Richard Greenberg & Jon Hartsel - Diamond Hill Capital Management Inc Portfolio Q3'2025: Top Holdings & Recent Changes
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Richard Greenberg & Jon Hartsel of Diamond Hill Capital Management Inc continue their disciplined value investing approach, emphasizing long-term holdings in high-quality businesses trading below intrinsic value. Their $21.1B portfolio for Q3 2025 shows active management across 186 positions, with notable increases in stalwarts like BRK-B and CL, alongside trims in cyclical names amid market volatility.
Portfolio Snapshot: Diversified Value with Surgical Precision
Portfolio Highlights (Q3 2025): - Market Value: $21.1B - Top 10 Holdings: 30.7% - Portfolio Size: 186 +6 - Average Holding Period: 18 quarters - Turnover: 8.6%
Diamond Hill's portfolio exemplifies a classic value strategy: broad diversification across 186 positions to manage risk, yet meaningful concentration in the top 10 at 30.7% of assets. The low turnover of 8.6% underscores their patience, with holdings averaging 18 quarters—over four years—reflecting conviction in durable competitive advantages rather than short-term trading.
This approach suits a firm like Diamond Hill, managed by Richard Greenberg and Jon Hartsel, who prioritize intrinsic value over market noise. The addition of six new positions signals opportunistic buying, while reductions in select names suggest profit-taking or risk adjustment. Overall, the $21.1B portfolio balances scale with discipline, ideal for investors seeking steady compounding in uncertain markets.
Top Positions Breakdown: Strategic Adds and Disciplined Trims
The portfolio's recent changes highlight Diamond Hill's focus on enhancing quality names while dialing back on others. Leading the pack is AIG at 4.5% after an "Add 4.30%," signaling confidence in the insurer's turnaround. Berkshire Hathaway Inc. (BRK-B) follows at 4.2% with a significant "Add 12.77%," doubling down on Warren Buffett's conglomerate as a core value anchor. Abbott Laboratories holds 3.6% via "Reduce 5.23%," trimming the healthcare leader perhaps to reallocate.
Colgate-Palmolive Company stands out at 3.1% with a bold "Add 46.74%," boosting the consumer staple for its defensive moat. On the trim side, Texas Instruments (2.9%, "Reduce 8.19%") and Capital One Financial (2.8%, "Reduce 3.13%") saw cuts, likely reflecting caution on semiconductors and consumer finance. Aon plc (2.6%, "Reduce 0.68%"), Sysco Corporation (2.5%, "Reduce 9.69%"), and ConocoPhillips (2.3%, "Reduce 5.77%") continue the pattern of modest reductions in insurance, food distribution, and energy.
Extending beyond the top ranks, Laboratory Corporation of America Holdings at 2.2% faced a "Reduce 9.94%," paring exposure to diagnostics amid sector headwinds. These moves across financials, healthcare, consumer goods, tech, and energy reveal a portfolio in fine-tuning mode, prioritizing resilient cash generators.
What the Portfolio Reveals About Diamond Hill's Strategy
Diamond Hill's Q3 actions paint a picture of value investing rooted in quality and patience: - Quality over speculation: Adds to BRK-B and CL favor predictable earners with strong moats, avoiding high-flyers. - Sector balance with cyclical caution: Trims in energy (COP) and tech (TXN) suggest wariness of volatility, while boosting staples and financials. - Long-term U.S. focus: All top holdings are domestic giants, emphasizing geographic familiarity and dividend reliability. - Risk via diversification: 186 positions mitigate single-stock risk, with top 10 at just 30.7%. - Active position sizing: Low turnover but targeted changes (e.g., 46.74% add to CL) show ongoing valuation discipline.
This strategy thrives in sideways or down markets, hunting undervalued assets while harvesting dividends from proven winners.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| American International Group, Inc. (AIG) | $951.2M | 4.5% | Add 4.30% |
| Berkshire Hathaway Inc. (BRK-B) (BRK-B) | $891.2M | 4.2% | Add 12.77% |
| Abbott Laboratories (ABT) | $750.5M | 3.6% | Reduce 5.23% |
| Colgate-Palmolive Company (CL) | $645.7M | 3.1% | Add 46.74% |
| Texas Instruments Incorporated (TXN) | $600.9M | 2.9% | Reduce 8.19% |
| Capital One Financial Corporation (COF) | $599.4M | 2.8% | Reduce 3.13% |
| Aon plc (AON) | $557.6M | 2.6% | Reduce 0.68% |
| Sysco Corporation (SYY) | $522.3M | 2.5% | Reduce 9.69% |
| ConocoPhillips (COP) | $484.4M | 2.3% | Reduce 5.77% |
The table underscores Diamond Hill's measured concentration—no single position exceeds 4.5%, promoting stability across a $21.1B book. Adds to AIG and especially BRK-B (up 12.77%) boost conviction plays, while reductions averaging 6% in names like SYY and TXN free capital for better opportunities. This dynamic sizing keeps the top 10 at a prudent 30.7%, blending offense with defense.
Investment Lessons from Diamond Hill's Value Approach
Diamond Hill Capital's Q3 portfolio demonstrates timeless principles for long-term investors: - Patience pays: Hold for 18 quarters average: Their low 8.6% turnover rewards compounding in quality businesses like CL. - Size positions by conviction, not hype: Massive 46.74% add to CL vs. minor trims shows data-driven allocation. - Diversify thoughtfully: 186 positions across sectors reduce risk without diluting returns. - Trim winners, add value: Reductions in ABT and COP fund boosts to BRK-B. - Focus on moats: Preferences for insurers, conglomerates, and staples prioritize enduring advantages over growth fads.
Looking Ahead: What Comes Next?
With turnover at 8.6% and six new positions added, Diamond Hill appears poised for selective deployment amid high valuations. The trims in energy and tech suggest caution on cyclicals, potentially freeing cash for healthcare or financials if discounts emerge. Current positioning in defensives like CL and SYY sets up well for economic slowdowns, while BRK-B's increase provides flexibility via its cash hoard. In a volatile 2026, expect continued focus on undervalued U.S. quality.
FAQ about Diamond Hill Capital Portfolio
Q: What are the most significant changes in Diamond Hill's Q3 2025 portfolio?
A: Key moves include a 46.74% add to Colgate-Palmolive (CL) 3.1%, 12.77% add to BRK-B 4.2%, and reductions like 9.94% in LH 2.2% and 9.69% in SYY 2.5%, reflecting value discipline.
Q: Why does Diamond Hill maintain such a large number of positions with low top-10 concentration?
A: Their 186-position portfolio with top 10 at 30.7% balances risk through diversification while allowing conviction bets like AIG, prioritizing long-term value over high-conviction concentration seen in smaller funds.
Q: What sectors dominate Diamond Hill's top holdings?
A: Financials (AIG, COF), healthcare (ABT, LH), consumer staples (CL, SYY), tech (TXN), and energy (COP) lead, with recent adds favoring quality defensives.
Q: How can I track Diamond Hill Capital's portfolio and 13F filings?
A: Follow quarterly 13F filings on the SEC site, filed 45 days after quarter-end. Use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/diamond-hill for real-time analysis, change visualizations, and historical data—perfect for spotting moves like their Q3 adds.
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