We are committed to transparent and open communication with our clients and prospects. Our investment letters provide insights into our independent thinking and demonstrate the consistency in our views over time.

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Debunking the High Yield Index and High Yield ETFs »
January 31, 2017
The debate between active and passive management that has reverberated for years in equity markets is now shifting to fixed income. We believe it is critical for investors to understand the intricacies of passive management in high yield fixed income....
Variable Equity Management Fees and Alignment of Interests »
January 18, 2017
The Diamond Hill Mission Statement calls on us to serve our clients by providing investment strategies that deliver lasting value through a shared commitment to our intrinsic value-based investment philosophy, long-term perspective, disciplined approach, and alignment with our clients’ interests....
Diamond Hill’s Corporate Bond Investment Philosophy, Process and Structural Advantages »
February 29, 2016
At Diamond Hill, our mission is to serve our clients by providing lasting value through a shared commitment to our intrinsic value-based investment philosophy, disciplined approach and alignment with our clients’ interests. To this end, we have carefully designed structural...
Active Management Fees and Alignment of Interests – Revisited »
January 1, 2016
We described our approach to setting investment management fees and how we link those fees to our internal return goals in our 2011 white paper, “Active Management Fees and Alignment of Interests”, available on our website (www.diamond-hill.com). Specifically, we noted...
Diamond Hill Valuation-Weighted 500 Index Methodology
(DHVW Index) »

March 17, 2015
Executive Summary Traditional market capitalization-weighted indexes are based on the assumption that a company’s current stock market price is the best estimate of value. This notion is supported by the Efficient Market Hypothesis. At Diamond Hill, we reject that assumption....
Valuing U.S. Equities: A Historical Perspective »
September 26, 2014
Executive Summary Using history as a guide, we considered the appropriate price-to-earnings (P/E) ratio that will provide investors a sufficient return on investment, relative to current interest rates, and reward them for equity market risks. We examined periods of extreme...
The Rationale For An Absolute Return Goal »
January 23, 2013
At Diamond Hill, all of our portfolio managers have a five-year absolute return objective for their strategies. Those absolute return goals are one of three quantitative inputs in our portfolio manager incentive compensation calculations, along with five-year return relative to...
The Importance of Being Long-Term Revisited »
July 25, 2012
In June 2009, we published The Importance of Being Long-Term, which attempted to provide some context and quantitative rigor in support of our five-year investment horizon. That paper used over one hundred years of stock market history to support our...
Diamond Hill Research Analysts And Research Opportunities Fund »
April 16, 2012
In the letter titled “Managing for the Long-Term” dated June 16, 2010, Ric Dillon wrote about how the evolution of our organizational structure enables us to better manage our investment portfolios and business for the long-term. As mentioned in that...
Active Management Fees & Alignment of Interests »
August 31, 2011
The Diamond Hill Mission Statement calls on us “To serve our clients through a disciplined, intrinsic value-based approach to investing, while maintaining a long-term perspective and aligning our interests with those of our clients.” Our mission permeates the way we...
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