Diamond Hill Capital Management, LLC (Investment Advisor) Diversified Active

Location: Columbus, OH

CIK: 0001217541 · Show all filings

Period: Q4 2024 (← Previous) (Next →)

Filing Date: Feb 10, 2025

Total Value: $22.65B (100.0% shares, 0.0% debt)

Holdings (177)

AIG American International Group, 4.5%
Value $1.03B Shares 14,147,050 Est. Cost $39.48 Unrealized +85.6%
ABT Abbott Laboratories 3.3%
Value $741M Shares 6,551,533 Est. Cost $55.43 Unrealized +104.5%
BRK/B Berkshire Hathaway, Inc. (Cl B 3.1%
Value $711M Shares 1,568,426 Est. Cost $340.52 Unrealized +35.6%
BAC Bank of America Corp. 3.0%
Value $678M Shares 15,420,316 Est. Cost $25.10 Unrealized +70.6%
COP ConocoPhillips 2.8%
Value $634M Shares 6,388,580 Est. Cost $85.99 Unrealized +19.0%
TXN Texas Instruments, Inc. 2.8%
Value $633M Shares 3,378,371 Est. Cost $145.02 Unrealized +33.2%
GM General Motors Co. 2.6%
Value $593M Shares 11,122,606 Est. Cost $37.86 Unrealized +36.7%
SYY Sysco Corp. 2.4%
Value $551M Shares 7,206,978 Est. Cost $73.37 Unrealized +0.8%
SSNC SS&C Technologies Holdings, In 2.3%
Value $513M Shares 6,769,969 Est. Cost $69.06 Unrealized +8.3%
KMX CarMax, Inc. 2.2%
Value $509M Shares 6,221,688 Est. Cost $65.27 Unrealized +20.3%
PFE Pfizer, Inc. 2.2%
Value $494M Shares 18,623,356 Est. Cost $24.26 Unrealized +3.5%
FANG Diamondback Energy, Inc. 2.0%
Value $462M Shares 2,817,554 Est. Cost $155.27 Unrealized +10.1%
RRX Regal Rexnord Corp. 2.0%
Value $451M Shares 2,908,349 Est. Cost $137.47 Unrealized +22.9%
LH Labcorp Holdings, Inc. 2.0%
Value $451M Shares 1,967,099 Est. Cost $199.75 Unrealized +13.4%
AON Aon PLC (Cl A) 2.0%
Value $448M Shares 1,247,736 Est. Cost $333.41 Unrealized +9.6%
HCA HCA Healthcare, Inc. 2.0%
Value $443M Shares 1,476,154 Est. Cost $210.30 Unrealized +64.7%
UNP Union Pacific Corp. 1.9%
Value $431M Shares 1,890,942 Est. Cost $208.75 Unrealized +10.3%
AMZN Amazon.com, Inc. 1.8%
Value $412M Shares 1,878,642 Est. Cost $127.04 Unrealized +61.0%
BDX Becton, Dickinson and Co. 1.8%
Value $404M Shares 1,782,894 Est. Cost $224.92 Unrealized +0.1%
WM Waste Management, Inc. 1.7%
Value $391M Shares 1,939,638 Est. Cost $161.89 Unrealized +30.4%
SBAC SBA Communications Corp. (Cl A 1.7%
Value $379M Shares 1,861,091 Est. Cost $228.21 Unrealized -3.5%
LULU lululemon athletica inc. 1.6%
Value $370M Shares 967,710 Est. Cost $326.48 Unrealized 0.0%
CL Colgate-Palmolive Co. 1.5%
Value $349M Shares 3,835,863 Est. Cost $93.07 Unrealized 0.0%
TGT Target Corp. 1.5%
Value $346M Shares 2,562,691 Est. Cost $130.01 Unrealized +5.1%
CAT Caterpillar, Inc. 1.5%
Value $338M Shares 932,467 Est. Cost $164.83 Unrealized +131.6%
MDT Medtronic PLC 1.5%
Value $335M Shares 4,191,837 Est. Cost $70.61 Unrealized +18.7%
EXR Extra Space Storage, Inc. 1.4%
Value $325M Shares 2,172,685 Est. Cost $123.75 Unrealized +25.5%
