Summary

• The Diamond Hill International Fund returned 3.49% during the quarter, while the MSCI ACWI ex USA Index declined 0.71%.
• Samsung Electronics benefited from continued strength in memory demand, which supported pricing and margin trends, and remains well positioned to benefit from spending tied to AI-related infrastructure.
• HDFC Bank underperformed amid concerns about the effect of higher oil prices on the Indian economy and following the sudden resignation of its chairman.
• Diamond Hill initiated a position in Diageo after management reset near-term expectations, including reducing the dividend to support reinvestment and balance sheet improvement.
• Beazley was sold after Zurich Insurance proposed to acquire the company at a price above Diamond Hill's estimate of intrinsic value.

Quarterly Snapshot

Performance

The Fund returned 3.49% and the MSCI ACWI ex USA Index declined 0.71%.

Key Drivers

Stock selection in information technology and materials, along with both an overweight position and stock selection in

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