Small Cap Portfolio Managers Chris Welch, CFA & Aaron Monroe, CFA

Chris Welch, CFA and Aaron Monroe, CFA discuss their first year as co-portfolio managers for the Small Cap strategy, sharing their thoughts on decision making in the co-PM structure, cash levels, and concentration within the portfolio. The views expressed are those of Diamond Hill as of February 2020 and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice. As of January 31, 2020 Diamond Hill owned Enstar Group Ltd. (equity), WESCO International, Inc. (equity), Cal-Maine Foods, Inc. (equity), Microsoft Corp. (equity), Abbott Laboratories (equity), Live Nation Entertainment, Inc. (equity), Vail Resorts, Inc. (equity), Kirby Corp. (equity), Sterling Bancorp (equity). As of November 30, 2019 Diamond Hill owned Abbott Laboratories (debt) and Kirby Corp. (debt). This material is for informational purposes and is prepared by Diamond Hill Capital Management. The opinions expressed are as of the date of publication and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Reliance upon this information is at the sole discretion of the listener. Investing involves risk including the possible loss of principal.