| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.15% | 3.41% | 3.41% |
Diamond Hill's Small Cap strategy returned 3.41% net in Q1 2026, outperforming the Russell 2000's 0.89% return amid heightened geopolitical volatility. The portfolio benefited from strong stock selection in healthcare and an underweight to information technology, while an underweight to energy served as a modest headwind. Key contributors included oil and gas producer Magnolia Oil & Gas and defense manufacturer Ducommun, both benefiting from geopolitical tensions that drove oil prices higher and accelerated Pentagon spending. The manager maintains meaningful exposure to businesses tied to national security and infrastructure rebuild, seeing accelerated demand as conflicts create needs to rebuild damaged infrastructure and replenish defense stockpiles. Simultaneously, they are increasingly leaning into stable, basic-needs businesses addressing essential human needs like healthcare, food, and shelter, which offer compelling returns with narrower outcome ranges. The strategy exited AI-disrupted software positions including Progress Software and First Advantage, citing increased uncertainty from artificial intelligence disruption. Looking forward, the manager expects continued elevated volatility and remains focused on resilient businesses positioned to navigate ongoing uncertainty while capitalizing on market volatility opportunities.
Focus on resilient businesses well-suited to navigate ongoing geopolitical uncertainty while capitalizing on accelerated demand in defense and infrastructure rebuild, complemented by selective exposure to stable, basic-needs businesses offering compelling returns with narrower outcome ranges.
The manager expects news flow and volatility to remain elevated. They continue to focus on resilient businesses well suited to navigate ongoing uncertainty and take advantage of opportunities that market volatility presents. They are increasingly finding compelling opportunities in stable, basic-needs businesses that offer compelling returns and narrower range of outcomes in an uncertain world.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 28 2026 | 2026 Q1 | DCO, FA, KN, LYTS, MGY, ODC, PAL, PRGS, RRR, UTZ | AI, defense, energy, Geopolitical, healthcare, infrastructure, oil, small caps |
DCO ODC RRR PAL UTZ LYTS KN |
Diamond Hill's Small Cap strategy outperformed in Q1 2026 by capitalizing on geopolitical tensions through energy and defense exposure while avoiding AI-disrupted software. The manager is positioning for continued volatility by focusing on resilient businesses tied to national security infrastructure rebuild and stable basic-needs companies offering compelling returns with narrower outcome ranges. |
| Jan 27 2026 | 2025 Q4 | ALGT, ARE, CIVI, CSR, MVBF, ODC, OZK, POST, RKT, SM, TFIN, TKO, TRNS, WCC | defense, industrials, infrastructure, real estate, Resilience, small cap, value, volatility | ARE | Diamond Hill Small Cap outperformed in Q4 with a 4.88% net return versus 2.19% for Russell 2000, driven by strong industrials and consumer discretionary selection. The strategy focuses on resilient businesses in neglected areas like industrial infrastructure, defense modernization, and critical materials. New real estate positions reflect expanding opportunity set amid continued market volatility. |
| Oct 24 2025 | 2025 Q3 | COOP, DCO, FIP, HURC, LEU, MLAB, OEC, RHP, RRR, TFIN, USLM | AI, defense, nuclear, Quality, small caps, value |
COOP LEU COOP LEU RRR USLM DCO FTAI |
Diamond Hill's small-cap strategy trailed the Russell 2000 in Q3 as the rally favored lower-quality names they avoid. Strong performance from Mr. Cooper Group and Centrus Energy offset weakness in FTAI Infrastructure and Mesa Laboratories. The firm remains disciplined in targeting resilient companies with strong fundamentals trading below intrinsic value, positioning for long-term outperformance despite near-term headwinds. |
| Jul 27 2025 | 2025 Q2 | BA, COOP, DCO, FIP, HURC, LEU, MLAB, OEC, RHP, RRR, TBK, USLM | AI, defense, materials, nuclear, small caps, technology, value |
LEU DCO NSP UTZ AZZ FBIN STRW ASUR AEO COOP LEU RRR USLM DCO FIP MLAB HURC |
Diamond Hill's small cap strategy trailed the Russell 2000 in Q3 as the rally favored lower-quality names the firm avoids. Strong performance from Mr. Cooper Group and Centrus Energy offset weakness in FTAI Infrastructure. The team added Hurco Companies while maintaining focus on fundamentally strong businesses trading below intrinsic value despite market volatility. |
| Apr 24 2025 | 2025 Q1 | ALGT, AVNS, CALM, CIVI, COOP, ESGR, FADV, FTAI, HLIO, IGIC, LOB, NSP, SEB, TBK, TKO.TO, TTAN, UGI, WBS | Mortgage, small caps, tariffs, Trade Policy, Utilities, value, volatility | - | Diamond Hill's small-cap strategy declined 11.52% in Q1 amid trade policy uncertainty and tariff threats. The manager actively repositioned the portfolio, adding quality names like Helios Technologies and Avanos Medical while trimming less compelling positions. Despite near-term volatility from potential US-China trade war, the team sees attractive opportunities emerging in high-quality small-caps with strong balance sheets. |
| Dec 31 2024 | 2024 Q4 | ALGT, ASH, ASTH, CALM, CMPR, CURB, FIP, GHM, GTES, HAYN, LEU, LOB, MLAB, RCKY, RRR, SANM, USLM, WNS | defense, industrials, infrastructure, nuclear, small caps, value |
