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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Lagging its benchmark's 5.05% gain. The team actively recycled capital from fully valued positions into high-conviction opportunities in global semiconductors, defense, and financials."
In Q4 2025, the Diamond Hill International Strategy returned 3.87% net of fees, trailing the MSCI ACWI ex USA Index return of 5.05%. Throughout 2025, international equities defied expectations and outperformed US markets, buoyed by a weaker US dollar and tailwinds in AI infrastructure, European fiscal policy, and corporate governance reforms. The portfolio initiated new positions in SK hynix, ICON, NatWest Group, and Theon International. These buys were funded by exits in Konecranes and Sumitomo Densetsu (which both reached intrinsic value), alongside tax-loss harvesting in Gerresheimer and strategic sales of Arvind and Epiroc.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
Risk Appetite
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