Diamond Hill Capital's Strategic Moves in Q1 2024: Spotlight on Sysco Corp

GuruFocus Research

13 May 2024 at 4:01 pm·3-min read

Insight into Diamond Hill Capital (Trades, Portfolio)'s Latest 13F Filing and Investment Trends

Diamond Hill Capital (Trades, Portfolio) Management, established in 2000 and based in Columbus, Ohio, is a distinguished investment adviser known for its rigorous, research-driven investment approach. As a publicly owned entity listed on NASDAQ under the ticker DHIL and a part of the Russell 2000 Index, Diamond Hill focuses on delivering long-term investment solutions. Their investment philosophy emphasizes a bottom-up analysis, assessing a company's fundamental aspects such as profitability, competitive position, and management quality, complemented by a top-down look at industry dynamics.

Diamond Hill Capital's Strategic Moves in Q1 2024: Spotlight on Sysco Corp

Summary of New Buys

Diamond Hill Capital (Trades, Portfolio) expanded its portfolio by adding five new stocks in the first quarter of 2024. Noteworthy new positions include:

Sysco Corp (NYSE:SYY), with 4,014,712 shares, making up 1.33% of the portfolio and valued at $325.91 million.
KeyCorp (NYSE:KEY), comprising 18,081,916 shares, which represents about 1.17% of the portfolio, with a total value of $285.88 million.
WNS (Holdings) Ltd (NYSE:WNS), involving 1,588,941 shares, accounting for 0.33% of the portfolio and a total value of $80.29 million.

Key Position Increases

Diamond Hill Capital (Trades, Portfolio) also raised its stakes in 61 stocks during the quarter. Significant increases include:

SBA Communications Corp (NASDAQ:SBAC), with an additional 570,731 shares, bringing the total to 1,740,688 shares. This adjustment represents a 48.78% increase in share count and a 0.5% impact on the current portfolio, valued at $377.21 million.
Pfizer Inc (NYSE:PFE), with an additional 4,307,439 shares, bringing the total to 16,106,012 shares. This adjustment represents a 36.51% increase in share count, valued at $446.94 million.

Summary of Sold Out Positions

In the first quarter of 2024, Diamond Hill Capital (Trades, Portfolio) exited six holdings, including:

BorgWarner Inc (NYSE:BWA), where all 5,814,316 shares were sold, impacting the portfolio by -0.92%.
WNS (Holdings) Ltd (NYSE:WNS), with all 1,259,104 shares liquidated, causing a -0.35% impact on the portfolio.

Key Position Reductions

Furthermore, Diamond Hill Capital (Trades, Portfolio) reduced its positions in 88 stocks. The most significant reductions were:

KKR & Co Inc (NYSE:KKR), reduced by 3,510,490 shares, resulting in a -57.08% decrease in shares and a -1.28% impact on the portfolio. The stock traded at an average price of $91.97 during the quarter and has returned 5.74% over the past three months and 22.37% year-to-date.
NVR Inc (NYSE:NVR), reduced by 25,339 shares, resulting in a -29.42% reduction in shares and a -0.78% impact on the portfolio. The stock traded at an average price of $7,428.56 during the quarter and has returned 3.91% over the past three months and 9.09% year-to-date.

Portfolio Overview

As of the first quarter of 2024, Diamond Hill Capital (Trades, Portfolio)'s portfolio included 163 stocks. The top holdings were 4.38% in American International Group Inc (NYSE:AIG), 2.91% in ConocoPhillips (NYSE:COP), 2.81% in Bank of America Corp (NYSE:BAC), 2.74% in Allstate Corp (NYSE:ALL), and 2.4% in CarMax Inc (NYSE:KMX). The holdings are predominantly concentrated across 11 industries, reflecting a diverse and strategic allocation.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.

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