USLM FTAI MLAB CMPR CURB |
Diamond Hill's small-cap value strategy outperformed benchmarks in Q4 and 2024, driven by strong industrials performance and nuclear-related investments. The manager added four new positions while maintaining disciplined value approach despite elevated market valuations. Focus remains on identifying resilient companies trading below intrinsic value with three- to five-year return potential through active portfolio management. |
| Sep 30 2024 | 2024 Q3 | ALIT, ASH, ASTH, CIVI, DEI, ENOV, FA, FTAI, IGIC, JLL, LOB, NSP, PAL, PESI, RMNI, USLM | financials, healthcare, industrials, rates, small caps, value | - | Diamond Hill's small-cap value strategy underperformed in Q3 despite strong absolute returns, as rate cuts benefited financials while energy holdings struggled. The manager added four new positions including Insperity and specialty insurance names, maintaining their disciplined approach despite elevated market valuations and emerging consumer headwinds that could challenge 2025 earnings expectations. |
| Jul 26 2024 | 2024 Q2 | ALGT, ALNC, ASTH, ENOV, FTAI, KEX, LOB, MAMA, MGY, RCKY, RRR, THR, TKO.TO, USLM | Copper, financials, materials, small caps, underperformance, value | - | Diamond Hill's small-cap strategy slightly underperformed in Q2 amid continued small-cap weakness and market concentration in mega-cap tech. The manager sees compelling opportunities in overlooked, resilient small companies trading at attractive valuations. They initiated three new positions while maintaining conviction in their intrinsic value approach, expecting outperformance over the intermediate to long term. |
| Apr 15 2024 | 2024 Q1 | DOUG, FTAI, ISRG, LANC, LEU, LOB, OEC, OZK, RRR, SMCI, TKO.TO, UFPT, WNS | materials, rates, Regional Banks, small caps, technology, value | - | Diamond Hill's small cap strategy outperformed in Q1 through selective stock picking, with casino operator Red Rock Resorts and food manufacturer Lancaster Colony leading gains while regional banks declined on shifting rate expectations. The manager initiated one new position despite challenging valuations and expects continued selectivity as they seek quality companies trading below intrinsic value. |
| Jan 2 2024 | 2023 Q4 | ALNT, BBCP, CIVI, CMT, ERII, LOB, MAMA, OZK, RCKY, RHP, RRR, RYN, WNS, WWW | consumer discretionary, energy, financials, industrials, small caps, value | - | Diamond Hill Small Cap Fund outperformed benchmarks with 23.22% annual returns through bottom-up value investing. Strong performance from casino operator Red Rock Resorts and regional banks benefiting from rate cut expectations drove results. Despite elevated market valuations, managers continue finding attractive opportunities and expect better-than-market returns through active management. |
| Sep 30 2023 | 2023 Q3 | ALGT, CALM, CIVI, DCO, ENOV, FTAI, HAYN, LANC, LEU, LOB, MLR, PRGS, RMNI, RRR | defense, energy, financials, nuclear, small caps, technology, value |
CIVI CALM ADCO LAS/A CN|MLR|MNRO|NGS|WHGLY|WLY |
Diamond Hill's small cap fund lagged in Q3 on consumer discretionary weakness but maintains YTD outperformance. Energy holdings like Civitas Resources drove gains amid rising oil prices. New positions in defense supplier Ducommun and software firm Progress Software reflect opportunistic deployment. Despite Fed hawkishness and elevated valuations, the manager sees selective opportunities through disciplined fundamental analysis in an increasingly narrow market. |
| Jul 25 2023 | 2023 Q2 | ALGT, ASH, BKU, CALM, COOP, FIBK, GRBK, HBI, OZK, PRG, TKO.TO, UFPT, WNS | Banking, financials, healthcare, Homebuilders, small caps, technology, value |
GRBK UFPT |
Diamond Hill's small cap fund outperformed in Q2 through strong financials and selective positioning. Key contributors included homebuilder Green Brick Partners and medical technology firm UFP Technologies. The manager trimmed lower conviction names while maintaining focus on value-oriented stocks positioned for higher rate environment. Despite narrow market leadership, opportunities exist in reasonably valued median stocks. |
| Mar 31 2023 | 2023 Q1 | BOKF, BRBR, CIVI, CRI, ESAB, FIBK, GRBK, ITGR, LOB, LYV, MYFW, OZK, RRR, SAMG, TRS, WBS, WCC | energy, financials, industrials, Regional Banks, small caps, value |
WCC ESAB SAMG |
Diamond Hill Small Cap Fund outperformed in Q1 despite regional banking stress, with industrials and energy holdings driving returns while financials detracted. The fund maintains conviction in its regional bank holdings despite sector volatility, believing the market overreacted to SVB failures. Management expects historical average returns over five years through disciplined value investing. |
| Jan 27 2023 | 2022 Q4 | ALGT, BBCP, ESAB, ESGRP, FTAI, GHM, GTES, ODC, RMNI, RRR, TGB, UFPT, WNS, WWW | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilOil prices rose sharply due to supply concerns following the closure of the Strait of Hormuz amid geopolitical tensions in Iran. Energy was the best-performing sector, advancing 38% in Q1, with US oil producers benefiting from higher commodity prices and potential for outsized cash generation. |
Oil Energy Geopolitical Supply Prices |
