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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Apr 1, 2025 | Lyrical Asset Management | 1.7% | 1.7% | 6723.T, AHT.L, AMP, BERY, ELIS.PA, ENXTPA.PA, FLEX, JCI, LAD, LEA, RXL.PA, SU | global, international, Quality, Recession, tariffs, value | International stocks have been massive underperformers over the past decade due to valuation expansion in US markets, not fundamentals. The EAFE is trading at less than 14x earnings while the S&P 500 trades 25% above its long-term average multiple. The S&P 500 is about 45% more expensive than EAFE despite equally attractive fundamentals. | View | |
| 2023 Q1 | Mar 31, 2023 | Alluvium Global Fund | - | - | BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LEA, LNR.TO, LUV, MCK, MU, RHI, ROG.SW, RYA.L, THO, UMG.AS, WBA, WFG.TO | Airlines, Cyclical, global, healthcare, Recovery, technology, value | Ryanair was the Fund's best performer over the quarter, up 21.9%. Now operating above pre-Covid levels, management's bold purchase of additional Boeing Max aircraft during the pandemic is proving prescient. Given strong traffic recovery and pricing, Ryanair raised its full year profit guidance by 25%. | LBRDK |
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| 2024 Q4 | Dec 31, 2024 | Diamond Hill Large Cap Strategy | -2.2% | 12.1% | AMZN, BAC, BLDR, CL, EXR, FCX, GM, HCA, HUM, LEA, LULU, PEP, SBAC, SYK, WFC | Banking, consumer, healthcare, large cap, REITs, technology, value | Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. President-elect Trump's tariff threats are creating market shifts and uncertainty among central banks, with the Bank of Japan explicitly citing uncertainty around Trump's policies as reason for pausing rate increases. | View | |
| 2025 Q4 | Jan 27, 2026 | Diamond Hill Mid Cap | 3.7% | 13.5% | CHKP, CIEN, CIVI, CUBE, GIS, HII, LEA, POST, VRSN, WCC, WIX, WLK, ZTS | AI, defense, healthcare, industrials, materials, mid cap, technology, value | AI-related spending continued to be a primary driver in equity markets throughout 2025, with many top-performing portfolio positions benefiting from ongoing AI-spending buildout across industrials, materials and information technology. However, the managers note increased investor scrutiny around AI developments and market bubble discussions in December. Data center business growth was a significant driver for portfolio holdings, with WESCO International's data center business reaching nearly 20% of total revenue and driving better-than-expected organic growth. The theme reflects the ongoing infrastructure buildout supporting AI and cloud computing demand. Defense spending opportunities emerged through Huntington Ingalls Industries, which benefited from strong Navy shipbuilding demand, new frigate contract awards, and discussion of potential Trump-class battleship opportunities. The company showed improving execution as labor challenges eased. | View | |
| 2025 Q4 | Jan 27, 2026 | Diamond Hill Small-Mid Cap Strategy | 1.2% | 8.5% | AMH, ARE, BAH, CCS, CIEN, CUBE, GIS, GTES, HII, HLIO, IAC, LEA, PRGO, SBAC, UDR, WCC, WIX, WLK, WNS | defense, healthcare, industrials, mid cap, real estate, small cap, technology, value | The portfolio faced headwinds from AI-driven market exuberance creating momentum-driven rallies favoring lower-quality businesses. However, some holdings like Ciena benefited from hyperscaler and AI-related demand optimism. The managers express caution about AI bubble concerns emerging in December. WESCO International's data center business reached nearly 20% of total revenue and drove better-than-expected organic growth. The rapid expansion of this segment was a key contributor to the company's outperformance during the quarter. Huntington Ingalls Industries benefited from strong execution, new frigate contract awards, and discussion of a potential Trump-class battleship. Booz Allen Hamilton faced pressure from Department of Government Efficiency initiatives but remains well-positioned given differentiated technology capabilities and sustained government demand. The portfolio includes exposure to various real estate segments including self-storage (CubeSmart facing occupancy pressures), wireless tower infrastructure (SBA Communications), life sciences real estate (Alexandria Real Estate), and single-family rentals (Invitation Homes). The sector faces headwinds from higher interest rates and housing market challenges. | INVH ARE BAH SBAC CUBE GTES HII WCC CIEN ZTS HII |
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| 2024 Q2 | Jul 26, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AMZN, BAC, COP, EXR, GOOGL, IP, KKR, KMX, LEA, META, MMC, MRO, MSFT, NVDA, RRX, SBUX, TGT, TXN | AI, Cloud, large cap, semiconductors, technology, value | AI-related stocks have driven increasingly narrow market performance with a small number of massive technology stocks driving the majority of index returns. NVIDIA alone has contributed nearly one-third of equity market returns with its +150% increase year to date. | SBUX IP |
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| 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-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 Q1 | Mar 31, 2023 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AIG, ALL, AMZN, BKNG, GOOGL, LEA, LIN, MSFT, NVR, RRX, TFC | Banking, financials, Intrinsic Value, large cap, technology, value | Regional bank failures including SVB and Signature Bank created market volatility and concerns about contagion. The fund exited First Republic Bank due to deposit concentration risks while maintaining conviction in Truist Financial despite sector pressure. | RRX LEA ALL TFC FRC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Diamond Hill Large Cap Strategy | Lear Corporation | Consumer Discretionary | Auto Components | Bull | NYSE | automotive seating, Automotive Supplier, cash generation, Global Manufacturing, ICE/EV Agnostic, intrinsic value, Market Selloff | View Pitch |
| Nov 29, 2025 | Fund Letters | Gary Kauppila | Lear Corp. | Consumer Discretionary | Auto Parts | Bull | NYSE | Auto parts, backlog, capital allocation, Electrification, EVs, Free Cash Flow, growth | View Pitch |
| Nov 28, 2025 | Fund Letters | Gary Kauppila | Lear Corp. | Consumer Discretionary | Auto Parts | Bull | NYSE | Auto parts, backlog, capital allocation, Electrification, EVs, Free Cash Flow, growth | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $3.5M | 0.08% | 30,948 | +20,539 | +197.32% | 0.0495% |
| Richard Pzena | Pzena Investment Management | $33.4B | $855.8M | 2.56% | 7,467,354 | -30,063 | -0.40% | 11.9525% |
| Ray Dalio | Bridgewater Associates | $27.4B | $9.8M | 0.04% | 85,596 | -46,653 | -35.28% | 0.1370% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $35.9M | 0.05% | 313,506 | -104,015 | -24.91% | 0.5018% |
| Israel Englander | Millennium Management LLC | $233.2B | $17.8M | 0.01% | 155,424 | +151,856 | +4256.05% | 0.2488% |
| Jeremy Grantham | GMO LLC | $39.1B | $7.9M | 0.02% | 68,784 | -375 | -0.54% | 0.1101% |
| Cliff Asness | AQR Capital Management | $190.6B | $90.5M | 0.05% | 789,745 | +200,617 | +34.05% | 1.2641% |
| Rich Handler | Jefferies | $19.3B | $699,175 | 0.00% | 6,101 | +6,101 | +100.00% | 0.0098% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $917 | 0.00% | 8 | +0 | +0.00% | 0.0000% |