Summary

• Diamond Hill International Strategy returned 3.52% (net of fees) and the MSCI ACWI ex USA Index declined 0.71%.
• Stock selection in information technology and materials, along with both an overweight position and stock selection in energy, contributed to performance. Health care and industrials were the largest detractors.
• The portfolio outperformed during the quarter, driven by strength in several artificial intelligence (AI)-related holdings and in positions exposed to higher energy prices.
• Market volatility and geopolitical uncertainty remain elevated, and we continue to look for opportunities where market prices diverge meaningfully from our estimates of intrinsic value.

Krishna Mohanraj, CFA

Portfolio Manager

Matt McLaughlin, CFA, CAIA

Portfolio Specialist

Market and portfolio review

• Japanese equities were slightly positive, supported by a weaker yen, expectations for fiscal support and continued corporate governance reform. Those gains were

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