Defense SpendingAccelerated demand in defense as geopolitical conflict creates need to rebuild damaged infrastructure and replenish depleted defense stockpiles. Pentagon spending acceleration is directly benefiting companies with missile franchises and defense exposure. |
Defense Military Pentagon Missiles Stockpiles | |
AIOngoing concerns around artificial intelligence-related disruption, particularly within software, weighed on information technology sector performance. The fund exited positions in Progress Software and First Advantage due to increased uncertainty from AI disruption. |
AI Software Disruption Technology Uncertainty | |
Infrastructure SpendingMeaningful exposure in businesses tied to national security and infrastructure rebuild, both seeing accelerated demand as geopolitical conflict creates need to rebuild damaged infrastructure. |
Infrastructure Rebuild National Security Geopolitical Demand | |
| 2025 Q4 |
Defense SpendingManager maintains exposure to global armaments companies, noting the entire world is rapidly rearming off an extremely low base of defense spending. The position materially outperformed for the year despite Q4 underperformance, with top contributors including Rheinmetall, Palantir Technologies, and RTX. |
Defense Armaments Military Geopolitical Security |
GoldManager holds both physical gold bullion and a leveraged gold exposure called 'Gresham's Wrath' that combines 1.5x gold exposure with option income generation. Gold is viewed as superior commodity money due to its scarcity and durability, with central bank demand accelerating and fiat currencies losing value since 1971. |
Gold Precious Metals Monetary Inflation Currency | |
Precious Metal Royalty/Streaming CompaniesManager maintains exposure to companies that provide upfront capital to mining companies in exchange for royalties or streams, avoiding operational mining risks while benefiting from price appreciation and production growth. These exposures materially outperformed for the year. |
Royalties Streaming Mining Commodities Cash Flow | |
Capital MarketsManager holds positions in exchanges like Nasdaq and Chicago Board of Options Exchange, viewing them as essential high-margin toll roads for the economy with immense operating leverage and natural inflation hedging through transaction-based revenue. |
Exchanges Trading Technology Data Infrastructure | |
Managed FuturesManager uses systematic long/short strategies across commodities and interest rates to generate absolute returns with low correlation to equities and bonds. The strategy was updated to include European exposures and is designed to protect capital during disruption and volatility. |
Commodities Systematic Hedging Volatility Diversification | |
BitcoinDespite long-term bullish views, manager completely exited Bitcoin position in mid-November using risk management framework similar to commodity trading funds. The exit was well-timed as Bitcoin continued falling while US Large Cap equities they rotated into increased in value. |
Cryptocurrency Digital Assets Risk Management Volatility | |
| 2025 Q3 |
AIThe artificial intelligence boom had widespread effects across sectors in Q3, with materials up 25% and technology up over 16%. Technology companies continued their torrid run as sentiment around AI's potential to radically change life remains high. Nuclear fuel provider Centrus Energy is benefiting from renewed interest in nuclear power to support growing power demand tied to the AI boom. |
Nuclear Power Technology Materials |
DefenseDucommun is benefiting from strong demand in its missile programs amid heightened geopolitical tensions globally. The company is a critical Tier 1 and Tier 2 supplier of advanced material aerostructures and electrical components to the defense and commercial markets. Hurco Companies has strategic positioning with over 50% revenue exposure to Europe, positioning it well to benefit from European defense and industrial investment. |
Geopolitical Missiles Aerospace Europe | |
NuclearNuclear fuel and services provider Centrus Energy is benefiting from renewed interest in nuclear power in the US to support growing power demand tied to the AI boom. Centrus is a nuclear fuel broker with burgeoning enrichment capabilities, positioning it well as the US seeks to maintain domestic energy independence. |
Energy Independence Fuel Enrichment Power | |
Small CapsUS small-cap stocks gained over 12% in Q3 as measured by the Russell 2000 Index, taking year-to-date gains to just over 10%. The small-cap index had the best quarter by a meaningful margin compared to large and mid-cap indices. The manager focuses on identifying small companies with resilience, strong fundamentals and long-term growth potential. |
Russell 2000 Outperformance Fundamentals Growth | |
| 2025 Q2 |
AIAI-fueled boom had widespread effects across sectors, with technology companies continuing their torrid run as sentiment around AI's potential to radically change life remains high. Nuclear fuel provider Centrus Energy is benefiting from renewed interest in nuclear power to support growing power demand tied to the AI boom. |
Nuclear Technology Power Demand Sentiment |
DefenseDucommun is benefiting from strong demand in its missile programs amid heightened geopolitical tensions globally. Hurco Companies has strategic positioning with over 50% revenue exposure to Europe, positioning it well to benefit from European defense and industrial investment. |
