Diamond Hill Large Cap Fund

Automobile manufacturer. Beneficiou de growing clarity around tariffs no T3, improving visibility into the likely impact on the company's business. Investidores cheered pela perspectiva de rate cuts, que poderá bolster consumer borrowing e drive increased sales nos próximos trimestres.

Automobile manufacturer General Motors benefited from growing clarity around tariffs, which is in turn improving visibility into the likely impact on the company's business.

"Automobile manufacturer General Motors beneficiou de growing clarity around tariffs, melhorando visibility into the likely impact on the company's business."

Heavy building materials supplier. Optimizing portfolio of product offerings — incluindo upcoming divestiture of Midlothian cement plant to Quikrete. Como infrastructure e non-residential — e possivelmente housing — construction seem poised to improve, Martin Marietta deverá beneficiar do seu competitive positioning como um dos maiores aggregates producers e distributors dos EUA.

Heavy building materials supplier Martin Marietta is taking steps to optimize its portfolio of product offerings — including the upcoming divestiture of its Midlothian cement plant to Quikrete.

"Heavy building materials supplier Martin Marietta está a tomar passos para optimizar o seu portfolio of product offerings — incluindo o upcoming divestiture do seu Midlothian cement plant à Quikrete."

Leading defense electronics supplier. Capitaliza em strong demand from the US government and its allies em key areas of expertise — including small satellites, secure communications e rocket motors. Cost-cutting efforts a bearing fruit em Aerojet Rocketdyne (acquired two years ago). Share price ainda não reflecte company's opportunity amid US Department of Defense's preparations for potential threats.

Leading defense electronics supplier L3Harris is capitalizing on strong demand from the US government and its allies in its key areas of expertise — including small satellites, secure communications and rocket motors.

"Leading defense electronics supplier L3Harris está a capitalizar em strong demand from the US government and its allies em key areas of expertise — incluindo small satellites, secure communications e rocket motors."

Heavy construction machinery manufacturer. Shares subiram amid positive sentiment em torno do company's power-generation business, que está tied to data center growth. Beneficiária indirecta do buildout de IA infrastructure via power capex requirements.

Shares of heavy construction machinery manufacturer Caterpillar rose amid positive sentiment around the company's power-generation business, which is tied to data center growth.

"Acções da heavy construction machinery manufacturer Caterpillar subiram amid positive sentiment em torno do company's power-generation business, que está tied to data center growth."

Food products manufacturer. Viu incrementally positive sales momentum através dos meses de Verão com empresa a parecer estar a beneficiar de internal initiatives — que, se progress similar continuar nos quarters ahead, will be a welcome development.

Sysco Corporation, a food products manufacturer, saw incrementally positive sales performance through the summer months as the company seems to be benefiting from internal initiatives.

"Sysco Corporation, food products manufacturer, viu incrementally positive sales momentum através dos meses de Verão com empresa a beneficiar de internal initiatives."

Used car dealer. Viu meaningful slowdown em used retail vehicle sales e higher credit-loss provisions no captive financing arm. Consumidores pulled forward vehicle purchases ahead of tariffs, leading to industry lull recente. Gestores acreditam que CarMax remains capable of taking share num mercado fragmented over the longer term e mantêm conviction no management team, focused em finding efficiencies para spend more em consumer-facing initiatives.

We believe consumers likely pulled forward vehicle purchases ahead of tariffs, leading to a recent industry lull.

"Acreditamos que consumidores likely pulled forward vehicle purchases ahead of tariffs, levando a uma recent industry lull."

Athletic apparel manufacturer. Efforts to improve merchandise this year fell flat com clientes — exigindo reset do strategic plan e setting back o timeline para expected reacceleration. Increased competition, evolving fashion trends, tariffs e remoção da de minimis exemption (que isentava imports worth $800 or less from taxes) afectarão lululemon disproportionately. Posição exited durante o trimestre em favor de more attractive investment opportunities elsewhere.

We exited our position during the quarter in favor of more attractive investment opportunities elsewhere.

"Saímos da nossa posição durante o trimestre em favor de more attractive investment opportunities elsewhere."

Property and casualty insurance company. Shares pressed alongside many industry peers à medida que o benefit from pricing em excess of loss costs que insurers beneficiaram over the past few years is waning. Headwind cíclico em pricing power que afecta o sector de forma ampla.

