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Diamond Hill

Dec 2024 → Jun 2026 · Publishes quarterly · 15 funds

Our archive holds 47 letters from Diamond Hill, behind 60 investment theses and positions in 62 companies. Every quote below is copied verbatim from the letter it came from.

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Diamond Hill’s own letters page
47
Letters
62
Companies
41
Moves
60
Theses

15 strategies

Diamond Hill publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 41 moves

  • ExitedKeyCorp
    June 2026
    “Shares of regional bank KeyCorp and coffee chain Starbucks were sold to allocate funds to more attractive opportunities.”
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  • ExitedStarbucks
    June 2026
    “Shares of regional bank KeyCorp and coffee chain Starbucks were sold to allocate funds to more attractive opportunities.”
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  • ExitedCiena
    June 2026
    “We exited our position in optical networking equipment company Ciena as shares rose amid optimism around demand for optical equipment in AI data center buildouts.”
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  • ExitedEnergy Recovery
    June 2026
    “Pressure exchanger manufacturer Energy Recovery, diversified provider of tech-enabled services and software to the financial services industry SS&C Technologies and regional commercial bank Webster Financial were sold to allocate funds to more attractive opportunities.”
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  • ExitedSS&C Technologies
    June 2026
    “Pressure exchanger manufacturer Energy Recovery, diversified provider of tech-enabled services and software to the financial services industry SS&C Technologies and regional commercial bank Webster Financial were sold to allocate funds to more attractive opportunities.”
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  • New positionVeralto
    June 2026
    “We initiated a position as we believe the market has underappreciated the company’s resilient business model, strong profitability and disciplined capital allocation amid the current chase for revenue growth in data center-related industries.”
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  • New positionVerisk Analytics
    June 2026
    “We initiated a position as its services represent a small portion of customers’ overall costs but are deeply embedded in their workflows and critical to their operations, supporting consistent revenue growth, strong margins and sustained pricing power.”
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  • New positionCentene
    June 2026
    “We initiated a position in managed care provider Centene as we believe managed care margins now have a realistic path to recovery over the next few years as reimbursement rates catch up with underlying cost trends across the insured population.”
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  • AddedDevon Energy
    June 2026
    “Oil and gas exploration and production company Devon Energy was added to the portfolio following its acquisition of previous holding Coterra Energy.”
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  • ExitedWebster Financial
    June 2026
    “Pressure exchanger manufacturer Energy Recovery, diversified provider of tech-enabled services and software to the financial services industry SS&C Technologies and regional commercial bank Webster Financial were sold to allocate funds to more attractive opportunities.”
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  • ExitedWix.com
    June 2026
    “Given the fundamental headwinds the company is facing, we exited our position to deploy capital to more attractive opportunities.”
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  • New positionMolina Healthcare
    June 2026
    “We initiated a position in managed care provider Molina Healthcare during the quarter.”
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  • New positionElevance Health
    June 2026
    “Elevance Health is one of the largest health insurers in the US.”
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  • New positionFedEx Freight
    June 2026
    “FedEx Freight is a spin-off of shipping company FedEx Corp., creating a standalone less-than-truckload (LTL) carrier that is the industry’s largest by revenue.”
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  • ExitedGeneral Motors
    June 2026
    “Shares of automaker General Motors, electrical product manufacturer Regal Rexnord, coffee chain Starbucks and SS&C Technologies, a diversified provider of tech-enabled services and software to the financial services industry, were sold to allocate funds to more attractive opportunities.”
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  • New positionEquifax
    June 2026
    “• Equifax, a provider of mortgage, employment and other data, manages proprietary datasets that are costly and difficult to replicate.”
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  • ExitedAvantor
    June 2026
    “Global life sciences provider Avantor, diversified provider of tech-enabled services and software to the financial services industry SS&C Technologies and regional commercial bank Webster Financial were sold to allocate funds to more attractive opportunities.”
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  • New positionFive Below
    June 2026
    “We initiated a short position in value-based retailer Five Below as we believe future growth and earnings power will be challenged as abnormal operating strength from the viral squishy toy trend subsides.”
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  • New positionIron Mountain
    June 2026
    “We initiated a short position in Iron Mountain, the leading provider of physical document storage, which has been expanding aggressively into data center infrastructure.”
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  • ExitedHartford Insurance Group
    June 2026
    “Shares of financial services firm Morgan Stanley, medical technology company Becton, Dickinson and Company and property and casualty insurer Hartford Insurance Group were sold to allocate funds to more attractive opportunities.”
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  • ExitedCommerce Bancshares
    June 2026
    “Short positions in smart home and security platform provider Alarm.com Holdings, household cleaning products manufacturer Clorox, regional bank Commerce Bancshares, water infrastructure product distributor Core & Main, medical AI platform provider Doximity, cloud-based real estate brokerage platform eXp World Holdings, property and casualty insurer Palomar Holdings and physical operations technology provider Samsara were eliminated as the stock prices approached our estimates of intrinsic value.”
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  • ExitedBecton, Dickinson and Company
    June 2026
    “Shares of financial services firm Morgan Stanley, medical technology company Becton, Dickinson and Company and property and casualty insurer Hartford Insurance Group were sold to allocate funds to more attractive opportunities.”
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  • ExitedAlarm.com Holdings
    June 2026
    “Short positions in smart home and security platform provider Alarm.com Holdings, household cleaning products manufacturer Clorox, regional bank Commerce Bancshares, water infrastructure product distributor Core & Main, medical AI platform provider Doximity, cloud-based real estate brokerage platform eXp World Holdings, property and casualty insurer Palomar Holdings and physical operations technology provider Samsara were eliminated as the stock prices approached our estimates of intrinsic value.”
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  • ExitedClorox
    June 2026
    “Short positions in smart home and security platform provider Alarm.com Holdings, household cleaning products manufacturer Clorox, regional bank Commerce Bancshares, water infrastructure product distributor Core & Main, medical AI platform provider Doximity, cloud-based real estate brokerage platform eXp World Holdings, property and casualty insurer Palomar Holdings and physical operations technology provider Samsara were eliminated as the stock prices approached our estimates of intrinsic value.”
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  • ExitedCore & Main
    June 2026
    “Short positions in smart home and security platform provider Alarm.com Holdings, household cleaning products manufacturer Clorox, regional bank Commerce Bancshares, water infrastructure product distributor Core & Main, medical AI platform provider Doximity, cloud-based real estate brokerage platform eXp World Holdings, property and casualty insurer Palomar Holdings and physical operations technology provider Samsara were eliminated as the stock prices approached our estimates of intrinsic value.”
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  • ExitedeXp World Holdings
    June 2026
    “Short positions in smart home and security platform provider Alarm.com Holdings, household cleaning products manufacturer Clorox, regional bank Commerce Bancshares, water infrastructure product distributor Core & Main, medical AI platform provider Doximity, cloud-based real estate brokerage platform eXp World Holdings, property and casualty insurer Palomar Holdings and physical operations technology provider Samsara were eliminated as the stock prices approached our estimates of intrinsic value.”
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  • ExitedPalomar Holdings
    June 2026
    “Short positions in smart home and security platform provider Alarm.com Holdings, household cleaning products manufacturer Clorox, regional bank Commerce Bancshares, water infrastructure product distributor Core & Main, medical AI platform provider Doximity, cloud-based real estate brokerage platform eXp World Holdings, property and casualty insurer Palomar Holdings and physical operations technology provider Samsara were eliminated as the stock prices approached our estimates of intrinsic value.”
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  • ExitedSamsara
    June 2026
    “Short positions in smart home and security platform provider Alarm.com Holdings, household cleaning products manufacturer Clorox, regional bank Commerce Bancshares, water infrastructure product distributor Core & Main, medical AI platform provider Doximity, cloud-based real estate brokerage platform eXp World Holdings, property and casualty insurer Palomar Holdings and physical operations technology provider Samsara were eliminated as the stock prices approached our estimates of intrinsic value.”
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  • New positionInsteel Industries
    June 2026
    “We initiated a position in Insteel Industries, the nation’s largest manufacturer of steel wire reinforcing products for concrete construction.”
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  • New positionInfuSystem
    June 2026
    “We initiated a position as we believe the company benefits from a difficult-to-replicate payer network, improving profitability driven by operational efficiencies and a favorable product mix, and a strong balance sheet that supports disciplined capital allocation.”
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Showing the 30 most recent of 41 recorded moves.