Missiles Geopolitical Europe Industrial Investment | |
NuclearCentrus Energy is benefiting from renewed interest in nuclear power in the US to support growing power demand tied to the AI boom. The company is a nuclear fuel broker with burgeoning enrichment capabilities, positioning it well as the US seeks to maintain domestic energy independence. |
Fuel Enrichment Independence Domestic Power | |
| 2025 Q1 |
Trade PolicyPresident Trump announced significant tariffs including a 104% tariff on China in response to retaliation, creating widespread uncertainty about global trade relationships. Markets are struggling to digest whether tariffs are negotiation tactics or permanent policy changes that will reshape world trade order. |
Tariffs China Retaliation Negotiation |
Small CapsSmall-cap Russell 2000 Index declined 9.5% in Q1, showing more sensitivity during heightened macroeconomic uncertainty compared to broader markets. Value stocks performed better than growth across the cap spectrum during this period. |
Russell 2000 Volatility Value Growth | |
MortgageMr. Cooper Group executed well during a challenging mortgage environment as interest rates remained high relative to historical levels. The company's mortgage-servicing rights business model is designed to protect against rising rate periods. |
Servicing Rights Interest Rates Mortgage Industry | |
| 2024 Q4 |
NuclearGrowing momentum around building additional nuclear power sources in the United States as immense power needs from AI-related datacenter demand require constant baseload power, which nuclear provides carbon-free. Centrus Energy benefited from this trend. |
Nuclear Baseload Power AI Data Centers Carbon-free |
DefenseGraham Corp is executing well amid ongoing demand from the US Navy. With a solid backlog and stable incoming defense orders, the outlook remains constructive for defense-related companies. |
Defense Navy Backlog Defense Orders | |
InfrastructureFTAI Infrastructure owns scarce, critical infrastructure assets including short-line freight railroads, energy terminals, and ports. These assets are well-positioned to benefit from long-term trends around the energy transition, increased global trade and demand for efficient logistics infrastructure. |
Infrastructure Railroads Energy Terminals Logistics Energy Transition | |
ValueThe manager remains committed to seeking resilient companies that are undervalued relative to estimates of intrinsic value. They note it has become increasingly challenging to find high-quality, small-cap companies trading at attractive discounts to their intrinsic values as valuations have continued rising. |
Value Intrinsic Value Undervalued Discounts | |
| 2024 Q3 |
Small CapsThe fund focuses exclusively on small-cap investments, typically companies with market capitalization below $3 billion or within the Russell 2000 Index range. Small-cap stocks outperformed in Q3, with the Russell 2000 Index gaining 9% and value stocks outperforming growth. The manager continues finding compelling new ideas in the small-cap space despite the ongoing bull market. |
Russell 2000 Market Cap Value Growth Outperformance |
ValueValue stocks significantly outperformed growth across the cap spectrum in Q3. The Russell 2000 Value Index gained over 10%, outperforming the Russell 2000 Growth Index by 174 basis points. The manager emphasizes bottom-up research to identify companies selling below intrinsic value estimates, maintaining a disciplined value-oriented approach. |
Russell 2000 Value Intrinsic Value Outperformance Disciplined | |
RatesThe Federal Reserve cut rates 50 basis points in September, marking the beginning of a new rate-cut cycle. This shift benefited financials holdings, particularly regional banks like Live Oak Bancshares. The manager notes that while valuations are supported by falling rates since their October 2023 peak, elevated valuations may still challenge future returns. |
Fed Rate Cuts Financials Valuations | |
| 2024 Q2 |
Small CapsSmall caps continue to underperform large caps significantly, with year-to-date underperformance of more than 12 percentage points and 10-year underperformance of about 5.5 percentage points annualized. Small caps are trading near historically low valuation premium relative to large caps, creating compelling investment opportunities for resilient, undervalued small companies. |
Underperformance Valuation Opportunity Russell 2000 Premium |
ValueGrowth indices continued significant outperformance over value indices in Q2, with Russell 1000 Growth up 8% versus Russell 1000 Value down 2%. Over the past 10 years, growth's outperformance relative to value has been astounding at over 8 percentage points annually, though value has still delivered solid returns of more than 8% annually. |
Growth Outperformance Russell 1000 Returns Disparity | |
CopperMining company Taseko Mines is benefiting from its exposure to copper, which is in demand as electrification requires significant access to copper supplies. The company was also able to resolve a labor dispute at its newly acquired Gibraltar mine during the quarter. |
Electrification Mining Demand Supply Gibraltar | |
| 2024 Q1 |
