Diamond Hill
Diamond Hill Large Cap Fund
US Large-cap
Dec 2024 → Sep 2026
Our archive holds 7 letters from this strategy, behind 13 investment theses and positions in 42 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 3 years · follow all of Diamond Hill for every strategy.
What it bought and sold
We initiated a position in research and advisory firm Gartner as concerns around slowing revenue growth and potential disruption from AI have created an opportunity to invest at an attractive valuation.
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.
Shares of the following companies were sold to allocate funds to more attractive opportunities.
A new position in Meta Platforms was a contributor after releasing its AI agent, Muse, which has gained rapid adoption.
Ameren, a regulated electric and gas utility, was added to the portfolio given its combination of steady growth, a strong balance sheet and supportive regulatory environment.
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.
We initiated a position in a global technology company Alphabet as we believe AI is strengthening its core search and advertising business as well as several other products.
Shares of the following companies were sold to allocate funds to more attractive opportunities.
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.
Elevance Health is one of the largest health insurers in the US.
- New positionFedEx FreightJun 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.
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.
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.
Given the fundamental headwinds the company is facing, we exited our position to deploy capital to more attractive opportunities.
Humana is a new holding in 2Q26 and the second-largest Medicare Advantage insurer in the US.
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.
We eliminated Starbucks as it approached our estimate of intrinsic value.
Also held
Its investment theses
- Meta PlatformsSep 2026Meta Platforms has broad distribution and an accelerating advertising business, with an attractive valuation entry point.
- TransoceanSep 2026Transocean should benefit from favorable offshore drilling fundamentals, and the Valaris merger strengthens its position and balance sheet.
- FedEx FreightJun 2026FedEx Freight is the largest LTL carrier and should improve margins through focused execution in a concentrated industry.
- Kimberly-ClarkMar 2026Kimberly-Clark is a consumer staples leader with a high-quality core business, cost synergy potential and improved growth opportunities.
- The Cooper Companies, Inc.Dec 2025The Cooper Companies is a global leader in contact lenses and women's health poised for long-term growth and modest share gains despite near-term headwinds.
- Dover CorporationDec 2025Dover Corporation is transitioning to an execution-focused operator with margin expansion potential, higher-growth exposure, and valuation upside.
- Solventum CorporationDec 2025Solventum is a medical products and health care IT company spun from 3M with potential for improved growth and margins under new management.
- EQT CorporationDec 2025EQT Corporation is a low-cost Appalachian gas producer with structural advantages and leverage to long-term US natural gas demand.
- FedExSep 2025FedEx is poised for improved profitability through cost cuts and a strategic spinoff of its LTL business, presenting an attractive long-term investment opportunity despite recent challenges.
- Capital OneMar 2025Capital One is a leading US credit card issuer poised for growth through its acquisition of Discover, despite regulatory challenges, as its strong technology platform positions it well for competitive card offerings.