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Diamond Hill

Dec 2024 → Sep 2026 · Publishes quarterly · 16 funds

Our archive holds 60 letters from Diamond Hill, behind 64 investment theses and positions in 150 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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60
Letters
150
Companies
111
Moves
64
Theses

16 strategies

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

What they bought and sold · 111 moves

  • TrimmedBioLife Solutions
    September 2026
    “Shares of cell and gene therapy products and services supplier BioLife Solutions were sold after the stock price appreciated materially following the acquisition announcement by Regeneron.”
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  • AddedConocoPhillips
    September 2026
    “ConocoPhillips was a top contributor, and our overweight in the sector also benefited relative performance.”
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  • New positionWaystar Holding
    September 2026
    “We initiated a position in Waystar Holding, a leading health care technology company that helps providers manage billing, insurance claims and payments.”
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  • New positionJPMorgan Chase
    September 2026
    “We initiated a position in JPMorgan Chase, a global financial services firm, as we believe its scale enables continued technology investment that should improve efficiency over time.”
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  • AddedMicrosoft
    September 2026
    “We initiated a position in software and technology provider Microsoft given the strength and customer value proposition of its existing products and services, along with its compelling opportunity to create value through investments in AI.”
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  • AddedMeta Platforms
    September 2026
    “Shares of Meta Platforms, the world’s largest social media company, outperformed during the quarter, driven by accelerating advertising growth and positive reception of several new consumer AI initiatives.”
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  • New positionEquifax
    September 2026
    “We initiated a position in Equifax, a leading credit bureau and provider of data analytics, given the company’s proprietary, difficult-to-replicate data assets, particularly its employment and income database, The Work Number.”
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  • New positionAlphabet
    September 2026
    “We initiated a position in global technology company Alphabet as we believe AI is strengthening its core search and advertising business as well as several other products.”
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  • New positionTransocean
    September 2026
    “We initiated a position in Transocean, a leading offshore drilling contractor, as constrained industry supply and rising demand create a favorable backdrop for offshore drilling.”
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  • TrimmedMartin Marietta Materials
    September 2026
    “including Martin Marietta Materials and Ferguson Enterprises, detracted.”
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  • New positionMartin Marietta
    September 2026
    “We initiated a position in building materials supplier Martin Marietta following weakness in construction sentiment across residential, nonresidential and infrastructure markets, as well as concerns surrounding a sizable acquisition that increased leverage.”
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  • ExitedMP Materials
    September 2026
    “We exited our positions in the following companies as their share prices reached our estimates of intrinsic value.”
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  • New positionThermo Fisher Scientific
    September 2026
    “• Health care tools and diagnostics company Thermo Fisher Scientific is benefiting from recovering end-market demand following a multiyear slowdown after the pandemic.”
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  • New positionRalph Lauren
    September 2026
    “We initiated a short position in global retailer Ralph Lauren during the quarter, as we believe revenue growth will become increasingly challenged given its reliance on higher average unit prices rather than sales volume growth.”
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  • AddedAmeren
    September 2026
    “• Ameren, a regulated electric and gas utility, was added to the portfolio given its combination of steady growth, a strong balance sheet and a supportive regulatory environment.”
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  • AddedCentene
    September 2026
    “Managed care provider Centene was added to the portfolio as we believe margins have a credible path to recovery over the next several years as Medicare reimbursement rates catch up with underlying cost trends across its covered population.”
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  • New positionAdobe
    September 2026
    “We initiated a position as we believe the market overestimates competitive threats and underappreciates the company’s loyal customer base, pricing power and deeply embedded workflows.”
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  • New positionMeta Platforms
    September 2026
    “A new position in Meta Platforms was a contributor after releasing its AI agent, Muse, which has gained rapid adoption.”
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  • ExitedCooper Companies
    September 2026
    “Shares of the following companies were sold to allocate funds to more attractive opportunities.”
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  • New positionBank7
    September 2026
    “We initiated a position in Bank7, an Oklahoma City-based commercial bank, given the company’s highly profitable, branch- light model and recent acquisition of Century Bank, which we believe should meaningfully enhance earnings.”
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  • AddedChevron
    September 2026
    “We added energy company Chevron to the portfolio given its leverage to higher oil prices and refining margins, which benefited from renewed hostilities in the Middle East and continued tightness in the refinery complex.”
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  • New positionUnited States Lime & Minerals
    September 2026
    “We initiated a position in the quarter as we believe its high-quality reserves, favorable competitive position, expanding capacity and strong balance sheet support attractive long-term growth.”
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  • ExitedGates Industrial
    September 2026
    “Shares of auto parts manufacturer Gates Industrial were sold to allocate funds to more attractive opportunities.”
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  • AddedGenerac
    September 2026
    “Generac, a leading provider of backup power generation equipment, was added to the portfolio given growing demand from data centers and the potential for recovery in its core residential generator business.”
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  • ExitedHartford Insurance Group
    September 2026
    “We exited our position in Hartford Insurance Group as the stock approached our estimate of intrinsic value and concerns grew over potential pressure on interest rates moving forward.”
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  • ExitedToro
    September 2026
    “Shares of landscape equipment provider Toro and casino operator MGM Resorts International were sold to allocate funds to more attractive opportunities.”
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  • ExitedMGM Resorts International
    September 2026
    “Shares of landscape equipment provider Toro and casino operator MGM Resorts International were sold to allocate funds to more attractive opportunities.”
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  • New positionAnaptysBio
    September 2026
    “We initiated a position as we believe its current valuation is attractive, with potential new uses for Jemperli and a possible acquisition providing additional upside.”
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  • New positionESAB
    September 2026
    “We initiated a position in ESAB, a leading provider of welding equipment and related products, given the company’s ongoing transformation focused on improving its core business and expanding into higher-growth, higher-margin markets.”
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  • ExitedUtz Brands
    September 2026
    “We exited our position in Utz Brands after shares reached our estimate of intrinsic value following its announced acquisition by Intersnack.”
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Showing the 30 most recent of 111 recorded moves.

Companies held · 150

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

Theses · 64

  • Waystar Holding
    September 2026

    Waystar Holding is a health care technology company with strong retention and long-term growth from automation of revenue cycle processes.

    Read the full thesis
  • Meta Platforms
    September 2026

    Meta Platforms has broad distribution and an accelerating advertising business, with an attractive valuation entry point.

    Read the full thesis
  • Transocean
    September 2026

    Transocean should benefit from favorable offshore drilling fundamentals, and the Valaris merger strengthens its position and balance sheet.

    Read the full thesis
  • Adobe
    September 2026

    Adobe is a leading software company with loyal customers, pricing power, embedded workflows and AI-driven growth potential.

    Read the full thesis
  • Mayville Engineering
    September 2026

    Mayville Engineering is a contract metal fabricator with earnings growth potential from recovering core markets and rising data center demand.

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  • FedEx Freight
    June 2026

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

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  • 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.

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  • 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
  • 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
  • Daktronics
    June 2026

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

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  • InfuSystem
    June 2026

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

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  • 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

Showing the 48 most recent of 64 theses. Browse them by company to see the rest.

Letter archive · 60

2026

2025

2024

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