Small CapsSmall cap stocks underperformed large caps in Q1, with the Russell 2000 up 5% versus Russell 1000's 10%. More than one-quarter of the Russell 2000's return came from a single stock, Super Micro Computer. The manager continues to find compelling opportunities in small caps despite challenging valuations. |
Russell 2000 Underperformance Concentration Valuations Opportunities |
Regional BanksRegional banks Live Oak Bancshares and Bank OZK declined as investors adjusted expectations for fewer Fed rate cuts in 2024. These banks had previously gained in late 2023 on expectations of rate cuts that would relieve deposit pricing pressure and commercial real estate stress. |
Rate Cuts Deposit Pricing Commercial Real Estate Fed Policy | |
RatesInterest rate expectations dominated market headlines in Q1, though their influence may be diminishing. The 10-year Treasury rose 32 basis points and markets now expect far fewer rate cuts in 2024. Japan ended its ultra-loose monetary policy, raising rates from -0.1% to +0.1%. |
Fed Policy Treasury Yields Rate Cuts Japan Monetary Policy | |
| 2023 Q4 |
CasinosRed Rock Resorts successfully opened its Durango Casino and Resort in December and is already discussing the second phase development. The company controls over half the Las Vegas local market and is positioned to capitalize on Las Vegas economic growth as major sports franchises locate there. |
Gaming Las Vegas Sports |
Regional BanksRegional banks Live Oak and Bank OZK rallied strongly following the Fed's November meeting, which investors interpreted as signaling an end to rate hikes and potential pivot to cuts in 2024. The early 2023 mini-banking crisis has faded from view. |
Interest Rates Fed Policy Banking | |
HotelsRyman Hospitality Properties is benefiting from its recent acquisition of JW Marriott Hill Country in San Antonio. Fundamentals are strong with positive forward booking trends, giving a boost to shares in Q4. |
Hospitality REITs Travel | |
OilCivitas Resources, an oil and natural gas explorer focused on the DJ Basin, announced another Permian Basin acquisition in Q4 to diversify holdings. Despite solid results from low-cost drilling inventory, shares declined with the broader industry as oil prices fell. |
Energy Exploration Permian | |
| 2023 Q3 |
EnergyEnergy was the best performing sector in Q3 on the back of rising oil prices, notching a positive quarter at 19%. Oil prices rose against a backdrop of OPEC+ production cuts, benefiting holdings like Civitas Resources which saw earnings recover and share price rebound accordingly. |
Oil Natural Gas Energy Trading Exploration & Production Shale Producers |
DefenseDucommun is positioned as a critical Tier 1 and Tier 2 supplier of advanced material aerostructures and electrical components to defense and commercial markets. Management's focus on the defense side of the business is bearing fruit, with the electronic systems business engineering components for military aircraft, missile systems, ships and radars. |
Defense Aerospace Components Defense Components Defense Electronics Defense Services | |
NuclearCentrus Energy, a nuclear fuel and services provider, rose during Q3 following World Nuclear Association meetings as investors begin recognizing the extent of the uranium market's supply and demand mismatch. This reality should improve pricing power for providers like Centrus. |
Nuclear Uranium Uranium Fuel Cycle Energy Transition Power Equipment | |
| 2023 Q2 |
Regional BanksThe fund weathered the banking crisis well and sees opportunities to deploy capital opportunistically. Bank OZK performed strongly due to its conservative approach and positioning during the crisis. First Interstate BancSystem struggled with the challenging banking environment. |
Banking Credit Deposits Lending Capital |
HomebuildersGreen Brick Partners performed exceptionally well due to its low land basis and strong fundamentals in the Dallas-Fort Worth market. The company has a solid balance sheet to navigate cyclicality and management aligned with shareholders. |
Housing Construction Real Estate Cyclical Land | |
Medical TechnologyUFP Technologies' MedTech business drives 85% of revenues with expanding margins as capacity is added in lower-cost regions. The company targets 10-15% annual revenue growth through organic growth and acquisitions. |
Healthcare Manufacturing Margins Growth Capacity | |
| 2023 Q1 |
Regional BanksBanking sector faced significant stress in Q1 with SVB and Signature Bank failures spreading liquidity fears across regional banks. The fund maintains exposure to several regional banks despite sector weakness, believing the market overreacted and that their holdings are differentiated from failed institutions. |
Banking Credit Deposits Liquidity Stress |
ValueThe fund employs a fundamental, bottom-up approach to identify high-quality companies trading at attractive valuations. They maintain a five-year outlook to allow their value-oriented strategy to deliver attractive long-term returns despite near-term market volatility. |
