Diamond Hill
Diamond Hill Large Cap Concentrated Fund
Large-cap
Dec 2024 → Sep 2026
Our archive holds 4 letters from this strategy, behind 5 investment theses and positions in 23 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
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.
including Martin Marietta Materials and Ferguson Enterprises, detracted.
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.
ConocoPhillips was a top contributor, and our overweight in the sector also benefited relative performance.
• Health care tools and diagnostics company Thermo Fisher Scientific is benefiting from recovering end-market demand following a multiyear slowdown after the pandemic.
• 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.
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.
Global payments technology company Visa was added to the portfolio as we are attracted to its durable competitive advantages, asset-light business model and resilient payment volume growth.
Insurance broker Aon underperformed during the quarter amid concerns that the company overpaid for its acquisition of middle-market broker USI.
Also held
Its investment theses
- AdobeSep 2026Adobe is a leading software company with loyal customers, pricing power, embedded workflows and AI-driven growth potential.
- FergusonMar 2025Ferguson is a leading US distributor of plumbing and HVAC products, well-positioned to benefit from scale in a fragmented market, with current share prices reflecting potential macroeconomic headwinds.
- Lululemon athleticaMar 2025Lululemon athletica is a high-quality, cash-generative technical apparel brand with a strong Americas presence and sustainable margins, presenting an attractive investment opportunity despite recent competitive pressures.
- AonDec 2024Aon is a leading global insurance broker with steady growth
- Waste ManagementDec 2024Waste Management is one of the US’s largest providers of waste-collection services. Its leading footprint of landfill assets provides the company with long-term pricing power.