Skip to main content

Long-Short Fund

To estimate intrinsic value, the business must be understandable, and we must be able to reasonably forecast its cash flows. For long positions, we seek businesses trading at a discount to our estimate of intrinsic value with sustainable competitive advantages, conservative balance sheets and management with an ownership mentality. The inverse is often true for our short positions.

Team

Group Item Count: 4
set at runtime

Chris Bingaman, CFA

Portfolio Manager

Group Item Count: 4
set at runtime

Nate Palmer, CFA, CPA

Portfolio Manager

Group Item Count: 4
set at runtime

Chuck Bath, CFA

Assistant Portfolio Manager

Group Item Count: 4
set at runtime

Brian Fontanella, CFA

Portfolio Specialist

Philosophy and process highlights

Under our intrinsic value philosophy, we:

Treat every investment as a partial ownership interest in that company

Seek to invest at a discount to intrinsic value

Possess a long-term investment temperament

Recognize that market price and intrinsic value tend to converge over a reasonable period of time

Our approach to sustainability

Long-Short Fund

Total net assets

$2.1B
As of 31 Mar 2022

Inception

30 Jun 2000

Tickers

DIAMX (Investor)
DHLSX (Class I)
DIAYX (Class Y)

Status

Open

Returns

As of 19 May 2022 Period and Annualized Total Returns (%) As of 30 Apr 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Jun 2000)
20Y15Y10Y5Y3Y1Y3MOApr Gross Net1,2
Investor (DIAMX) 26.44 -4.75 6.54 6.08 4.81 7.09 5.74 6.40 0.48 -6.35 -4.47 1.95 1.94
Class I (DHLSX) 27.34 -4.67 6.81 6.38 5.13 7.40 6.06 6.71 0.78 -6.29 -4.43 1.66 1.65
Class Y (DIAYX) 27.52 -4.61 6.74 6.31 5.11 7.53 6.18 6.83 0.91 -6.25 -4.40 1.54 1.53
Russell 1000 Index 7.07 9.23 9.28 13.53 13.44 13.57 -2.10 -8.42 -8.91
60%/40% Blended Index 5.09 6.24 6.11 8.43 8.70 8.71 -0.94 -5.00 -5.34
Russell 1000 Value Index 7.55 7.95 6.69 11.17 9.06 9.58 1.32 -4.10 -5.64
Swipe or scroll right for more data
As of 19 May 2022 Period and Annualized Total Returns (%) As of 31 Mar 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Jun 2000)
20Y15Y10Y5Y3Y1Y3MOGrossNet1,2
Investor (DIAMX) 26.44 -4.75 6.79 6.44 5.16 7.49 6.72 10.13 9.51 0.04 1.95 1.94
Class I (DHLSX) 27.34 -4.67 7.06 6.73 5.49 7.79 7.04 10.44 9.82 0.07 1.66 1.65
Class Y (DIAYX) 27.52 -4.61 6.99 6.66 5.46 7.92 7.15 10.56 9.95 0.10 1.54 1.53
Russell 1000 Index 7.56 9.42 10.26 14.53 15.82 18.71 13.27 -5.13
60%/40% Blended Index 5.38 6.35 6.69 8.99 10.04 11.64 8.02 -3.04
Russell 1000 Value Index 7.87 8.08 7.36 11.70 10.29 13.02 11.67 -0.74
Swipe or scroll right for more data

Past performance is not indicative of future results. Investment returns and principal values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance quoted. For current to most recent month-end performance, visit diamond-hill.com. Performance assumes reinvestment of all distributions. Returns for periods less than one year are not annualized. Class I and Y shares include performance based on Investor shares for the Long-Short Fund which was achieved prior to the creation of Class I and Y shares. These total return figures may reflect the waiver of a portion of a Fund's advisory or administrative fees for certain periods. In such instances, and without such waiver of fees, the total return would have been lower.

Calendar Year Returns (%)

Year Class I (DHLSX) Russell 1000 Index60%/40% Blended IndexRussell 1000 Value Index
2021 19.40 26.45 15.36 25.16
2020 -0.27 20.96 13.30 2.80
2019 23.11 31.43 19.15 26.54
2018 -7.04 -4.78 -1.92 -8.27
2017 5.99 21.69 12.92 13.66
2016 10.55 12.05 7.32 17.34
2015 -1.40 0.92 0.75 -3.83
2014 7.55 13.24 7.86 13.45
2013 23.19 33.11 18.93 32.53
2012 8.77 16.42 9.75 17.51
2011 3.29 1.50 1.22 0.39
2010 0.03 16.10 9.90 15.51
2009 18.39 28.43 16.98 19.69
2008 -23.36 -37.60 -23.47 -36.85
2007 3.59 5.77 5.48 -0.17

Morningstar RatingsTM

Class I Shares
Long-Short Equity Category

Overall rating

Fee level

Below Average
The Overall Morningstar Rating is based on 178 Long-Short Equity funds derived from a weighted average of the performance figures associated with its  3-, 5- and 10-year Morningstar Ratings as of 31 Mar 2022.