KEY KeyCorp 1.4%
Value $323M Shares 18,837,918 Est. Cost $13.19 Unrealized +28.8%
NDAQ Nasdaq, Inc. 1.4%
Value $319M Shares 4,123,604 Est. Cost $57.38 Unrealized +32.8%
DE Deere & Co. 1.4%
Value $317M Shares 749,329 Est. Cost $295.33 Unrealized +40.2%
HIG Hartford Financial Services Gr 1.4%
Value $314M Shares 2,870,646 Est. Cost $43.83 Unrealized +159.4%
V Visa, Inc. (Cl A) 1.4%
Value $313M Shares 989,265 Est. Cost $190.17 Unrealized +56.9%
FERG Ferguson Enterprises, Inc. 1.4%
Value $312M Shares 1,799,055 Est. Cost $196.88 Unrealized -1.2%
LHX L3Harris Technologies, Inc. 1.4%
Value $306M Shares 1,456,620 Est. Cost $164.11 Unrealized +42.9%
FCX Freeport-McMoRan, Inc. 1.3%
Value $300M Shares 7,872,974 Est. Cost $35.64 Unrealized +23.6%
SBUX Starbucks Corp. 1.3%
Value $297M Shares 3,257,716 Est. Cost $78.24 Unrealized +20.1%
BLDR Builders FirstSource, Inc. 1.2%
Value $278M Shares 1,943,439 Est. Cost $169.39 Unrealized +4.5%
NVR NVR, Inc. 1.2%
Value $268M Shares 32,817 Est. Cost $2969.13 Unrealized +206.7%
PH Parker-Hannifin Corp. 1.1%
Value $255M Shares 401,682 Est. Cost $125.89 Unrealized +420.4%
MLM Martin Marietta Materials, Inc 1.1%
Value $245M Shares 473,632 Est. Cost $406.67 Unrealized +38.6%
D Dominion Energy, Inc. 1.1%
Value $243M Shares 4,504,329 Est. Cost $54.02 Unrealized +0.0%
WFC Wells Fargo & Co. 1.0%
Value $232M Shares 3,307,143 Est. Cost $40.53 Unrealized +64.5%
IP International Paper Co. 1.0%
Value $227M Shares 4,217,245 Est. Cost $41.48 Unrealized +23.7%
HD Home Depot, Inc. 1.0%
Value $217M Shares 558,023 Est. Cost $295.42 Unrealized +34.5%
RRR Red Rock Resorts, Inc. (Cl A) 0.9%
Value $196M Shares 4,241,003 Est. Cost $26.25 Unrealized +93.8%
WCC WESCO International, Inc. 0.9%
Value $194M Shares 1,069,718 Est. Cost $49.56 Unrealized +277.3%
ACN Accenture PLC (Cl A) 0.8%
Value $191M Shares 541,798 Est. Cost $337.22 Unrealized +5.2%
Mr. Cooper Group, Inc. 0.8%
Value $186M Shares 1,942,176 Est. Cost $12.53 Unrealized
ABBV AbbVie, Inc. 0.8%
Value $180M Shares 1,010,175 Est. Cost $90.03 Unrealized +97.1%
ALL Allstate Corp. 0.7%
Value $148M Shares 767,242 Est. Cost $114.36 Unrealized +66.0%
POST Post Holdings, Inc. 0.6%
Value $144M Shares 1,262,168 Est. Cost $51.33 Unrealized +122.0%
ENOV Enovis Corp. 0.5%
Value $122M Shares 2,791,436 Est. Cost $59.71 Unrealized -26.4%
ASH Ashland, Inc. 0.5%
Value $112M Shares 1,567,816 Est. Cost $75.72 Unrealized +2.2%
CUBE CubeSmart 0.4%
Value $90.61M Shares 2,114,593 Est. Cost $27.22 Unrealized
VRSN VeriSign, Inc. 0.4%
Value $87.92M Shares 424,823 Est. Cost $176.88 Unrealized +5.6%
GOOGL Alphabet, Inc. (Cl A) 0.4%
Value $79.77M Shares 421,390 Est. Cost $110.50 Unrealized +57.6%
HII Huntington Ingalls Industries, 0.4%
Value $79.39M Shares 420,102 Est. Cost $229.83 Unrealized -8.6%
C Citigroup, Inc. 0.3%
