in Q2, rising over 11%. The fund's above-benchmark exposure to and holdings in industrials were additive to relative performance. Companies like WESCO International and Parker-Hannifin benefited from improving investor sentiment about global industrial activity. |
Industrials Distribution Motion Control Global | |
InfrastructureThe fund holds positions in infrastructure-related companies including SBA Communications (wireless communications infrastructure and towers) and Ferguson (plumbing, waterworks, HVAC distribution). These companies benefit from structural trends like 5G rollout and industry consolidation. |
Infrastructure Towers 5G Distribution HVAC | |
| 2023 Q1 |
Regional BanksBanking sector faced significant stress with SVB and First Republic failures, driven by rapid deposit outflows and unrealized losses on securities portfolios. Manager maintains conviction in remaining regional bank holdings despite sector-wide concerns. |
Banking Deposits Credit Liquidity Regulation |
RatesRising interest rates created unrealized losses on bank securities portfolios and changed equity market backdrop. Federal Reserve raised rates 25 basis points in March but banking crisis moderated aggressive stance. |
Interest Rates Fed Policy Monetary Policy Securities Liquidity |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 24, 2025 | Fund Letters | Chris Welch | CIEN | Ciena Corporation | Information Technology | Communications Equipment | Bull | NYSE | AI, Data, growth, hyperscalers, infrastructure, Margins, Networking | Login |
| Oct 24, 2025 | Fund Letters | Chris Welch | WCC | WESCO International | Industrials | Electrical Components & Equipment | Bull | NYSE | data centers, Distribution, Electrification, growth, infrastructure, Margins, utilities | Login |
| Oct 24, 2025 | Fund Letters | Chris Welch | HII | Huntington Ingalls Industries | Industrials | Aerospace & Defense | Bull | NYSE | backlog, cashflow, Defense, Labor, Margins, Navy, Shipbuilding | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | RRR | Red Rock Resorts, Inc. | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | NASDAQ | cashflow, consumer, Gaming, leverage, Tourism | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | WCC | WESCO International, Inc. | Industrials | Capital Goods | Bull | NYSE | Distribution, Electrification, infrastructure, Margins, scale | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | RRX | Regal Rexnord Corporation | Industrials | Industrial Machinery | Bull | NYSE | Automation, deleveraging, efficiency, Industrials, synergies | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Bookings, growth, Outsourcing, Pipelines, Trials | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | ASH | Ashland Inc. | Materials | Specialty Chemicals | Bull | NYSE | Chemicals, construction, Sentiment, specialty, valuation | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | ALK | Alaska Air Group, Inc. | Industrials | Airlines | Bull | NYSE | Airlines, Capacity, Cyclicality, Demand, valuation | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | FCN | FTI Consulting, Inc. | Industrials | Research & Consulting Services | Bull | NYSE | Advisory, cashflow, Disputes, diversification, restructuring | Login |
| Sep 30, 2024 | Fund Letters | Diamond Hill Mid Cap | HII | Huntington Ingalls Industries | Industrials | Aerospace & Defense | Bull | NYSE | Aircraft Carriers, Defense Contractor, Discount to Intrinsic Value, Long-cycle Products, Monopolistic Position, Naval Shipbuilding, Nuclear Submarines, Pacific Conflict, US Navy, Value | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Mid Cap | WESCO | WESCO International | Capital Goods | Trading Companies & Distributors | Bull | NYSE | acquisition, Bolt-on Acquisitions, Communications, cross-selling, Distributor, Electrical, Fragmented Market, Industrial, market leader, supply chain, synergies | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Mid Cap | ESAB | ESAB Corporation | Capital Goods | Machinery | Bull | NYSE | Continuous Improvement, Emerging markets, Fabrication Technology, Gas Control, Industrial, machinery, margin expansion, organic growth, Welding Automation | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Mid Cap | CUBE | CubeSmart | Real Estate | Specialized REITs | Bull | NYSE | defensive, Real Estate, recurring revenue, REIT, Self-storage, steady growth, Storage | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Mid Cap | AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ | Red Rock Resorts | Consumer Discretionary | Casinos & Gaming | Bull | NASDAQ | casino, Consumer Discretionary, entertainment, Gaming, Las Vegas, Locals Market, Resilient, wage inflation | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Mid Cap | CNVRG PM | NVR Inc | Consumer Discretionary | Homebuilding | Bull | NYSE | Consumer Discretionary, Home Sales, homebuilder, Housing, Interest Rate Sensitive, mortgage rates, Real Estate | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Mid Cap | ARW | Arrow Electronics | Information Technology | Technology Distributors | Bull | NYSE | cash flow generation, debt reduction, Electronic Components, enterprise solutions, Global Distributor, share repurchases, Technology Distributor | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Mid Cap | ALL | Allstate Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | Auto Insurance, brand strength, Claims Costs, Homeowners Insurance, market leader, Pricing power, Property & Casualty Insurance, Scale Advantages | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Mid Cap | AAPL|MSFT|NFLX|NVDA|UNH | Stifel Financial Corp | Financials | Investment Banking & Brokerage | Bull | NYSE | Advisor Count, assets under management, Brokerage, diversified business model, financial services, investment banking, Low Lending Risk, secular growth, wealth management | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Mid Cap | DFISX | Fidelity National Information Services | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | attractive valuation, banking technology, Capital markets, Data Processing, financial technology, recurring revenue, Resilient Business, Technology Outsourcing, Worldpay Spinoff | Login |