Valuation Fundamentals Quality Long-term Attractive |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Diamond Hill Small Cap Fund | - | Magnolia Oil & Gas | Engineering & Construction | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | capital returns, cash generation, commodity prices, energy, Exploration, geopolitical, Oil & Gas, Production, US Producer | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill Small Cap Fund | DCO | Ducommun | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, Defense, Defense Contractor, engineered products, manufacturing, margin expansion, Missiles, Pentagon Spending, Pricing power | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill Small Cap Fund | ODC | Oil-Dri | Specialty Chemicals | Specialty Chemicals | Bull | New York Stock Exchange | Cat Litter, Competitive Moats, Higher Margin Products, Onshoring, operational excellence, Pet Products, premiumization, Sorbent Materials, Tariff Protection | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill Small Cap Fund | RRR | Red Rock Resorts | Resorts & Casinos | Casinos & Gaming | Bull | NASDAQ | Casinos, consumer resilience, discretionary spending, diversified customer base, entertainment, Gaming, Las Vegas, Regional Gaming | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill Small Cap Fund | PAL | Proficient Auto Logistics | Integrated Freight & Logistics | Trucking | Bull | NASDAQ | Auto Manufacturers, Auto Transport, Cost advantage, Geographic Coverage, industry consolidation, Logistics, Non-Union Carriers, Transportation | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill Small Cap Fund | UTZ | Utz Brands | Packaged Foods | Packaged Foods & Meats | Neutral | New York Stock Exchange | Competition, consumer sentiment, Freight Costs, GLP-1 Impact, operational progress, Packaged Foods, Snack Foods, SNAP Benefits | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill Small Cap Fund | LYTS | LSI Industries | Electronic Components | Electrical Components & Equipment | Bull | NASDAQ | cash generation, Commercial, Display Solutions, Industrial, Lighting, Management transformation, organic growth, Product Differentiation, Service revenue | Login |
| Apr 28, 2026 | Fund Letters | Diamond Hill Small Cap Fund | KN | Knowles Corp | Electronic Components | Electronic Components | Bull | New York Stock Exchange | Defense, Electronic Components, Higher-Margin, Industrial, Medical, Mission-Critical, portfolio transformation, Specialty Components, valuation disconnect | Login |
| Jan 27, 2026 | Fund Letters | Chris Welch | ARE | Alexandria Real Estate Equities, Inc. | Real Estate | Office REITs | Bull | New York Stock Exchange | development, lifesciences, recovery, REITs, valuation | Login |
| Oct 24, 2025 | Fund Letters | Chris Welch | DCO | Ducommun Inc. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, Boeing, Defense, leverage, Missiles, Production | Login |
| Oct 24, 2025 | Fund Letters | Chris Welch | FTAI | FTAI Infrastructure Inc. | Industrials | Transportation Infrastructure | Bull | NASDAQ | acquisition, assets, Freight, infrastructure, Rail, Transportation | Login |
| Oct 24, 2025 | Fund Letters | Chris Welch | COOP | Mr. Cooper Group Inc. | Health Care | Mortgage Finance | Bull | NASDAQ | acquisition, Housing, Interest rates, Mortgage, Refinancing, ROE | Login |
| Oct 24, 2025 | Fund Letters | Chris Welch | COOP | Mr. Cooper Group Inc. | Health Care | Mortgage Finance | Bull | NASDAQ | acquisition, Housing, Interest rates, Mortgage, Refinancing, ROE | Login |
| Oct 24, 2025 | Fund Letters | Chris Welch | LEU | Centrus Energy Corp. | Materials | Uranium & Nuclear Fuel | Bull | NYSE | AI, electricity demand, Energy independence, Enrichment, HALEU, Nuclear, uranium | Login |
| Oct 24, 2025 | Fund Letters | Chris Welch | LEU | Centrus Energy Corp. | Materials | Uranium & Nuclear Fuel | Bull | NYSE | AI, electricity demand, Energy independence, Enrichment, HALEU, Nuclear, uranium | Login |
| Oct 24, 2025 | Fund Letters | Chris Welch | RRR | Red Rock Resorts Inc. | Consumer Discretionary | Casinos & Gaming | Bull | NASDAQ | Casinos, Demographics, EBITDA, Free Cash Flow, Las Vegas, Margins | Login |
| Oct 24, 2025 | Fund Letters | Chris Welch | USLM | United States Lime & Minerals Inc. | Materials | Construction Materials | Bull | NASDAQ | construction, Demand, Industrial materials, infrastructure, Pricing, Revenue Growth | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Small Cap Fund | COOP | Mr. Cooper Group | Financials | Thrifts & Mortgage Finance | Bull | NASDAQ | acquisition, Fed Policy, financials, Housing, Interest Rate Sensitive, Mortgage servicing, Refinancing | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Small Cap Fund | HURC | Hurco Companies | Industrials | Industrial Machinery & Supplies & Components | Bull | NASDAQ | Aerospace, CNC Machine Tools, Defense Investment, European Exposure, Industrial technology, Manufacturing Equipment, Metal Cutting | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Small Cap Fund | LEU | Centrus Energy | Energy | Oil & Gas Equipment & Services | Bull | NYSE American | AI power demand, Domestic Supply, energy, Energy independence, Nuclear Fuel, Nuclear Power, Uranium Enrichment | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Small Cap Fund | RRR | Red Rock Resorts | Consumer Discretionary | Casinos & Gaming | Bull | NASDAQ | Casino Operator, Consumer Discretionary, Gaming, Las Vegas, Locals Market, market dominance, Regional Gaming | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Small Cap Fund | FIP | FTAI Infrastructure | Industrials | Marine Ports & Services | Bull | NASDAQ | asset monetization, Freight Rail, infrastructure, railroad, Regional Rail, Strategic Transformation, Transportation | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Small Cap Fund | USLM | US Lime & Minerals | Materials | Construction Materials | Bull | NASDAQ | construction materials, infrastructure, Lime, Limestone, Louisiana, materials, steel industry, Texas | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Small Cap Fund | DCO | Ducommun | Industrials | Aerospace & Defense | Bull | NYSE | 737 Max, Aerospace, Aerostructures, Boeing Supplier, Defense, geopolitical tensions, Missile Programs | Login |