Value $78.98M Shares 1,122,001 Est. Cost $45.26 Unrealized +44.4%
META Meta Platforms, Inc. (Cl A) 0.3%
Value $78.1M Shares 133,384 Est. Cost $218.87 Unrealized +167.2%
CTRA Coterra Energy, Inc. 0.3%
Value $75.65M Shares 2,961,929 Est. Cost $17.08 Unrealized +40.1%
CIEN Ciena Corp. 0.3%
Value $74.73M Shares 881,131 Est. Cost $47.11 Unrealized +52.3%
MSFT Microsoft Corp. 0.3%
Value $72.7M Shares 172,477 Est. Cost $241.05 Unrealized +75.2%
MAA Mid-America Apartment Communit 0.3%
Value $71.86M Shares 464,922 Est. Cost $122.51 Unrealized +22.1%
MZTI Lancaster Colony Corp. 0.3%
Value $71.65M Shares 413,838 Est. Cost $159.84 Unrealized +14.5%
WNS (Holdings) Ltd. 0.3%
Value $65.09M Shares 1,373,427 Est. Cost $50.74 Unrealized
WBS Webster Financial Corp. 0.3%
Value $64.9M Shares 1,175,223 Est. Cost $58.90 Unrealized -6.7%
GTES Gates Industrial Corp. PLC 0.3%
Value $64.13M Shares 3,117,470 Est. Cost $15.92 Unrealized +26.7%
RHP Ryman Hospitality Properties, 0.3%
Value $59.53M Shares 570,544 Est. Cost $90.87 Unrealized
UDR UDR, Inc. 0.2%
Value $54.84M Shares 1,263,301 Est. Cost $35.06 Unrealized +20.6%
LEA Lear Corp. 0.2%
Value $53.4M Shares 563,930 Est. Cost $126.33 Unrealized -24.0%
ULTA Ulta Beauty, Inc. 0.2%
Value $51.38M Shares 118,135 Est. Cost $393.92 Unrealized -1.6%
CIVI Civitas Resources, Inc. 0.2%
Value $51.37M Shares 1,119,953 Est. Cost $50.97 Unrealized -9.1%
FWONK Liberty Media Corp. Series C L 0.2%
Value $49.91M Shares 538,610 Est. Cost $62.30 Unrealized
TSM Taiwan Semiconductor Manufactu 0.2%
Value $48.64M Shares 246,270 Est. Cost $96.73 Unrealized
PRGO Perrigo Co. PLC 0.2%
Value $48.42M Shares 1,883,483 Est. Cost $34.29 Unrealized -23.4%
LOB Live Oak Bancshares, Inc. 0.2%
Value $48.41M Shares 1,224,126 Est. Cost $41.79 Unrealized +7.7%
ICLR ICON PLC 0.2%
Value $47.69M Shares 227,386 Est. Cost $234.44 Unrealized -0.4%
TFX Teleflex, Inc. 0.2%
Value $46.7M Shares 262,364 Est. Cost $202.86 Unrealized 0.0%
FA First Advantage Corp. 0.2%
Value $45.97M Shares 2,454,510 Est. Cost $13.47 Unrealized +40.9%
CMPR Cimpress PLC 0.2%
Value $42.47M Shares 592,195 Est. Cost $70.12 Unrealized +11.9%
BSX Boston Scientific Corp. 0.2%
Value $42.31M Shares 473,696 Est. Cost $14.38 Unrealized +512.3%
ALK Alaska Air Group, Inc. 0.2%
Value $41.74M Shares 644,701 Est. Cost $52.52 Unrealized +0.1%
CVX Chevron Corp. 0.2%
Value $41.18M Shares 284,324 Est. Cost $145.05 Unrealized +0.3%
ESAB ESAB Corp. 0.2%
Value $40.72M Shares 339,495 Est. Cost $46.29 Unrealized +159.9%
RYN Rayonier, Inc. 0.2%
Value $39.05M Shares 1,496,049 Est. Cost $33.32 Unrealized
GDDY GoDaddy, Inc. (Cl A) 0.2%
Value $38.76M Shares 196,385 Est. Cost $89.43 Unrealized +104.3%
UGI UGI Corp. 0.2%
Value $38.36M Shares 1,358,902 Est. Cost $36.29 Unrealized -28.5%
FIS Fidelity National Information 0.2%
Value $38.13M Shares 472,111 Est. Cost $92.24 Unrealized -9.0%
