SIMC - Diamond Hill Small-Mid Cap Fund Q1 2024 Market Commentary

2024-05-15 11:20:00 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.
• In a volatile first quarter of 2024, markets moved choppily higher, delivering positive returns across most regions and countries.
• From a sector perspective, industrials (+12%), energy (+11%) and discretionary (+9%) led the way.
• Equity markets continued higher in Q1 as the economy and earnings growth remained robust.

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)....

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