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International Strategy

We seek to identify higher quality businesses with strong balance sheets that are selling at a distinct discount to intrinsic value and are led by management teams who are smart capital allocators.

Team

Group Item Count: 2
set at runtime

Grady Burkett, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Krishna Mohanraj, CFA

Portfolio Manager

Philosophy and process highlights

We use a five-point-framework to assess each prospective investment.

Business quality. Does the company possess sustainable competitive advantages?

Industry structure. How is the industry structured and are changes on the horizon?

End-market conditions. How favorable are end-market conditions?

Management capability. How well does management allocate capital and execute its strategy?

Capital structure. Is the capital structure appropriate and how has it evolved over time?

Our approach to sustainability

Related insights

Returns

Period and Annualized Total Returns (%) As of 31 Mar 2022
Since Inception
(31 Dec 2016)
5Y3Y1YYTD1Q22
Gross of Fees 11.27 9.62 10.03 1.64 -4.18 -4.18
Net of Fees 10.89 9.23 9.38 0.98 -4.33 -4.33
Morningstar Global Markets ex-US Index 8.22 7.02 7.93 -1.08 -5.49 -5.49
Swipe or scroll right for more data

Past performance is not a guarantee of future results. To view a GIPS Report for all composites, click here.

Calendar Year Returns (%)

Year Gross of Fees Net of FeesMorningstar Global Markets ex-US Index
2021 13.73 13.00 8.41
2020 7.64 6.94 11.17
2019 24.95 24.55 21.57
2018 -9.62 -9.62 -14.17
2017 32.22 32.22 27.37

Peer Group Quartile Rankings1 As of 31 Mar 2022

Diamond
Hill
Percentile
27th
32nd
49th
34th

Statistics

Portfolio Characteristics vs Benchmark2 As of 31 Mar 2022

  International Composite Morningstar Global Markets ex-US Index
Inception 31 Dec 2016
Status Open
Median Forward P/E 18.0x 15.6x
Median Trailing P/E 22.3x 16.7x
Weighted Average Dividend Yield 1.8% 2.8%
Median Price/Book 3.4x 1.9x
Median Price/Sales 3.1x 1.7x
Median Market Cap. $28.8B $2.3B
Weighted Average Market Cap. $107.0B $77.2B
Portfolio Turnover (5-Year) 34%
Active Share vs Benchmark 93%
Upside/Downside Capture Ratio 114%/99%

Stay informed with regular portfolio updates, fact sheets and returns notifications

Portfolio

Portfolio Guidelines

  • Typically 35–55 positions
  • Maximum sector exposure is 35%
  • Maximum single country exposure is 30%
  • Maximum emerging market exposure is 40%

Market Capitalization

The portfolio typically invests in companies with a market capitalization of $1 billion or greater.

Top Ten Equity Holdings As of 31 Mar 2022

  Sector % of Net Assets
Fairfax Financial Holdings Ltd. Financials 4.0
Check Point Software Technologies Ltd. Info. Technology 3.7
Diageo PLC Consumer Staples 3.3
Novartis AG Health Care 3.1
BT Group PLC Communication Services 3.1
Unilever PLC Consumer Staples 3.0
Samsung Electronics Co. Ltd. Info. Technology 2.8
Nintendo Co. Ltd. Communication Services 2.8
Spotify Technology S.A. Communication Services 2.8
Roche Holding AG Health Care 2.5
Total as % of Net Assets 31.2%
Total number of equity holdings 52

Sector Allocation3 (%) As of 31 Mar 2022

Morningstar Global Markets ex-US Index

Top Five Countries (%) As of 31 Mar 2022

International Composite Morningstar Global Markets ex-US Index
United Kingdom 24.2 9.3
Switzerland 11.3 6.2
United States 9.8 0.7
Canada 7.6 7.9
Japan 7.2 15.6

Regional Exposure (%) As of 31 Mar 2022

International Composite Morningstar Global Markets ex-US Index
Europe 49.3 39.3
Asia & Pacific 20.2 45.8
North America 17.3 8.6
Latin America 5.3 2.6
Middle East & Africa 4.5 3.7

Developed vs Emerging Exposure (%) As of 31 Mar 2022

International Composite Morningstar Global Markets ex-US Index
Developed Markets 78.4 75.3
Emerging Markets 18.3 24.7

Documents

1 Source: eVestment. Ranking within ACWI ex-US All Cap Core Equity universe based on monthly returns gross of fees. Ranking data calculated on 18 Apr 2022 (as of 31 Mar 2022) and is subject to change as additional firms within the category submit data.

Active Share: Source: FactSet. Active share measures the difference between portfolio holdings and the benchmark. The higher the active share, the greater the difference. The Morningstar Global Markets ex-US Index is the benchmark. Upside/Downside Capture: Source: eVestment Analytics based on monthly returns (gross of fees) from 1 Jan 2017 – 31 Mar 2022.

Cash & Other may include cash, treasuries, money market funds and short duration fixed income funds.

Index data source: Morningstar, Inc. See diamond-hill.com/disclosures for a full copy of the disclaimer.

DIAMOND HILL® CAPITAL MANAGEMENT, INC. | DIAMOND-HILL.COM | 855.255.8955 | 325 JOHN H. MCCONNELL BLVD | SUITE 200 | COLUMBUS, OHIO 43215
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