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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.


Group Item Count: 2
set at runtime

Krishna Mohanraj, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Matt McLaughlin, CFA, CAIA

Portfolio Specialist

Philosophy and process highlights

Under our intrinsic value philosophy, we:

Treat every investment as a partial ownership interest in that company

Seek to always invest with a margin of safety

Possess a long-term investment temperament

Recognize that market price and intrinsic value tend to converge over a reasonable period of time

Our approach to sustainability

Related insights


Period and Annualized Total Returns (%) As of 31 May 2024
Since Inception
(31 Dec 2016)
Gross of Fees 10.21 9.60 3.57 18.58 8.23 5.31 3.78
Net of Fees 9.39 8.78 2.80 17.69 7.89 5.12 3.72
MSCI ACWI ex USA Index 6.77 6.81 0.27 16.74 5.79 4.21 2.90
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Period and Annualized Total Returns (%) As of 31 Mar 2024
Since Inception
(31 Dec 2016)
Gross of Fees 10.18 8.96 5.43 15.50 6.25 6.25
Net of Fees 9.35 8.14 4.64 14.64 6.05 6.05
MSCI ACWI ex USA Index 6.78 5.97 1.94 13.26 4.69 4.69
Swipe or scroll right for more data

Past performance is not a guarantee of future results. Composite results reflect the reinvestment of dividends, capital gains and other earnings when appropriate. Net returns are calculated by reducing the gross returns by the highest stated fee in the composite fee schedule. Only transaction costs are deducted from gross of fees returns. Prior to 30 September 2022, actual fees were used in calculating net returns. All net returns were changed retroactively to reflect the highest fee in the composite fee schedule. To view a GIPS Report for all composites, click here.

Calendar Year Returns (%)

Year Gross of Fees Net of FeesMSCI ACWI ex USA Index
2023 19.18 18.29 15.62
2022 -12.76 -13.41 -16.00
2021 13.73 12.87 7.82
2020 7.64 6.83 10.65
2019 24.95 24.01 21.51
2018 -9.62 -10.30 -14.20
2017 32.22 31.23 27.19

Peer Group Quartile Rankings1 As of 31 Mar 2024



Portfolio Characteristics vs Benchmark2 As of 31 Mar 2024

  International Composite MSCI ACWI ex USA Index
Inception 31 Dec 2016
Status Open
Median Forward P/E 15.2x 15.8x
Median Trailing P/E 19.3x 18.2x
Median Price/Book 2.3x 1.9x
Median Price/Sales 2.3x 1.7x
Median Market Cap. $26.4B $9.2B
Weighted Average Market Cap. $95.7B $105.1B
Portfolio Turnover (5-Year) 26%
Active Share vs Benchmark 92%
Upside/Downside Capture Ratio 114%/98%

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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 Holdings3 As of 31 Mar 2024

  Country % of Net Assets
Samsung Electronics Co. Ltd. South Korea 4.0
EXOR N.V. Netherlands 3.6
Mitsubishi Corp. Japan 3.3
Tesco PLC United Kingdom 3.1
Canadian Natural Resources Ltd. Canada 2.9
Spotify Technology S.A. United States 2.9
Howden Joinery Group PLC United Kingdom 2.7
Compagnie Financiere Richemont S.A. Switzerland 2.6
Compass Group PLC United Kingdom 2.6
Unilever PLC United Kingdom 2.5
Total as % of Net Assets 30.2%
Total number of equity holdings 53

Sector Allocation4 (%) As of 31 Mar 2024


Top Five Countries (%) As of 31 Mar 2024

International Composite MSCI ACWI ex USA Index
United Kingdom 24.2 9.4
Switzerland 12.4 6.1
Japan 8.7 15.3
Canada 7.4 7.6
United States 5.2 0.1

Regional Exposure (%) As of 31 Mar 2024

International Composite MSCI ACWI ex USA Index
Europe 58.9 42.9
Asia & Pacific 21.2 43.8
North America 8.3 7.6
Latin America 6.1 2.4
Middle East & Africa 0.6 3.2

Developed vs Emerging Exposure (%) As of 31 Mar 2024

International Composite MSCI ACWI ex USA Index
Developed Markets 77.5 75.9
Emerging Markets 17.5 24.1


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 2024 (as of 31 Mar 2024) and is subject to change as additional firms within the category submit data. Diamond Hill pays an annual fee to eVestment to access their platform and to use their data, including peer group rankings, in marketing materials. Diamond Hill does not pay for the ranking.

2 Source: FactSet. 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 MSCI ACWI ex USA Index is the benchmark. Upside/Downside Capture: Source: eVestment Analytics based on monthly returns (gross of fees) from 1 Jan 2017 – 31 Mar 2024.

3 Securities referenced may not be representative of all portfolio holdings. The reader should not assume that an investment in the securities was or will be profitable.

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

Index data source: MSCI, Inc. See for index definitions, data sources and other definitions.

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