Diamond Hill Select Fund

Mortgage servicing company. Shares subiram com o fecho da aquisição pela Rocket Companies a concluir-se no fim do trimestre. Investor sentiment foi também impulsionado pelo recent rate cut do Fed, que deverá dar boost a housing e refinancing demand no período seguinte. Combinação de catalyst de evento (M&A) e tailwind macro (rate cuts) drove outperformance no T3.

Shares of mortgage servicing company Mr. Cooper Group rose as its acquisition by Rocket Companies closed as the quarter concluded.

"Acções da mortgage servicing company Mr. Cooper Group subiram com o fecho da aquisição pela Rocket Companies a concluir-se no fim do trimestre."

US Department of Defense (DoD) and Navy supplier. Está a ver early signs of progress dos seus recent efforts to improve employee attrition. Best positioned defense company para meet DoD's need to prepare for a potential conflict in the Pacific — strong demand for the next five-plus years. À medida que recent labor issues abate, margins should improve over time.

We continue to believe Huntington Ingalls is one of the best positioned defense companies to meet the DOD's need to prepare for a potential conflict in the Pacific — which should ensure strong demand for the next five-plus years.

"Continuamos a acreditar que Huntington Ingalls é uma das best positioned defense companies para meet the DOD's need to prepare for a potential conflict in the Pacific — which should ensure strong demand for the next five-plus years."

Custom printing services provider. Management team continua a impressionar com ownership mindset, long-term focus e strong alignment with shareholders — evidenced recentemente por intermediate-term goals para solid revenue and profits growth. Tese ancorada em qualidade de capital allocation e alignment.

Custom printing services provider Cimpress’s management team continues to impress us with its ownership mindset, long-term focus and strong alignment with shareholders.

"Management team da custom printing services provider Cimpress continua a impressionar-nos com o seu ownership mindset, long-term focus e strong alignment with shareholders."

Casino operator controlling over half the Las Vegas locals market. Continua a beneficiar de broad fundamental strength que está a underpinning steady and stable growth. Posicionamento dominante num mercado defensivo (locals, não Strip) com pricing power estrutural.

Red Rock Resorts, a casino operator controlling over half the Las Vegas locals market, continues to benefit from broad fundamental strength which is underpinning steady and stable growth.

"Red Rock Resorts, casino operator que controla mais de metade do Las Vegas locals market, continua a beneficiar de broad fundamental strength que está a underpinning steady and stable growth."

Global leader em materials, networking and lasers para mercados industrial, communications, electronics and instrumentation. Beneficia de strong demand para os seus data center-related products, especialmente optical transceivers. Exposição estrutural ao buildout de AI infrastructure via optical networking pull.

Coherent, a global leader in materials, networking and lasers for the industrial, communications, electronics and instrumentation markets, is benefiting from strong demand for its data center-related products, especially its optical transceivers.

"Coherent, global leader em materials, networking and lasers para mercados industrial, communications, electronics and instrumentation, beneficia de strong demand para os seus data center-related products, especialmente os seus optical transceivers."

Property and casualty insurance company. Underperformou em sympathy com many industry peers à medida que o benefit of pricing in excess of loss costs que P&C insurers enjoyed nos últimos anos is waning, weighing no grupo nos meses recentes. Headwind cíclico em pricing power que afecta o sector de forma ampla.

The benefit of pricing in excess of loss costs that property and casualty insurers have enjoyed the past several years is waning and has weighed on the group in recent months.

"O benefit of pricing in excess of loss costs que property and casualty insurers enjoyed the past several years is waning e has weighed on the group in recent months."

Used car dealer. Viu meaningful slowdown em used retail vehicle sales e higher credit-loss provisions no captive financing arm. Consumidores likely pulled forward vehicle purchases ahead of tariffs, levando a industry lull recente. Combinado com uncertain consumer sentiment e heightened competition. Gestores acreditam que CarMax remains capable of taking share em mercado fragmented over the longer term e mantêm confidence no management team, focused em finding efficiencies para enable spending 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."

Customer relationship management (CRM) software company. Parece estar a enfrentar higher customer attrition rates, fuelling existing investor concerns sobre como IA pode disrupt o business da empresa. Tese sob pressão de risco de disrupção AI vs incumbency e moat existente.

Customer relationship management (CRM) software company Salesforce seems to be facing higher customer attrition rates, fueling investors' existing concerns about how AI may disrupt the company's business.

