Diamond Hill
Diamond Hill Mid Cap Fund
US Mid-cap
Dec 2024 → Jun 2026
Our archive holds 6 letters from this strategy, behind 8 investment theses and positions in 20 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years — follow all of Diamond Hill for every strategy.
What it bought and sold
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.
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.
• Equifax, a provider of mortgage, employment and other data, manages proprietary datasets that are costly and difficult to replicate.
Given the fundamental headwinds the company is facing, we exited our position to deploy capital to more attractive opportunities.
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.
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.
Health care services and insurance company Humana is a new holding in 2Q26 and the second-largest Medicare Advantage insurer in the US.
- ExitedSS&C TechnologiesJun 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.
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.
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.
Also held
Its investment theses
- MGM ResortsMar 2026MGM Resorts is a leading casino operator with attractive valuation and growth optionality from BetMGM and Japan.
- Regal RexnordMar 2026Regal Rexnord is an industrial electrical products company with data center exposure, margin expansion potential and attractive valuation.
- Carrier GlobalMar 2026Carrier Global is a focused HVAC business with market-share gains, margin improvement potential and an attractive discount to intrinsic value.
- Toro CompanySep 2025Toro Company is a leading provider of turf and landscape management equipment with a strong market presence, and despite recent challenges, it is expected to achieve solid long-term growth.
- Martin Marietta MaterialsMar 2025Martin Marietta Materials is a strategically positioned heavy building materials supplier poised for growth, making it an attractive investment opportunity following recent share price pressures.
- VentasMar 2025Ventas is a diversified healthcare REIT focused on the growing demand for private-pay senior housing, with potential for strong growth and competitive advantages in a limited supply environment.
- LPL FinancialDec 2024LPL Financial is well-positioned for double-digit revenue and earnings growth despite concerns over cash flows and regulatory scrutiny
- SolventumDec 2024Solventum is a newly independent company focused on driving revenue growth and optimizing R&D to enhance its product offerings and address critical patient needs.