Summary

• Diamond Hill Small-Mid Cap Strategy declined 2.47% (net of fees) and the Russell 2500 Index increased 2.04%.
• Stock selection within health care and industrials were the largest relative detractors.
• We remain somewhat cautious given the elevated level of uncertainty in markets and ongoing conflict in the Middle East — particularly the duration of higher oil prices and any lasting impacts they may have.
• Our incremental portfolio positioning has focused on higher-quality businesses.

Market and portfolio review

The quarter was characterized by increased volatility driven by a combination of geopolitical developments and evolving expectations around AI. Escalating tensions in the Middle East and the associated rise in oil prices

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