Informatica, Inc. (Cl A) 0.2%
Value $36.24M Shares 1,397,451 Est. Cost $25.93 Unrealized
RNR RenaissanceRe Holdings Ltd. 0.2%
Value $36.03M Shares 144,813 Est. Cost $158.97 Unrealized +68.9%
NSP Insperity, Inc. 0.1%
Value $31.09M Shares 401,108 Est. Cost $99.94 Unrealized -23.0%
OZK Bank OZK 0.1%
Value $29.79M Shares 669,074 Est. Cost $25.65 Unrealized +69.7%
Enstar Group Ltd. 0.1%
Value $29.51M Shares 91,627 Est. Cost $148.52 Unrealized
TDY Teledyne Technologies, Inc. 0.1%
Value $29.35M Shares 63,233 Est. Cost $466.01 Unrealized 0.0%
JCI Johnson Controls International 0.1%
Value $26.8M Shares 339,513 Est. Cost $54.74 Unrealized +44.8%
DIS Walt Disney Co. 0.1%
Value $26.56M Shares 238,544 Est. Cost $108.90 Unrealized -4.9%
SF Stifel Financial Corp. 0.1%
Value $24.41M Shares 230,138 Est. Cost $58.41 Unrealized +79.8%
WTW Willis Towers Watson PLC 0.1%
Value $24.27M Shares 77,488 Est. Cost $219.34 Unrealized +37.9%
FBIN Fortune Brands Innovations, In 0.1%
Value $24.26M Shares 355,066 Est. Cost $65.51 Unrealized +19.2%
TFC Truist Financial Corp. 0.1%
Value $23.82M Shares 549,004 Est. Cost $38.96 Unrealized +8.6%
ALGT Allegiant Travel Co. 0.1%
Value $23.7M Shares 251,757 Est. Cost $117.27 Unrealized -37.8%
ERII Energy Recovery, Inc. 0.1%
Value $23.62M Shares 1,606,982 Est. Cost $18.96 Unrealized -9.7%
L Loews Corp. 0.1%
Value $23.48M Shares 277,228 Est. Cost $38.25 Unrealized +114.8%
MS Morgan Stanley 0.1%
Value $22.81M Shares 181,422 Est. Cost $26.77 Unrealized +346.4%
STZ Constellation Brands, Inc. (Cl 0.1%
Value $21.75M Shares 98,429 Est. Cost $190.46 Unrealized +21.5%
HUM Humana, Inc. 0.1%
Value $21.64M Shares 85,294 Est. Cost $329.65 Unrealized -20.0%
IWD iShares Russell 1000 Value ETF 0.1%
Value $20.82M Shares 112,486 Est. Cost $184.95 Unrealized
Synovus Financial Corp. 0.1%
Value $19.54M Shares 381,360 Est. Cost $40.19 Unrealized
NVST Envista Holdings Corp. 0.1%
Value $19.26M Shares 998,612 Est. Cost $23.35 Unrealized -15.3%
ST Sensata Technologies Holding P 0.1%
Value $19.08M Shares 696,496 Est. Cost $46.20 Unrealized -29.7%
MTN Vail Resorts, Inc. 0.1%
Value $17.31M Shares 92,344 Est. Cost $170.36 Unrealized +5.0%
FHN First Horizon Corp. 0.1%
Value $16.32M Shares 810,452 Est. Cost $11.17 Unrealized +62.6%
PRGS Progress Software Corp. 0.1%
Value $16.32M Shares 250,472 Est. Cost $58.57 Unrealized +14.0%
TJX TJX Cos., Inc. 0.1%
Value $16.24M Shares 134,416 Est. Cost $42.72 Unrealized +175.6%
SOLV Solventum Corp. 0.1%
Value $15.91M Shares 240,891 Est. Cost $70.01 Unrealized 0.0%
BBWI Bath & Body Works, Inc. 0.1%
Value $15.29M Shares 394,484 Est. Cost $31.52 Unrealized +1.5%
REXR Rexford Industrial Realty, Inc 0.1%
Value $14.42M Shares 372,886 Est. Cost $38.66 Unrealized
COHR Coherent Corp. 0.1%
Value $14.17M Shares 149,603 Est. Cost $52.00 Unrealized +92.4%
