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Diamond Hill Capital, a First Eagle Investment Management company, issued its Q2 2026 investor letter for its "Small Cap Strategy". The letter can be downloaded here. The strategy returned 24.01% in the second quarter, outperforming the Russell 2000 Index's 21.49% return. Performance was positively affected by stock selection in health care and industrials, while the Fund's underweight position in information technology was the largest relative detractor as AI-related companies drove market gains. Small-cap equities benefited from strong earnings, resilient economic conditions, and easing geopolitical concerns, with technology leading sector performance while energy declined alongside lower oil prices. Despite the market's focus on AI, the Fund's strongest contributors came from businesses outside the theme, particularly in health care, defense-oriented companies, and tangible-asset industries. Looking ahead, the Fund remains focused on resilient, underfollowed companies tied to infrastructure, defense modernization, and essential industries where disciplined capital allocation and long-term demand can support value creation. Also, check the fund's top five holdings to see its best picks in 2026.

In its second-quarter 2026 investor letter, Diamond Hill Capital Small Cap Strategy highlighted Ryman Hospitality Properties, Inc. (NYSE:RHP) as a key contributor. Ryman Hospitality Properties, Inc. (NYSE:RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. On September 02, 2026, Ryman Hospitality Properties, Inc. (NYSE:RHP) closed at $122.64 per share. Ryman Hospitality Properties, Inc. (NYSE:RHP) declined 1.09% over the past month while its shares gained 21.78% over the past 52 weeks. Ryman Hospitality Properties, Inc. (NYSE:RHP) has a market capitalization of $8.42 billion with a 52-week trading range between $83.82 - $137.46.

Diamond Hill Capital Small Cap Strategy stated the following regarding Ryman Hospitality Properties, Inc. (NYSE:RHP) in its Q2 2026 investor letter:

"Ryman Hospitality Properties, Inc. (NYSE:RHP), a group-lodging focused REIT, saw shares rise in the quarter as the company continues to demonstrate the stability of its cash flow generation. Ryman also reported it had engaged an investment bank to explore the sale of Opry Entertainment Group after receiving multiple inbound inquiries. The plan has always been that Opry Entertainment would not be part of Ryman long term, but this may potentially speed up value realization of that asset."

Ryman Hospitality Properties, Inc. (NYSE:RHP) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Ryman Hospitality Properties, Inc. (NYSE:RHP) at the end of the second quarter which was 33 in the previous quarter. While we acknowledge the potential of Ryman Hospitality Properties, Inc. (NYSE:RHP) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered Ryman Hospitality Properties, Inc. (NYSE:RHP) and shared a list of wonderful stocks to buy. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.