| Sep 30, 2025 | Fund Letters | Diamond Hill Small Cap Fund | MLAB | Mesa Laboratories | Health Care | Life Sciences Tools & Services | Neutral | NASDAQ | China exposure, currency impact, Disinfection, Healthcare Tools, life sciences, Quality Control, Sterilization | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | DCO | Ducommun Incorporated | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, Defense, leverage, Margins | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | NSP | Insperity, Inc. | Industrials | Human Resource & Employment Services | Bear | NYSE | Benefits, Competition, disruption, Margins, Peo | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | UTZ | UTZ Brands, Inc. | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | brands, deleveraging, growth, Margins, Snacks | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | AZZ | AZZ Inc. | Industrials | Electrical Components & Equipment | Bull | NYSE | Coatings, infrastructure, Reshoring, services, valuation | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | FBIN | Fortune Brands Innovations, Inc. | Industrials | Building Products | Bull | NYSE | brands, Housing, innovation, Pricing, Remodeling | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | STRW | Strawberry Fields REIT, Inc. | Real Estate | Health Care REITs | Bull | NYSE | Demographics, dividends, healthcare, Leases, REIT | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | ASUR | Asure Software, Inc. | Information Technology | Application Software | Bull | NASDAQ | Compliance, HCM, profitability, SaaS, Scalability | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | AEO | American Eagle Outfitters, Inc. | Consumer Discretionary | Apparel Retail | Bull | NYSE | Apparel, brands, consumer, Margins, retail | Login |
| Jul 27, 2025 | Fund Letters | Chris Welch | LEU | Centrus Energy Corp. | Materials | Coal & Consumable Fuels | Bull | NYSE | energy, Enrichment, Nuclear, Policy, Security | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill Small Cap Fund | CMPR | Cimpress | Communication Services | Interactive Media & Services | Bull | NASDAQ | balance sheet, Customized Marketing, Free Cash Flow, Marketing Materials, Printing, small business, undervalued | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill Small Cap Fund | USLM | United States Lime & Minerals | Materials | Construction Materials | Bull | NASDAQ | construction materials, I-35 Corridor, Lime, Limestone, margin expansion, materials, Pricing power, Texas | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill Small Cap Fund | CURB | Curbline Properties | Real Estate | Retail REITs | Bull | NYSE | cash, Commercial Property, Convenience retail, debt-free, Real Estate, REIT, retail centers, spinoff | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill Small Cap Fund | FTAI | FTAI Infrastructure | Industrials | Transportation Infrastructure | Bull | NASDAQ | Energy Terminals, energy transition, Hydrogen, infrastructure, Logistics, natural gas, Ports, railroads | Login |
| Dec 31, 2024 | Fund Letters | Diamond Hill Small Cap Fund | MLAB | Mesa Laboratories | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Acquisitions, biopharmaceutical, Danaher, diagnostics, growth, healthcare, Lab Equipment, life sciences | Login |
| Sep 30, 2023 | Fund Letters | Diamond Hill Small Cap Fund | CIVI | Civitas Resources | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | acquisition, DJ Basin, energy, Equity, oil and gas, OPEC, Permian Basin | Login |
| Sep 30, 2023 | Fund Letters | Diamond Hill Small Cap Fund | CALM | Cal-Maine Foods | Consumer Staples | Food Products | Bull | NASDAQ | Cage-free, consumer staples, Equity, Food Products, Proposition 12, Regulatory, specialty eggs | Login |
| Sep 30, 2023 | Fund Letters | Diamond Hill Small Cap Fund | ADCO | Ducommun Incorporated | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace & Defense, Defense Contractor, Electronic Systems, Equity, Industrials, M&A, Tier 1 Supplier | Login |
| Sep 30, 2023 | Fund Letters | Diamond Hill Small Cap Fund | LAS/A CN|MLR|MNRO|NGS|WHGLY|WLY | Miller Industries | Industrials | Machinery | Bull | NYSE | distribution network, dividend, Equity, Industrials, machinery, market leader, Towing Equipment | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill Small Cap Fund | GRBK | Green Brick Partners | Consumer Discretionary | Homebuilding | Bull | NASDAQ | balance sheet strength, Cyclical, Dallas-Fort Worth, homebuilder, housing market, land development, Management Quality, Real Estate | Login |
