As we monitor continual updates about COVID-19, our response is designed with two priorities in mind: the safety and health of our associates, clients and partners; and our mission to be trusted stewards of client capital.

The following content provides our views on market conditions and business policy due to the turmoil created by the coronavirus. The situation remains fluid and we will continue to update this page with additional information as it becomes available.

To understand how close we are to herd immunity for COVID-19, we need to understand the role of T-cells. Research analyst Chendhore Veerappan, PhD, CFA, discusses the challenges behind T-cell tests.

COVID-19 has created an unanticipated experiment in working remotely, a trend many have speculated could become the new normal. Real estate analyst Josh Barber explains what a return to the office would look like and what ongoing remote working could mean for our real estate holdings.

(disclosure)

The views expressed are those of Diamond Hill as of June 2020 and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice.

As of May 31, 2020, Diamond Hill owned Facebook, Inc. - Class A (equity). As of March 31, 2020 Diamond Hill owned Twitter, Inc. (debt).

With high yield spreads materially narrower than the 1,087 basis point (bps) peak on March 23, many investors are asking whether the high yield market opportunity has already passed. A follow-on, related question is whether further, sharp disruptions could create...
The Power of Disruption…and Sound Fundamentals
International Perspectives: A Monthly Research Analyst Series | June 2020
By Grady Burkett, CFA
Understanding technological shifts and changes in consumer behavior is important when evaluating businesses, but we believe staying grounded in fundamental analysis is essential.
The solvency and strength of consumers remain open questions, given the historic unemployment spike since the onset of the COVID-19 pandemic. The 2008-2009 Great Financial Crisis (GFC) is often used as a measuring stick to evaluate consumers’...
Goodbye Offices? How Remote Working May Impact Commercial Real Estate
Industry Perspectives: A Monthly Research Analyst Series | May 2020
By Josh Barber, CFA
Looking forward, ongoing lockdowns and strict social distancing for one to two years would create a very difficult investment environment for real estate...

Portfolio Manager Bill Zox discusses the current opportunity set he sees in the high yield market and how recent intervention by the federal government has impacted the market.

(disclosure)

The views expressed are those of Diamond Hill as of May 2020 and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice.

The ICE BofA U.S. High Yield Index tracks the performance of the U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by Diamond Hill Capital Management, Inc. ICE Data and its third party suppliers accept no liability in connection with its use. See diamond-hill.com/disclosures for a full copy of the disclaimer.

(For more, please listen to our recent podcast.) The current market environment has been challenging for bank stocks, with many trading below tangible book value amid concerns over the potential balance sheet impact of the pandemic. Banks are also contending...
Financials Update
Podcasts | May 21, 2020

Banking analyst John Loesch discusses how COVID-19 has impacted bank stocks and how the current rate environment is impacting the sector.

(disclosure)

The views expressed are those of Diamond Hill as of May 2020 and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice.

As of April 30, 2020, Diamond Hill owned Sterling Bancorp (equity), First of Long Island Corp. (The) (equity), SVB Financial Group (equity), Cadence BanCorp (equity), First Republic Bank (equity) and BOK Financial Corp. (equity).

ABS Market Update Replay
Insights | May 7, 2020
Portfolio managers Henry Song, CFA, and Mark Jackson, CFA, discuss recent trends in the asset-backed securities market and the impact on the Short Duration Total Return and Core Bond strategies.
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