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Growth vs. Value – A Discussion With Austin Hawley And CityWire

Austin Hawley, CFA


Portfolio manager Austin Hawley discusses the growth versus value gap, and why identifying businesses selling at a discount to intrinsic value remains a viable approach.

The views expressed are those of Diamond Hill as of August 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 July 31, 2020, Diamond Hill owned Alphabet, Inc. (Cl A) (equity, long), Microsoft Corp. (equity, long), Facebook, Inc. (Cl A) (equity, long), Visa, Inc. (Cl A) (equity, long), Mondelez International, Inc. (Cl A) (equity, long), Whirlpool Corp. (equity, short), Tesla, Inc. (equity, short), and Samsung Electronics Co. Ltd. (equity, long). As of May 31, 2020, Diamond Hill owned debt in Ford Motor Co., Tesla Auto Lease Trust, and Apple, Inc.

Security Name Contribution to return 1/31/15 – 7/31/201 Position as of 7/31/20
Best Performers
Microsoft Corp. 1.1% 0.9%
Abbott Laoratories 0.8 4.6
JP Morgan Chase and Co. 0.6 1.2
Alphabet, Inc. (Cl A) 0.6 2.1
Worldpay, Inc. (Cl A) 0.3 0.0
Worst Performers
Cimarex Energy Co. -0.3% 0.0%
Devon Energy Corp. -0.3 0.0
Coty, Inc. (Cl A) -0.1 0.0
General Motors Co. -0.1 1.6
Chevron Corp. -0.1 2.2

1Diamond Hill Large Cap Strategy based on contribution to return annualized over the holding period 1/31/15 – 7/31/20.

The holdings identified do not represent all of the securities purchased, sold, or recommended for the adviser’s clients. The reader should not assume that an investment in the securities identified was or will be profitable. To obtain the contribution calculation methodology and a complete list of every holding’s contribution to the overall portfolio’s performance during the measurement period, contact 855.255.8955 or info@diamond-hill.com.

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