ASH

ASH

ASH

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	Diamond Hill Small-Mid Cap Strategy	5.4%	1.0%	ALK, ASH, CCS, CIVI, COOP, FCN, GNRC, GTES, ICLR, KNF, MTN, NSP, POST, RRR, RRX, TKO.TO, WCC	energy, mid cap, small cap, tariffs, technology, Trade Policy, value	President Trump's Liberation Day tariffs announcement caused market volatility in April, followed by new trade deals with UK and China. US-China agreed to cut tariffs for 90 days in May, though progress has stalled since then.	FCN WCC RRR	View
2025 Q2	Jul 22, 2025	American Century Small Cap Value Fund	-0.4%	-	ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS	banks, consumer discretionary, financials, industrials, Rate Cuts, small cap, value	The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle.		View
2024 Q2	Jun 30, 2024	ClearBridge Mid Cap Growth Strategy	-	-	APP, ASH, AVTR, AZPN, BKR, CASY, COTY, DTE, EQT, ES, HIG, IP, LNW, MCHP, MRVL, PPL, QRVO, RRX, TFX, WSC	AI, energy, industrials, mid cap, Natural Gas, semiconductors, tariffs, technology	The strategy holds AI beneficiaries like AppLovin and Marvell Technology. Despite short-term pressure from DeepSeek concerns, the managers believe AI-enabled advertising platforms and data center infrastructure remain compelling long-term opportunities in the mid cap space.		View
2025 Q1	Apr 24, 2025	Diamond Hill Mid Cap	-1.3%	-1.3%	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	President 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.		View
2024 Q4	Dec 31, 2024	ClearBridge Mid Cap Growth Strategy	-	-	APP, ARE, AROC, ASH, AVTR, CAE, COIN, CTRA, EMN, EQT, ICLR, IP, MRVL, RBRK	AI, energy, growth, healthcare, industrials, materials, mid cap, technology	The fund holds high-quality AI beneficiaries like AppLovin and Marvell Technology in the mid cap market. AppLovin's proprietary AI targeting engine Axon powers its mobile advertising platform, while Marvell supplies custom silicon solutions for hyperscale data centers and AI infrastructure. The managers believe competitive differentiation will become more important as AI investment evolves.		View
2024 Q4	Dec 31, 2024	Diamond Hill Mid Cap	-2.4%	10.6%	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	Trade 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.		View
2024 Q4	Dec 31, 2024	Diamond Hill Small Cap Fund	1.0%	13.2%	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	Growing 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.	CURB CMPR MLAB FTAI USLM	View
2024 Q4	Dec 31, 2024	Diamond Hill Small-Mid Cap Strategy	-0.8%	8.3%	ALGT, ARW, ASH, BOKF, CIEN, CUBE, FTRE, GTES, HII, ICLR, INFA, JLL, NVR, REXR, RRR, SOLV, TDY, TFX, WBS, WCC	financials, healthcare, industrials, real estate, small cap, technology, value	WESCO is benefiting from strong demand in its data center business, representing a key growth driver for the industrial distributor. The company's scale advantage positions it well to capture share in this expanding market.		View
2025 Q3	Oct 19, 2025	American Century Small Cap Value Fund	4.7%	-	ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS	banks, consumer, financials, industrials, semiconductors, small cap, value	The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle.		View
2024 Q3	Sep 30, 2024	Diamond Hill Mid Cap	8.3%	13.3%	ALGT, ASH, BOKF, CIEN, CIVI, CTRA, CUBE, DEI, HII, HUM, LANC, NVR, PH, RRX	defense, energy, industrials, interest rates, mid cap, real estate, value	Initiated 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.	HII	View
2024 Q3	Sep 30, 2024	Diamond Hill Small Cap Fund	8.5%	12.2%	ALIT, ASH, ASTH, CIVI, DEI, ENOV, FA, FTAI, IGIC, JLL, LOB, NSP, PAL, PESI, RMNI, USLM	financials, healthcare, industrials, rates, small caps, value	The 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.		View
2024 Q3	Sep 30, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ASH, BBWI, CALM, CIVI, COOP, CTRA, CUBE, DEI, FTRE, HII, HLIO, LANC, LOB, NVR, RRX, WWW	defense, energy, Homebuilders, rates, small caps, value	Huntington Ingalls Industries is positioned as a critical supplier to the US Navy and Department of Defense, with high visibility into strong demand over the next 5 to 10 years given the long-cycle nature of defense products and preparation for potential Pacific conflict.		View
2023 Q2	Jul 25, 2023	Diamond Hill Mid Cap	8.3%	13.3%	ALGT, ASH, CIEN, ENOV, FERG, LEA, NVR, PH, POST, SBAC, ST, UGI, WSO	Banking, Distribution, industrials, infrastructure, mid cap, technology, value	The 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.		View
2023 Q2	Jul 25, 2023	Diamond Hill Small Cap Fund	8.5%	12.2%	ALGT, ASH, BKU, CALM, COOP, FIBK, GRBK, HBI, OZK, PRG, TKO.TO, UFPT, WNS	Banking, financials, healthcare, Homebuilders, small caps, technology, value	The 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.	UFPT GRBK	View
2023 Q2	Jul 25, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	AAP, ALGT, ASH, CALM, CIEN, COOP, ENOV, ITGR, LEA, NVR, PRG, UGI, WCC, WNS	Banking, industrials, inflation, rates, small caps, value	The manager emphasizes their value-oriented approach, stating they invest in companies selling for less than their estimate of intrinsic value. They believe value and cyclically oriented stocks are likely to become more attractive to investors as they are well-positioned to produce abundant, consistent cash flows in the near and intermediate terms.		View
2023 Q2	Jun 30, 2023	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	APTV, ARGX, ASH, ATS, AZPN, BSY, CAE, CSGP, EMN, EQT, ETSY, EVBG, ICLR, LYV, MRVL, SCI, STE, VRT	AI, Data centers, energy, healthcare, industrials, mid cap, Natural Gas	AI development drove surge in investor demand for large tech companies and benefited portfolio holdings like Vertiv. Deploying AI applications will necessitate substantial investment in new data centers and upgrading existing facilities, creating opportunities for data center infrastructure providers.		View
2025 Q1	Mar 31, 2025	ClearBridge Mid Cap Growth Strategy	-	-	APP, ASH, AVTR, AZPN, BKR, CASY, COTY, DTE, EQT, ES, HIG, IP, LNW, MCHP, MRVL, PPL, QRVO, RRX, TFX, WSC	AI, energy, industrials, mid cap, Natural Gas, semiconductors, tariffs, technology	AI beneficiaries like AppLovin faced pressure from short sellers amid broader tech retreat, but the manager believes AI-enabled advertising platforms remain among the best AI opportunities in mid cap. Data center companies like Marvell continue to benefit from hyperscaler buildouts despite DeepSeek concerns. SailPoint's AI integration has expanded its addressable market for identity security solutions.		View
2023 Q1	Mar 31, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY	financials, industrials, mid cap, small cap, value			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Dec 5, 2025	Fund Letters	Chris Welch	Ashland Inc.	Materials	Specialty Chemicals	Bull	NYSE	Chemicals, construction, Sentiment, specialty, valuation	View Pitch

BSD Shareholders of ASH

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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