CMCSA Comcast Corp. (Cl A) 0.1%
Value $13.63M Shares 363,204 Est. Cost $25.87 Unrealized +54.6%
BRO Brown & Brown, Inc. 0.1%
Value $13.04M Shares 127,846 Est. Cost $18.93 Unrealized +460.1%
KKR KKR & Co, Inc. 0.1%
Value $12.97M Shares 87,688 Est. Cost $29.56 Unrealized +393.2%
TFIN Triumph Financial, Inc. 0.1%
Value $12.97M Shares 142,670 Est. Cost $67.99 Unrealized +36.8%
MGY Magnolia Oil & Gas Corp. (Cl A 0.1%
Value $12.12M Shares 518,417 Est. Cost $25.51 Unrealized +1.8%
VZ Verizon Communications, Inc. 0.1%
Value $12.09M Shares 302,405 Est. Cost $39.02 Unrealized +1.0%
LW Lamb Weston Holdings, Inc. 0.0%
Value $10.91M Shares 163,295 Est. Cost $73.26 Unrealized -0.9%
HLIO Helios Technologies, Inc. 0.0%
Value $10.34M Shares 231,675 Est. Cost $43.97 Unrealized +12.6%
DCO Ducommun, Inc. 0.0%
Value $10.31M Shares 161,985 Est. Cost $54.06 Unrealized +18.8%
BR Broadridge Financial Solutions 0.0%
Value $10.05M Shares 44,449 Est. Cost $22.91 Unrealized +859.5%
CHKP Check Point Software Technolog 0.0%
Value $9.409M Shares 50,395 Est. Cost $114.21 Unrealized +64.9%
LPLA LPL Financial Holdings, Inc. 0.0%
Value $8.949M Shares 27,408 Est. Cost $295.72 Unrealized 0.0%
ODC Oil-Dri Corp. of America 0.0%
Value $8.578M Shares 97,880 Est. Cost $21.82 Unrealized +67.9%
GHM Graham Corp. 0.0%
Value $8.002M Shares 179,940 Est. Cost $11.98 Unrealized +212.4%
LEU Centrus Energy Corp. (Cl A) 0.0%
Value $6.878M Shares 103,251 Est. Cost $39.35 Unrealized +98.3%
USLM United States Lime & Minerals, 0.0%
Value $6.791M Shares 51,161 Est. Cost $68.38 Unrealized +85.4%
FIP FTAI Infrastructure Incorporat 0.0%
Value $5.938M Shares 817,910 Est. Cost $8.35 Unrealized 0.0%
FTAI FTAI Aviation Ltd. 0.0%
Value $5.169M Shares 35,887 Est. Cost $20.21 Unrealized +621.7%
ASTH Astrana Health, Inc. 0.0%
Value $5.02M Shares 159,211 Est. Cost $42.80 Unrealized +11.0%
BOKF BOK Financial Corp. 0.0%
Value $4.896M Shares 45,992 Est. Cost $49.98 Unrealized +116.9%
BBCP Concrete Pumping Holdings, Inc 0.0%
Value $4.675M Shares 701,941 Est. Cost $6.86 Unrealized -20.5%
ALNT Allient, Inc. 0.0%
Value $4.651M Shares 191,537 Est. Cost $30.40 Unrealized -27.7%
IGIC International General Insuranc 0.0%
Value $4.528M Shares 190,563 Est. Cost $17.30 Unrealized +31.9%
HDB HDFC Bank Ltd. ADR 0.0%
Value $4.298M Shares 67,301 Est. Cost $63.00 Unrealized
MLR Miller Industries, Inc. 0.0%
Value $3.776M Shares 57,767 Est. Cost $38.69 Unrealized +72.4%
TGB Taseko Mines Ltd. 0.0%
Value $3.517M Shares 1,812,797 Est. Cost $1.67 Unrealized +32.2%
MLAB Mesa Laboratories, Inc. 0.0%
Value $3.512M Shares 26,634 Est. Cost $121.79 Unrealized 0.0%
PESI Perma-Fix Environmental Servic 0.0%
Value $3.493M Shares 315,517 Est. Cost $11.21 Unrealized +17.4%
OEC Orion S.A. 0.0%
Value $3.477M Shares 220,184 Est. Cost $17.84 Unrealized -5.3%
