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All Cap Select Composite

Investment Strategy

  • To estimate intrinsic value, the business must be understandable, and we must be able to reasonably forecast its cash flows. We seek businesses with sustainable competitive advantages, conservative balance sheets, and management with an ownership mentality.
  • Investments are sold when the stock price reaches our estimate of intrinsic value, our estimate of intrinsic value is revised such that there is no longer a discount to intrinsic value, a holding reaches our stated maximum position size, or to raise proceeds for a more attractive opportunity.
  • More concentrated and broader market capitalization strategy.

Team

Austin Hawley, CFA

Portfolio Manager

Rick Snowdon, CFA

Portfolio Manager

Documents

Composite Fact Sheet

Composite Commentary

Returns

Quarterly

 Period and Annualized Total Returns as of 6/30/2021
Since Inception
(6/30/2000)		 20-YR15-YR10-YR5-YR3-YR1-YRYTD2Q21
Gross of Fees 11.92 11.35 11.01 14.48 18.96 18.06 72.42 22.99 6.54
Net of Fees 11.18 10.62 10.32 13.81 18.23 17.30 71.27 22.58 6.36
Russell 3000 Index 7.71 8.92 10.78 14.70 17.89 18.73 44.16 15.11 8.24
Russell 3000 Value Index 8.01 7.83 7.99 11.54 11.99 12.23 45.40 17.67 5.16
Swipe or scroll right for more data

Past performance is not a guarantee of future results. To view a compliant presentation for all composites, click here.

Calendar Year Returns

Year Gross of Fees Net of FeesRussell 3000 IndexRussell 3000 Value Index
2020 15.64 14.83 20.89 2.87
2019 31.92 31.14 31.02 26.26
2018 -11.19 -11.74 -5.24 -8.58
2017 21.26 20.60 21.13 13.19
2016 10.83 10.22 12.74 18.40
2015 -0.47 -1.02 0.48 -4.13
2014 12.59 12.05 12.56 12.70
2013 45.86 45.11 33.55 32.69
2012 12.70 12.00 16.42 17.55
2011 -0.58 -1.21 1.03 -0.10
2010 11.51 10.74 16.93 16.23
2009 34.83 33.89 28.34 19.76
2008 -32.90 -33.39 -37.31 -36.25
2007 6.57 5.75 5.14 -1.01
2006 15.16 14.37 15.72 22.34

Peer Group Quartile Rankings1 as of June 30, 2021

  10-YR5-YR3-YR1-YR
Diamond Hill Percentile 8th7th10th5th

1 This is presented as supplemental information. Source: eVestment Analytics. Ranking within eVestment U.S. All Cap Value Equity universe based on monthly returns gross of fees. Ranking data calculated on 7/20/21 (as of 6/30/21) and is subject to change as additional firms within the category submit data.

Statistics

Portfolio Characteristics VS. Benchmark2 as of June 30, 2021

  All Cap Select Composite Russell 3000 IndexRussell 3000 Value Index
Inception June 30, 2000 ——
Status Open ——
Median Forward P/E 18.3x 19.7x17.5x
Median Trailing P/E 27.8x 24.2x20.7x
Weighted Average Dividend Yield 1.1% 1.3%1.9%
Median Price / Book 2.6x 3.2x2.3x
Median Price / Sales 2.8x 3.3x2.8x
Median Market Cap. $9.4B $2.6B$2.6B
Weighted Average Market Cap. $89.2B $434.0B$132.1B
Portfolio Turnover (5-Year) 69% ——
Active Share vs. Core / Value Benchmark 94%/92% ——
Upside/Downside Capture Ratio vs. Core Benchmark 113%/95% ——
Upside/Downside Capture Ratio vs. Value Benchmark 114%/96% ——

This is presented as supplemental information.

Portfolio

Portfolio Guidelines

  • Typically 30–40 positions
  • Maximum position size is 10%
  • Top 10 holdings are typically greater than 40% of net assets
  • Maximum industry exposure is 25%
  • Maximum sector exposure is 35%

Market Capitalization

The portfolio typically invests in companies with a market capitalization greater than $500 million.

Vehicles Available

Top Ten Equity Holdings as of June 30, 2021

  Sector % of Net Assets
WESCO International, Inc. Industrials 6.4
American International Group, Inc. Financials 6.3
Mr. Cooper Group, Inc. Financials 5.9
Hanesbrands, Inc. Cons. Discretionary 5.2
Berkshire Hathaway, Inc. (Cl B) Financials 4.9
KKR & Co., Inc. (Cl A) Financials 4.5
Facebook, Inc. (Cl A) Communication Services 3.6
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 3.5
W.R. Grace & Co. Materials 3.3
Kirby Corp. Industrials 3.2
Total as % of Net Assets 46.9%
Total number of equity holdings 33

This is presented as supplemental information.

Sector Allocation3 as of June 30, 2021

All Cap Select Composite Russell 3000 IndexRussell 3000 Value Index
Financials 31.9 11.6 21.1
Industrials 16.8 9.5 12.2
Cons. Discretionary 10.7 12.2 5.9
Consumer Staples 10.1 5.3 6.9
Communication Services 8.7 10.1 8.2
Materials 6.9 2.5 3.9
Health Care 6.5 13.6 16.9
Info. Technology 4.2 26.6 9.9
Utilities 2.0 2.4 4.8
Real Estate 0.0 3.4 5.0
Energy 0.0 2.8 5.2
Cash & Other 2.0 0.0 0.0

This is presented as supplemental information.

Documents

2 Active Share: Source: FactSet. Active share measures the difference between portfolio holdings and the benchmark. The higher the active share, the greater the difference. The Russell 3000 Index is the core benchmark. The Russell 3000 Value Index is the value benchmark. Upside/Downside Capture: Source: eVestment Analytics based on monthly returns (gross of fees) from 7/1/00 – 6/30/21.

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

Index data source: London Stock Exchange Group PLC. See diamond-hill.com/disclosures for a full copy of the disclaimer.

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