| Jun 30, 2023 | Fund Letters | Diamond Hill Small Cap Fund | UFPT | UFP Technologies | Health Care | Health Care Equipment | Bull | NASDAQ | Acquisitions, Custom Manufacturing, Free Cash Flow, Geographic Diversification, Healthcare Equipment, margin expansion, medical technology, organic growth | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Small Cap Fund | WCC | WESCO International | Industrials | Trading Companies & Distributors | Bull | NYSE | acquisition, Communications, cross-selling, Distributor, Electrical, Fragmented Market, Industrial, market leader, supply chain, synergies | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Small Cap Fund | ESAB | ESAB Corporation | Industrials | Machinery | Bull | NYSE | Automation, Cutting Equipment, Emerging markets, Fabrication Technology, Gas Control, Industrial, margin expansion, organic growth, Welding | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Small Cap Fund | - | First Western Financial | Financials | Regional Banks | Bull | NASDAQ | demographic trends, High Net Worth, market share, operating leverage, operational discipline, Private Trust Bank, wealth management, Western US | Login |
| Mar 31, 2023 | Fund Letters | Diamond Hill Small Cap Fund | SAMG | Silvercrest Asset Management | Financials | Asset Management & Custody Banks | Bull | NASDAQ | Acquisitions, Boutique Wealth Management, cash flows, Geographic Expansion, High-Touch Service, Low Capital Intensity, net cash, scalable platform, Ultra High Net Worth | Login |
| TICKER | COMMENTARY |
|---|---|
| MGY | Exploration and production company Magnolia Oil & Gas saw shares rise as the sharp increase 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. |
| DCO | Shares of aerospace and defense manufacturer Ducommun rose as its missile franchise, representing roughly 25% of its defense revenue, is directly benefiting from the Pentagon's spending acceleration. Additionally, the company's expansion into engineered products creates pricing power and margin expansion that traditional manufacturers cannot replicate, allowing the company to grow end markets while expanding profitability in a rising defense spending environment. |
| ODC | Oil-Dri, a leading provider of branded and private label cat litter as well as other sorbent materials, outperformed as management has continued to successfully execute a multi-year transformation toward premiumization and operational excellence. This transformation, which has prioritized operational flexibility, shifts to higher-margin products and onshoring of packaging to insulate from tariffs, has created defensible moats for the company that are hard for competitors to replicate. |
| RRR | Red Rock Resorts' fundamentals remained solid, though the stock faced pressure in Q1 as investors linked gaming demand to discretionary spending trends. Concerns around rising fuel prices, particularly following geopolitical tensions, weighed on sentiment given the perceived impact on consumer budgets. However, the company's increasingly diversified customer base has historically shown resilience to these pressures. |
| PAL | Proficient Auto Logistics is one of the largest auto transport companies in the US and has played a leading role in consolidating the industry, bringing together several non-union carriers nationwide. The company has broad geographic coverage and meaningful contracts with multiple auto manufacturers. Rising oil prices and macroeconomic uncertainty have recently pressured auto sales and weighed on performance, but we continue to believe the company is well-positioned to outperform over the long-term, supported by its cost advantage, strong balance sheet and high-quality management team. |
| UTZ | Shares of snack manufacturer Utz Brands declined after issuing Q1 guidance that was below expectations, although we believe this guidance is obscuring underlying operational progress. More broadly, the category remains pressured given the adoption of GLP-1 medications, disruption to SNAP benefits and increasing competition in the space, while higher oil prices are adding pressure through freight costs and weaker consumer sentiment. |
| LYTS | LSI Industries is a leading North American provider of commercial and industrial lighting and custom display solutions. Under CEO Jim Clark, who joined in November 2018, the company has shifted away from commoditized, off-the-shelf products toward higher-value, more differentiated solutions. We are attracted to the company's resilient business model, strong cash generation, growing mix of stickier service-driven revenue and disciplined management team, which has driven consistent organic growth, product innovation and strategic acquisitions. |
| KN | Knowles Corp. is a global manufacturer of specialty electronic components serving medical, defense and industrial markets. Recent strategic initiatives have reshaped the portfolio toward higher-margin, mission-critical end markets with more durable demand drivers. We believe the current valuation does not fully reflect the improved business mix and long-term growth potential, so we initiated a position during the quarter. |
| PRGS | Software provider Progress Software is facing increased uncertainty due to disruption from AI, so we exited our position in favor of more attractive opportunities. |
| FA | We exited our position in First Advantage, a leader in the background check space, to pursue other opportunities with less macro exposure and AI-disruption concerns. |
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