Diamond Hill
Diamond Hill International Fund
International
Dec 2024 → Mar 2026
Our archive holds 4 letters from this strategy, behind 2 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 3 years · follow all of Diamond Hill for every strategy.
What it bought and sold
Rentokil Initial, a global pest control company, became attractive after integration missteps following the Terminix acquisition weighed on sales execution and organic growth.
Beazley, a UK-based specialist insurer, was sold after Zurich Insurance proposed to acquire the company at a price above our estimate of intrinsic value.
We initiated a position after management reset near-term expectations, including reducing the dividend to support reinvestment and balance sheet improvement.
Samsung C&T, which owns stakes in Samsung Electronics, Samsung Biologics and other operating businesses, offers a diversified way to participate in the value of the broader Samsung Group.
SWCC, a Japanese industrial company, is positioned to benefit from stronger domestic power and utility demand as well as secular growth tied to AI, robotics and related infrastructure.
EXOR, a diversified European holding company, was sold in favor of what we viewed as better opportunities elsewhere in the portfolio.
ICON, a global contract research organization serving pharmaceutical, biotechnology and medical device companies, was sold to realize tax losses.
Allfunds, Europe’s largest cross-border fund distribution platform, was sold after the stock appreciated close to Deutsche Börse’s offer price, leaving limited upside relative to the remaining regulatory-approval risk.
Hikari Tsushin, a Japanese company serving small- and mid- size businesses through telecom, utility and other recurring- service contracts, combines a cash-generative operating business with a sizable portfolio of listed equity investments.
- ExitedMagnum Ice CreamMar 2026
Magnum Ice Cream, which we received through the Unilever spinoff, was exited because we did not find the business attractive at the current share price.
Also held
Its investment theses
- KronesDec 2024Krones is a resilient leader in the beverage machinery industry with strong market share and customer relationships
- MAX Co.Dec 2024MAX Co. is an undervalued Japanese manufacturer of pneumatic tools with strong growth potential due to its efficient Twintier rebar-tying solutions and improved capital allocation practices.