| TICKER | COMMENTARY |
|---|---|
| RRX | Regal Rexnord, a manufacturer of electrical products for industrial equipment, outperformed in Q1 as the company reported strong orders for a new data center product, which should support solid revenue growth in 2027. Additionally, merger synergies and continuous improvement efforts continue to drive better-than-expected organic growth and margin expansion. While leverage remains somewhat elevated and could leave the company vulnerable to near-term macroeconomic weakness, we continue to view the stock as attractive at current prices. |
| CIEN | Networking systems company Ciena saw shares increase in Q1 amid optimism around hyperscaler business, driven by strong demand for optical equipment due to data center buildouts. |
| FCX | Freeport-McMoRan is one of the world's largest copper miners, with operations in the US, Chile and Indonesia. Following the tragic accident at its Grasberg mine in Indonesia last year, the stock has recovered as management has demonstrated progress in restoring operations. That recovery, combined with a strong copper price, has supported improved market expectations for free cash flow generation. |
| HUM | Humana, the second-largest Medicare Advantage insurer, has faced industry-wide pressure from rising health care costs and lower government reimbursement rates. Additionally, weaker-than-expected preliminary 2027 Medicare Advantage rates and below-target 2026 guidance have added to near-term uncertainty. Even so, we do not believe the current share price reflects the company's earnings power, and as industry conditions normalize, we believe it can return to target margins over the long term. |
| SSNC | SS&C Technologies, a diversified provider of tech-enabled services and software to the financial services industry, reported strong Q4 results and issued constructive 2026 guidance. Despite strong results and positive forward guidance, the market appears skeptical of the company's positioning as AI reshapes the landscape. We believe SS&C is positioned well long-term, defended by its deep domain expertise, combined software-and-services model and entrenched role in complex, regulated client workflows. |
| AIG | Global property and casualty insurer American International Group (AIG) declined following a late-2025 rally driven by reports of a potential acquisition by Chubb. The company announced a CEO succession plan in early January, which led investors to believe a transaction was unlikely, removing the deal premium and causing shares to fall. |
| AR | We initiated a position in Antero Resources, a natural gas exploration and production company, to gain exposure given our constructive long-term outlook for US natural gas. |
| WAY | Shares of health care revenue management software vendor Waystar have been pressured amid broader AI concerns across software, and we believe the market is underappreciating the durability of its scaled platform, broad product capabilities and strong customer retention. The company is also well positioned to help providers navigate complex reimbursement processes, reduce denials and improve cash flow over the long term. While we are not dismissing longer-term AI risk, we view the current valuation as an attractive entry point for a high-quality health care software business with a strong competitive position and growth prospects. |
| 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. |
| LAMR | Lamar Advertising is the largest billboard advertising company in the US, benefiting from a constrained supply environment that supports strong pricing power and high margins. The company's focus on smaller markets, ownership of underlying land and high share in local markets contribute to strong profitability. We believe Lamar is well-positioned for steady earnings growth over the long term. |
| 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. |
| RTO | Rentokil Initial is a global pest control company serving residential and commercial customers. Following its acquisition of Terminix in 2022, integration challenges weighed on organic growth, creating an opportunity to invest in a high-quality business with attractive long-term growth prospects and strong economic resilience. Organic growth has improved in recent quarters, suggesting these challenges may be behind the company. |
| MGM | MGM Resorts is the leading omnichannel casino operator in the US, operating over 40% of casinos on the Las Vegas Strip. While macroeconomic concerns persist and Las Vegas demand remains below pre-COVID levels, we believe the current valuation presents an attractive long-term opportunity, and we view the growth potential for the company's online betting platform, BetMGM, and the development of Japan's first integrated casino resort as positives. |
| AVTR | Shares of life sciences supplier and distributor Avantor have been pressured by a sustained slowdown in life sciences demand and increased competition in its distribution business. While these dynamics may persist in the near term, we believe they are increasingly reflected in the current valuation. |
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