"Customer relationship management (CRM) software company Salesforce parece estar a enfrentar higher customer attrition rates, fuelling existing concerns dos investidores sobre como AI may disrupt the company's business."

Gas-focused exploration and production company. Shares foram pressionadas against the backdrop of normal seasonally lower natural gas prices durante os meses de Verão. A empresa anunciou novo CEO em Agosto, contribuindo provavelmente para heightened uncertainty dado o role que o outgoing CEO desempenhou shaping Antero durante o seu tenure.

Shares of Antero Resources, a gas-focused exploration and production company, were pressured against the backdrop of normal seasonally lower natural gas prices during the summer months.

"Acções da Antero Resources, gas-focused exploration and production company, foram pressionadas against the backdrop of normal seasonally lower natural gas prices durante os meses de Verão."

Leading owner and operator of wireless communications infrastructure. Continua a ver slow 5G deployment seguindo o initial build-out. Tese estrutural inalterada mas growth temporariamente pressionada pela pausa no ciclo de capex dos operadores wireless pós-build-out 5G inicial.

SBA Communications, a leading owner and operator of wireless communications infrastructure, continues to see slow 5G deployment following its initial build-out.

"SBA Communications, leading owner and operator of wireless communications infrastructure, continua a ver slow 5G deployment seguindo o seu initial build-out."

Market leader em várias categorias across attractive end markets, como household goods, personal care e pet nutrition. As leading positions combinadas com a everyday-use nature dos seus products should benefit Colgate moving forward. Recent concerns em torno de consumer weakness e inventory destocking pressionaram o share price e permitiram iniciar posição.

Colgate-Palmolive is the market leader in several categories across attractive end markets, such as household goods, personal care and pet nutrition.

"Colgate-Palmolive é o market leader em várias categorias across attractive end markets, como household goods, personal care e pet nutrition."

Diversified holding company. Gerou strong results no seu portfolio of operating subsidiaries. Construiu significant cash position que provides stability e positive optionality no event de valuations altas para empresas públicas e privadas regressarem a níveis mais normais e permitir adquirir new businesses. Capitalizámos no announced retirement do Warren Buffett no fim de 2025 que pressed shares para adicionar a posição ao portfolio.

We capitalized on Warren Buffett's announced retirement at the end of 2025, which pressured shares, to add the position to the portfolio.

"Capitalizámos no announced retirement do Warren Buffett no fim de 2025, que pressed shares, para adicionar a posição ao 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 recentemente, 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."

Largest provider de creative content software no mercado, com sizeable moat. Design professionals em todas as verticals relyam heavily no robust suite de tools. Possui também direct customer engagement software e a ubiquitous Adobe Acrobat platform — dois assets que gestores acreditam underappreciated pelo mercado. Apesar de valid concerns sobre AI disruption, solution breadth, diversification, incumbency, strong positioning upmarket e ongoing willingness to innovate posicionam Adobe para weather shifts no competitive environment.

Adobe is the market's largest provider of creative content software and enjoys a sizeable moat.

"Adobe é o largest provider de creative content software do mercado e enjoys a sizeable moat."

Biopharmaceutical company. Posição saída durante o trimestre para funding compras de Colgate-Palmolive, Berkshire Hathaway, Zoetis e Adobe — deploy of capital para more compelling opportunities elsewhere.

We funded these purchases in part with the proceeds from the sale of biopharmaceutical company Pfizer and athletic apparel manufacturer lululemon in order to deploy our capital to more compelling opportunities elsewhere.

"Financiámos estas compras em parte com proceeds from the sale of biopharmaceutical company Pfizer e athletic apparel manufacturer lululemon para deploy capital to more compelling opportunities elsewhere."

Athletic apparel manufacturer. Posição saída durante o trimestre para funding compras de Colgate-Palmolive, Berkshire Hathaway, Zoetis e Adobe — deploy of capital para more compelling opportunities elsewhere. Tariff e merchandise reset overhangs pesaram contra alternativas no mercado.

We funded these purchases in part with the proceeds from the sale of biopharmaceutical company Pfizer and athletic apparel manufacturer lululemon in order to deploy our capital to more compelling opportunities elsewhere.

"Financiámos estas compras em parte com proceeds from the sale of biopharmaceutical company Pfizer e athletic apparel manufacturer lululemon para deploy capital to more compelling opportunities elsewhere."