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Disclosures

Russell 2000 Index: The Russell 2000 Index measures the performance of roughly 2,000 US small-cap companies. Russell 2000 Value Index: The Russell 2000 Value Index measures the performance of US small-cap companies with lower price/book ratios and forecasted growth values. Russell 2000 Growth Index: The Russell 2000 Growth Index measures the performance of US small-cap companies with higher price/book ratios and forecasted growth values. Russell 2500 Index: The Russell 2500 Index measures the performance of roughly 2,500 US small- to mid-cap companies. Russell 2500 Value Index: The Russell 2500 Value Index measures the performance of US small- to mid-cap companies with lower price/book ratios and forecasted growth values. Russell 2500 Growth Index: The Russell 2500 Growth Index measures the performance of US small- to mid-cap companies with higher price/book ratios and forecasted growth values. Russell Midcap Index: The Russell Midcap Index measures the performance of roughly 800 US mid-cap companies. Russell Midcap Value Index: The Russell Midcap Value Index measures the performance of US mid-cap companies with lower price/book ratios and forecasted growth values. Russell Midcap Growth Index: The Russell Midcap Growth Index measures the performance of US mid-cap companies with higher price/book ratios and forecasted growth values. Russell 1000 Index: The Russell 1000 Index measures the performance of roughly 1,000 US large-cap companies. Russell 1000 Value Index: The Russell 1000 Value Index measures the performance of US large-cap companies with lower price/book ratios and forecasted growth values. Russell 1000 Growth Index: The Russell 1000 Growth Index measures the performance of US large-cap companies with higher price/book ratios and forecasted growth values. Russell 3000 Index: The Russell 3000 Index measures the performance of roughly 3,000 of the largest US companies. Russell 3000 Value Index: The Russell 3000 Value Index measures the performance of the largest US companies with lower price/book ratios and forecasted growth values. Russell 3000 Growth Index: The Russell 3000 Growth Index measures the performance of the largest US companies with higher price/book ratios and forecasted growth values. MSCI ACWI ex USA Index: The MSCI ACWI ex USA Index measures the performance of large- and mid-cap stocks in developed (excluding the US) and emerging markets. MSCI ACWI Index: The MSCI ACWI Index measures the performance of large- and mid-cap stocks across 23 developed and 25 emerging markets. Morningstar Global Markets ex-US Index: The Morningstar Global Markets ex-US Index measures the performance of the stocks located in the developed and emerging countries (excluding the US) as defined by Morningstar. Bloomberg US 1-3 Yr Gov/Credit Index: The Bloomberg US 1-3 Year Government/Credit Index measures the performance of investment grade government and corporate bonds with maturities of one to three years. Bloomberg US Aggregate Bond Index: The Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). Bloomberg US Intermediate Aggregate Bond Index: The Bloomberg US Intermediate Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency) with a maturity greater than 1 year and less than 10 years. Bloomberg US Corporate Bond Index: The Bloomberg US Corporate Index measures the performance of the US investment grade fixed-rate taxable corporate bond market. Bloomberg US Securitized Index: The Bloomberg US Securitized Index measures the performance of the securitized sector of the Bloomberg US Aggregate Bond Index. 60%/40% blended Index: The Long-Short Fund Blended Index represents a 60/40 weighted blend of the Russell 1000 Index and the Bloomberg US Treasury Bills 1-3 Month Index. The Russell 1000 Index measures the performance of roughly 1,000 US large-cap companies. The Bloomberg US Treasury Bills 1-3 Month Index measures the performance of US Treasury bills with time to maturity between 1 and 3 months. S&P 500 Index measures the performance of 500 large companies in the US. S&P 500 Equal Weighted Index: The S&P 500® Equal Weight Index is the equal-weight version of the widely-used S&P 500. The index includes the same constituents as the capitalization-weighted S&P 500, but each company in the S&P 500 EWI is allocated a fixed weight - or 0.2% of the index total at each quarterly rebalance. ICE BofA Agency CMO Index: The ICE BofA Agency CMO Index measures the performance of US dollar-denominated, fixed-rate agency CMOs publicly issued in the US domestic market.

The indexes are unmanaged, market capitalization weighted, include net reinvested dividends, do not reflect fees or expenses (which would lower the return), and are not available for direct investment. Index data source: London Stock Exchange Group PLC, MSCI, Inc. and Bloomberg Index Services Limited.

Russell
London Stock Exchange Group PLC and its group undertakings (collectively, the "LSE Group"). © LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. Russell® and The Yield Book® are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

MSCI
Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

Morningstar
Diamond Hill Funds are not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Diamond Hill Funds or any member of the public regarding the advisability of investing in mutual funds generally or in the Diamond Hill Funds in particular. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDEXES OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

Bloomberg
BLOOMBERG, BLOOMBERG INDICES and Bloomberg Fixed Income Indices (the "Indices") are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited, the administrator of the Indices (collectively, "Bloomberg") or Bloomberg's licensors own all proprietary rights in the Indices. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to the Indices. Bloomberg makes no warranty, express or implied, as to the Indices or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg, its licensors, and its and their respective employees, contractors, agents, suppliers and vendors shall have no liability or responsibility whatsoever for any injury or damages - whether direct, indirect, consequential, incidental, punitive or otherwise - arising in connection with the Indices or any data or values relating thereto - whether arising from their negligence or otherwise.

Active Share measures the difference between portfolio holdings and the benchmark. The higher the active share, the greater the risk. Standard Deviation measures the volatility of a portfolio's returns. Sharpe Ratio is the measure of risk-adjusted return of an investment portfolio. Alpha is the excess return of an investment relative to the index’s return. Beta measures a portfolio's sensitivity to market movements. R-squared represents the percentage of a portfolio’s movements that can be explained by general market movements. Up/Down Capture Ratio is used to evaluate how well a portfolio performed relative to an index during periods when that index has risen/dropped. Effective Duration measures the interest rate risks of bonds with optionality, such as mortgage-backed securities (MBS), where the timing of principal repayment is highly dependent on interest rate levels. Weighted Average Life is the average number of years each dollar of unpaid principal remains outstanding. Convexity estimates how the effective duration of a portfolio changes as interest rates change. Option-Adjusted Spread is the difference between the portfolio yield and the risk-free rate, accounting for embedded options. Source: The Yield Book. Information Ratio is a measurement of excess returns beyond a benchmark compared to the volatility of those returns. Key Rate Duration (KRD) measures the contribution to duration to the entire portfolio from each part of the yield curve. Margin of safety is a principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value. In other words, when the market price of a security is significantly below your estimation of its intrinsic value, the difference is the margin of safety.

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