Companies held · 62

Every company Diamond Hill has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 60

  • Insteel Industries
    June 2026

    Insteel Industries is a steel wire reinforcing products manufacturer positioned to benefit from infrastructure and data center spending, with a stronger competitive position and debt-free balance sheet.

    Read the full thesis
  • BioLife Solutions
    June 2026

    BioLife Solutions supplies essential cell therapy materials and has a distinct advantage from regulatory and switching barriers.

    Read the full thesis
  • InfuSystem
    June 2026

    InfuSystem provides infusion pump support services with a hard-to-replicate payer network, improving profitability, and a strong balance sheet.

    Read the full thesis
  • FreightCar America
    June 2026

    FreightCar America manufactures railcars and benefits from fleet replacement demand, improving pricing, and vertically integrated cost and delivery advantages.

    Read the full thesis
  • Daktronics
    June 2026

    Daktronics is a leading LED displays provider with a strong competitive position, improving leadership and governance, and financial flexibility.

    Read the full thesis
  • Verisk Analytics
    June 2026

    Verisk Analytics is a leading insurance data and analytics provider with limited competition, embedded workflows, and strong pricing power.

    Read the full thesis
  • FedEx Freight
    June 2026

    FedEx Freight is the largest LTL carrier and should improve margins through focused execution in a concentrated industry.

    Read the full thesis
  • Iron Mountain
    June 2026

    Iron Mountain is a physical document storage leader whose core business is declining and whose capital-intensive data center expansion lacks a clear edge.

    Read the full thesis
  • MGM Resorts
    March 2026

    MGM Resorts is a leading casino operator with attractive valuation and growth optionality from BetMGM and Japan.

    Read the full thesis
  • Ducommun
    March 2026

    Ducommun is an aerospace and defense manufacturer benefiting from defense spending growth, pricing power and margin expansion.

    Read the full thesis
  • Regal Rexnord
    March 2026

    Regal Rexnord is an industrial electrical products company with data center exposure, margin expansion potential and attractive valuation.

    Read the full thesis
  • Kimberly-Clark
    March 2026

    Kimberly-Clark is a consumer staples leader with a high-quality core business, cost synergy potential and improved growth opportunities.

    Read the full thesis

Showing the 48 most recent of 60 theses. Browse them by company to see the rest.

Letter archive · 47

2026

2025

2024

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