Portfolio Guidelines

  • Typically 20 positions
  • Maximum position size is 10%
  • Top 10 holdings are typically greater than 50% of net assets
  • Maximum industry exposure is 25%
  • Maximum sector exposure is 35%

Market Capitalization

Holdings are derived from the largest holdings in the Diamond Hill Large Cap strategy. The Large Cap strategy typically invests in large-capitalization companies with a market capitalization of $5 billion or greater.

 

Top Ten Equity Holdings
As Of March 31, 2017

Citigroup, Inc. Financials 7.1%
JPMorgan Chase & Co. Financials 6.6
Abbott Laboratories Health Care 6.3
Morgan Stanley Financials 5.7
United Technologies Corp. Industrials 5.7
Pfizer, Inc. Health Care 5.5
Capital One Financial Corp. Financials 5.5
Microsoft Corp. Info. Technology 5.2
Procter & Gamble Co. Consumer Staples 5.0
TJX Cos., Inc. Cons. Discretionary 4.7
Total As % Of Net Assets 57.2%
Total Number Of Equity Holdings 20

This is presented as supplemental information.

Sector Allocation1
As Of March 31, 2017

Large Cap Concentrated Composite Russell 1000 Index Russell 1000 Value Index
Financials 28.6% 14.6% 26.5%
Cons. Discretionary 18.6 13.2 5.5
Info. Technology 17.9 21.4 10.0
Health Care 11.8 13.4 10.8
Consumer Staples 8.9 8.3 7.5
Industrials 5.7 10.5 10.2
Energy 4.1 6.3 12.2
Real Estate 0.0 3.7 4.6
Materials 0.0 3.2 2.9
Utilities 0.0 3.1 6.2
Telecom 0.0 2.3 3.6
Cash & Other 4.5 0.0 0.0

This is presented as supplemental information.

Portfolio Characteristics Vs. Benchmark2
As Of March 31, 2017

Large Cap Concentrated Composite Russell 1000 Index Russell 1000 Value Index
Median Forward P/E 16.6x 19.6x 18.3x
Median Trailing P/E 20.4x 22.8x 21.0x
Weighted Average Dividend Yield 1.9% 1.9% 2.4%
Median Price / Book 3.3x 3.1x 2.3x
Median Price / Sales 2.7x 2.4x 2.2x
Median Market Cap. $128.3B $8.9B $8.2B
Weighted Average Market Cap. $196.2B $145.8B $120.0B
Portfolio Turnover 5 Year 26% —   —  
Active Share3 vs. Core4 / Value5 Benchmark 85% / 87% —   —  
Upside/Downside Capture Ratio6 vs. Core Benchmark4 103% / 105% —   —  
Upside/Downside Capture Ratio6 vs. Value Benchmark5 105% / 105% —   —  

This is presented as supplemental information.

1 Cash & Other may include cash, treasuries, money market funds, and short duration fixed income funds

2 Source: FactSet.

3 Source: Morningstar Direct. Active share measures the difference between portfolio holdings and the benchmark. The higher the active share, the greater the difference.

4 The Russell 1000 Index is the core benchmark.

5 The Russell 1000 Value Index is the value benchmark.

6 Source: eVestment Analytics based on quarterly returns (gross of fees) from 1/1/12 – 3/31/17.

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