Shares of property and casualty insurance company AIG were pressured alongside many industry peers as the benefit from pricing in excess of loss costs that insurers have benefitted from over the past few years is waning.

"Acções da property and casualty insurance company AIG foram pressionadas alongside many industry peers à medida que o benefit from pricing em excess of loss costs is waning."

Consumer goods company. Faced consumer weakness — que broadly pressured o consumer packaged-goods space — e inventory destocking no trimestre, particularmente em online retailers, que turn pressured shares. Headwinds cíclicos vs estruturais com question mark sobre durabilidade da pressão.

Consumer goods company Colgate Palmolive faced consumer weakness — which has broadly pressured the consumer packaged-goods space — and inventory destocking in the quarter, particularly at online retailers, which in turn pressured shares.

"Consumer goods company Colgate-Palmolive enfrentou consumer weakness — que broadly pressured o consumer packaged-goods space — e inventory destocking no trimestre, particularmente em online retailers, que turn pressured shares."

Semiconductor manufacturer. Shares declined à medida que demand em core industrial and automotive end markets has recovered slower than expected. Gestores mantêm conviction em company's competitive advantages em manufacturing, product breadth e direct distribution e antecipam que estes headwinds will be short term.

However, we maintain our conviction in the company's competitive advantages in manufacturing, product breadth and direct distribution and anticipate these headwinds will be short term.

"No entanto, mantemos a nossa conviction em company's competitive advantages em manufacturing, product breadth e direct distribution e antecipamos que estes headwinds will be short term."

Transportation, e-commerce and business services company. Materially cut structural costs com plans for further cuts — poderá resultar em parcel business mais eficiente e profitable à medida que volumes recover. LTL business é o industry's largest by revenue com second-highest margins — FedEx plans to spin it off em Junho 2026, dando exposição a high-quality business positioned for growth à medida que industrial production improves. Acções pressed amid extended freight recession — initiation a compelling discount to intrinsic value.

FedEx shares have been pressured recently amid an extended freight recession — we capitalized on the opportunity to initiate a position in a high-quality business with an attractive long-term growth outlook at a compelling discount to its intrinsic value.

"Acções da FedEx estiveram pressionadas recentemente amid an extended freight recession — capitalizámos na oportunidade de iniciar uma posição num high-quality business com atractiva perspectiva de crescimento de longo prazo a compelling discount to its intrinsic value."

Leader em medical tools e diagnostics space. Well-run business que é structurally advantaged to take market share given the scale and breadth of its product portfolio. Backdrop de slowdown em end markets permitiu capitalizar em depressed share price para adicionar a posição.

Thermo Fisher Scientific is a leader in the medical tools and diagnostics space. We believe it is a well-run business that is structurally advantaged to take market share given the scale and breadth of its product portfolio.

"Thermo Fisher Scientific é um leader em medical tools e diagnostics space. Acreditamos ser um well-run business que é structurally advantaged to take market share given the scale e breadth of its product portfolio."

Leader em animal health market com leading products para companion animals (pets) e livestock. Broad portfolio com multiple growth drivers e strong pipeline para address several undertreated pet conditions. Concerns sobre um dos seus arthritis drugs used em dogs pressed share price, permitindo introduzir posição abaixo do estimate of intrinsic value.

Zoetis is a leader in the animal health market with leading products for companion animals (pets) and livestock.

"Zoetis é um leader em animal health market com leading products para companion animals (pets) e livestock."

Empresa em transição de life insurance company para diversified financial company. Transição deverá resultar em melhor profile de lucros, profitability e cash-generation — não reflectido na valuation actual segundo gestores. Tese é mismatch entre current pricing e structural shift do business mix.

Equitable is transitioning from a life insurance company to a more diversified financial company, which should result in a better earnings, profitability and cash-generation profile — which we don't believe is reflected in the current valuation.

"Equitable está em transição de life insurance company para a more diversified financial company, que deverá resultar em melhor profile de lucros, profitability e cash-generation — que não acreditamos estar reflectido na valuation actual."

US-based mass retailer. Como o competitive landscape evolved, Target enfrenta a possibilidade de need to reinvest heavily to drive better sales. Posição saída para funding more attractive investment opportunities elsewhere.

Given this, we exited our position to fund more attractive investment opportunities elsewhere.

"Dado isto, saímos da nossa posição para funding more attractive investment opportunities elsewhere."