SPOT Spotify Technology SA 0.0%
Value $3.438M Shares 7,685 Est. Cost $183.25 Unrealized +133.7%
CALM Cal-Maine Foods, Inc. 0.0%
Value $3.334M Shares 32,395 Est. Cost $33.80 Unrealized +152.7%
MAMA Mama's Creations, Inc. 0.0%
Value $3.267M Shares 410,432 Est. Cost $4.49 Unrealized +84.5%
UFPT UFP Technologies, Inc. 0.0%
Value $3.226M Shares 13,192 Est. Cost $62.70 Unrealized +364.2%
MYFW First Western Financial, Inc. 0.0%
Value $3.028M Shares 154,878 Est. Cost $22.12 Unrealized -7.5%
NVS Novartis AG ADR 0.0%
Value $2.989M Shares 30,715 Est. Cost $92.10 Unrealized
RCKY Rocky Brands, Inc. 0.0%
Value $2.598M Shares 113,958 Est. Cost $31.96 Unrealized -23.5%
CMT Core Molding Technologies, Inc 0.0%
Value $2.557M Shares 154,604 Est. Cost $17.30 Unrealized -5.0%
PLOW Douglas Dynamics, Inc. 0.0%
Value $2.313M Shares 97,871 Est. Cost $34.80 Unrealized -27.2%
SAMG Silvercrest Asset Management G 0.0%
Value $2.312M Shares 125,695 Est. Cost $17.95 Unrealized -1.1%
PAL Proficient Auto Logistics, Inc 0.0%
Value $2.042M Shares 253,030 Est. Cost $13.03 Unrealized -23.7%
THR Thermon Group Holdings, Inc. 0.0%
Value $1.962M Shares 68,201 Est. Cost $30.92 Unrealized -4.7%
CURB Curbline Properties Corp. 0.0%
Value $1.903M Shares 81,966 Est. Cost $23.22 Unrealized
CNH CNH Industrial NV 0.0%
Value $1.89M Shares 166,844 Est. Cost $11.00 Unrealized +1.5%
ONDS Ondas Holdings, Inc. 0.0%
Value $1.573M Shares 614,291 Est. Cost $1.60 Unrealized -35.0%
CCS Century Communities, Inc. 0.0%
Value $1.378M Shares 18,783 Est. Cost $50.51 Unrealized +72.9%
ARCO Arcos Dorados Holdings, Inc. ( 0.0%
Value $1.34M Shares 184,039 Est. Cost $8.51 Unrealized -3.2%
QURE uniQure N.V. 0.0%
Value $1.189M Shares 67,320 Est. Cost $7.13 Unrealized +21.0%
ALOT AstroNova, Inc. 0.0%
Value $1.003M Shares 83,544 Est. Cost $14.43 Unrealized -2.5%
BAP Credicorp Ltd. 0.0%
Value $999K Shares 5,448 Est. Cost $118.19 Unrealized +49.8%
NTIC Northern Technologies Internat 0.0%
Value $961K Shares 71,258 Est. Cost $13.57 Unrealized -4.0%
SEB Seaboard Corp. 0.0%
Value $911K Shares 375 Est. Cost $3171.91 Unrealized -13.6%
GRBK Green Brick Partners, Inc. 0.0%
Value $854K Shares 15,117 Est. Cost $9.50 Unrealized +647.5%
RMNI Rimini Street, Inc. (Cl A) 0.0%
Value $814K Shares 304,826 Est. Cost $5.36 Unrealized -61.9%
PCYO Pure Cycle Corp. 0.0%
Value $810K Shares 63,886 Est. Cost $12.95 Unrealized -5.7%
TRNS Transcat, Inc. 0.0%
Value $650K Shares 6,143 Est. Cost $60.35 Unrealized +83.9%
AUPH Aurinia Pharmaceuticals, Inc. 0.0%
Value $629K Shares 70,099 Est. Cost $10.24 Unrealized -20.3%
ACU Acme United Corp. 0.0%
Value $523K Shares 14,006 Est. Cost $39.07 Unrealized +4.3%
CRWS Crown Crafts, Inc. 0.0%
Value $479K Shares 106,887 Est. Cost $4.41 Unrealized -6.7%
JOUT Johnson Outdoors, Inc. (Cl A) 0.0%
Value $292K Shares 8,842 Est. Cost $56.33 Unrealized -39.6%