Diamond Hill Capital Management, Inc. 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means broadly spread position sizing: top 5 18.26%, top 10 31.03%, top 20 50.01%, with AIG 4.81%, BRK.A 3.99%, ABT 3.36%, COF 3.13%, CL 2.97%, AON 2.93%. The baseline result is return 7.97%, alpha -2.66%, beta 0.83, Sharpe 0.55, Sortino 0.67, max drawdown -36.29%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Financials 24.40%, Industrials 17.67%, Health Care 14.83%, Information Technology 10.38%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2023-12-31 (6.76% vs SPY 4.96%, excess 1.80%, turnover 13.23%); the weakest was 2025-03-31 (2.97% vs SPY 9.22%, excess -6.25%, turnover 26.86%). The latest rows (2025-03-31 (2.97% vs SPY 9.22%, excess -6.25%, turnover 26.86%); 2025-06-30 (-1.53% vs SPY 4.20%, excess -5.73%, turnover 16.51%); 2025-09-30 (3.21% vs SPY 1.49%, excess 1.72%, turnover 18.96%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether AIG 4.81%, BRK.A 3.99%, ABT 3.36%, COF 3.13% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -36.29% is acceptable for the user's risk budget.