Home Latest Articles Summary The Large Cap Strategy declined 2.39% (net of fees) in the first quarter of 2026 compared to an increase of 2.10% for the Russell 1000 Value Index. Diamond Hill's energy positioning—mostly oil-sensitive exploration and production companies with higher beta to the commodity price—is intentional and was beneficial in Q1. A wide range of technology companies in the Russell 1000 Value Index are benefitting from AI-related capital spending, while Diamond Hill has little exposure to this theme. Diamond Hill initiated a position in Microsoft as near-term concerns around Azure's growth and capacity constraints weighed on sentiment, providing an opportunity to purchase shares at an attractive valuation. Diamond Hill eliminated its position in International Paper Company, as the company's fundamentals have fallen short of expectations in the time the firm has owned it.…