DHIL - Diamond Hill International Fund Q1 2024 Market Commentary

2024-05-16 01:01:00 ET

Summary

• Diamond Hill invests on behalf of clients through a shared commitment to its valuation-driven investment principles, long-term perspective, capacity discipline and client alignment.
• Markets were mostly positive in Q1 2024, with the ongoing notable exceptions of Brazil and China, the latter of which remains in the red amid ongoing macroeconomic challenges.
• Our portfolio outperformed the MSCI ACWI ex-USA Index in Q1. Relative strength was tied primarily to our Canadian holdings.
• On an individual holdings basis, our top contributors in Q1 included Mitsubishi Corporation and Safran.

Market Commentary

Markets were mostly positive in Q1 2024, with the ongoing notable exceptions of Brazil and China, the latter of which remains in the red amid ongoing macroeconomic challenges. Global stocks rose roughly +8% in Q1 (as measured by the MSCI ACWI Index). US dollar-based returns were generally lower than local returns as the USD strengthened during the quarter relative to major global currencies. Developed markets outpaced emerging markets in Q1, rising just shy of +9% versus +2%, respectively....

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