SMCI - Diamond Hill Large Cap Strategy Q1 2024 Market Commentary
2024-05-15 12:45:00 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.
- Our portfolio outperformed the Russell 1000 Index in Q1 of 2024.
- Among our top individual contributors in Q1 were American International Group (AIG) and HCA Healthcare.
- Among our bottom Q1 contributors were real estateinvestment trusts (REITs) Extra Space Storage and SBACommunications, as well as Humana.
- With the continued rally, equity market valuations remainabove average.
Market Commentary
In a volatile first quarter of 2024, markets moved choppily higher, delivering positive returns across most regions and countries. US stocks rose +10% (as measured by the Russell 3000 Index), led by large-cap stocks, which were likewise up just over +10%, followed by mid caps (+9%) and small caps (+5%), as measured by their respective Russell indices. From a style perspective, growth continued leading - as it has for the last several quarters. Large-cap growth rose more than +11%, while value was up just shy of +9%; mid-cap growth gained over +9% versus mid-cap value up +8%; and small cap growth delivered shy of +8%, while small-cap value rose less than +3% (all returns as measured by the respective Russell indices)....
Diamond Hill Large Cap Strategy Q1 2024 Market Commentary