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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 28, 2026 | Diamond Hill Small Cap Fund | 3.4% | 3.4% | DCO, FA, KN, LYTS, MGY, ODC, PAL, PRGS, RRR, UTZ | AI, defense, energy, Geopolitical, healthcare, infrastructure, oil, small caps | KN LYTS UTZ PAL RRR ODC DCO |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | BR, CIEN, COO, COOP, ENOV, EQH, GDDY, HII, KMX, LOB, NVST, OZK, PRGO, PRGS, RHP, RRR, RVTY, TRIN, TTC, WCC | AI, mid cap, Quality, small cap, technology, value | AI-fueled boom in technology continues driving market returns, with sentiment around AI's potential to radically change life remaining high. However, the manager believes sentiment is at least partially disconnected from reality given AI's potential is yet to be fully borne out. Markets are rewarding companies with even minimal AI exposure while punishing those at risk from AI disruption. | RVTY COO TTC HII CIEN HII WCC CIEN |
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| 2025 Q4 | Jan 20, 2026 | Sawgrass Asset Management – Small Cap Quality Growth | -0.5% | 7.7% | AORT, BTSG, CRVL, CVLT, IRMD, PRGS, SANM, SNEX, WLDN | growth, healthcare, industrials, Quality, small caps, technology, value | The manager argues for the advent of the small-cap decade based on three key factors: relative valuation discount of small cap to large cap at continual trough valuations, concentration of mega-caps as a percent of total equity market, and the duration of large cap leadership cycle being the second longest in U.S. stock market history. The rubber band of these linchpins is stretched tight and when it snaps, small caps are likely to generate historical appreciation. The Small Cap Quality Growth strategy generates portfolios exhibiting lower price volatility, stable consistent growth, and attractive valuations. The manager's favored factors include lower volatility, lower market sensitivity, higher earnings yield, higher momentum, and higher profitability, though these were mixed for the quarter and year as high-volatility led strongly during both periods. Low-quality factors led both Q4 2025 and the full year, with high short interest, low share price, low P/E, low sales growth, and high bankruptcy risk being leading factors. Loss-makers outperformed profitable companies significantly, evidencing the risk-on nature in the market. Microcaps led for both periods, further demonstrating elevated risk appetite. | View | |
| 2023 Q3 | Sep 30, 2023 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ALGT, CALM, CIVI, DCO, ENOV, FTAI, HAYN, LANC, LEU, LOB, MLR, PRGS, RMNI, RRR | defense, energy, financials, nuclear, small caps, technology, value | Energy 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. | LAS/A CN|MLR|MNRO|NGS|WHGLY|WLY ADCO CALM CIVI |
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| 2023 Q3 | Sep 30, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, CALM, CIEN, CTRA, CVNA, ENOV, ESAB, LANC, MAA, PRGS, RRR, WCC | energy, financials, industrials, rates, small caps, value | Energy was the best performing sector in Q3 with a 17% gain driven by rising oil prices and OPEC+ production cuts. The portfolio benefited from holdings like Civitas Resources and Coterra Energy, both oil and gas producers with assets in key basins. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Sep 16, 2025 | Short Thesis | The Bear Cave | Progress Software Corp | Information Technology | Application Software | Bear | NASDAQ | FCF, Integration, leverage, Roll-up, Security | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||