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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Diamond Hill International underperformed in Q2 2026 as narrow AI-driven market leadership favored a small group of semiconductor names. The portfolio benefited from TSMC, Samsung, and SK hynix on strong AI chip demand, but energy holdings declined on weak prices and Alibaba fell on China concerns."
Diamond Hill International Strategy returned 7.79% net in Q2 2026, underperforming the MSCI ACWI ex USA Index return of 14.49% as narrow market leadership in AI-related semiconductors drove benchmark performance. The portfolio benefited from holdings in Taiwan Semiconductor Manufacturing Company, Samsung Electronics, and SK hynix, which outperformed on strong AI infrastructure demand, rising memory prices, and increased revenue outlooks. Detractors included Canadian Natural Resources and Imperial Oil, which declined on weakening energy prices despite strong fundamentals, and Alibaba, which fell on concerns about China's consumer recovery and competitive pressures. The manager eliminated four positions to fund more attractive opportunities but added no new names, reflecting selectivity in deployment. The strategy continues to focus on identifying companies where market prices differ meaningfully from intrinsic value, viewing periods of narrow leadership as opportunities to invest in high-quality businesses at attractive prices. Market volatility and geopolitical uncertainty remain elevated, but the manager maintains conviction in the long-term value creation potential of portfolio holdings.
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