Statistics

Portfolio Characteristics3 As of 31 Mar 2022

Management Fee 0.90%
Distribution Frequency Annual
Median Market Capitialization Long/(Short) $65.0B / ($8.3B)
Portfolio Turnover (12 months trailing) 38%
Number of Long/(Short) Equity Holdings in Portfolio 52 / (43)
Long/(Short) Holdings (% of Net Assets) 85.9% / (28.4)%
Gross Exposure (Long + Short) 114%
Net Exposure (Long - Short) 58%

Five-Year Risk Statistics As of 31 Mar 2022 (Class I Shares)

vs Russell 1000 Index vs Russell 1000 Value Index
Standard Deviation 13.91% 13.91%
Beta 0.75% 0.80%
Sharpe Ratio 0.48 0.48
Alpha -4.55% -1.38%
R-Squared 76.16% 90.27%

Since Inception Upside/Downside Capture As of 31 Mar 2022 (Class I Shares)

vs Russell 1000 Index 73%/65%
vs Russell 1000 Value Index 73%/67%

Stay informed with regular portfolio updates, fact sheets and returns notifications

Portfolio

Portfolio Guidelines

  • A long-biased fund with typically 40–60 long positions and 20–45 short positions
  • Total long positions are generally between 80–100% of net assets
  • Total short positions are generally between 10–40% of net assets

Exposure Guidelines

  • Maximum gross market exposure (long % + short %) = Up to 140%
  • Target net market exposure (long % - short %) = 40-75%

Top Five Long Equity Holdings As of 31 Mar 2022

  Sector % of Net Assets
American International Group, Inc. Financials 3.9
Alphabet, Inc. (Cl A) Communication Services 3.6
Meta Platforms, Inc. (Cl A) Communication Services 3.5
KKR & Co., Inc. (Cl A) Financials 3.0
Citigroup, Inc. Financials 2.7

Top Five Short Equity Holdings As of 31 Mar 2022

  Sector % of Net Assets
Ormat Technologies, Inc. Utilities (1.6)
Brown-Forman Corp. (Cl B) Consumer Staples (1.6)
United Parcel Service, Inc. (Cl B) Industrials (1.5)
Robert Half International, Inc. Industrials (1.5)
Commerce Bancshares, Inc. Financials (1.4)

Sector Allocation4 (%) As of 31 Mar 2022

Long Portfolio
Russell 1000 Index
Short Portfolio

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DIAMX) 3.0017 13 Dec 2021 15 Dec 2021 27.26
Class I (DHLSX) 3.0017 13 Dec 2021 15 Dec 2021 28.16
Class Y (DIAYX) 3.0017 13 Dec 2021 15 Dec 2021 28.32
Investor (DIAMX) 0.0483 29 Dec 2020 31 Dec 2020 25.73
Investor (DIAMX) 0.2027 11 Dec 2020 15 Dec 2020 25.46
Class C (DHFCX) 0.2027 11 Dec 2020 15 Dec 2020 22.17
Class I (DHLSX) 0.1212 29 Dec 2020 31 Dec 2020 26.42
Class I (DHLSX) 0.2027 11 Dec 2020 15 Dec 2020 26.21
Class Y (DIAYX) 0.1504 29 Dec 2020 31 Dec 2020 26.53
Class Y (DIAYX) 0.2027 11 Dec 2020 15 Dec 2020 26.34
Investor (DIAMX) 0.1716 27 Dec 2019 31 Dec 2019 26.24
Investor (DIAMX) 1.4905 11 Dec 2019 13 Dec 2019 26.32
Class C (DHFCX) 1.4905 11 Dec 2019 13 Dec 2019 22.96
Class I (DHLSX) 0.2287 27 Dec 2019 31 Dec 2019 26.93
Class I (DHLSX) 1.4905 11 Dec 2019 13 Dec 2019 27.05
Class Y (DIAYX) 0.2610 27 Dec 2019 31 Dec 2019 27.04
Class Y (DIAYX) 1.4905 11 Dec 2019 13 Dec 2019 27.20
Investor (DIAMX) 0.0734 27 Dec 2018 31 Dec 2018 22.68
Investor (DIAMX) 1.0517 12 Dec 2018 14 Dec 2018 23.43
Class C (DHFCX) 1.0517 12 Dec 2018 14 Dec 2018 20.69
Class I (DHLSX) 0.1850 27 Dec 2018 31 Dec 2018 23.22
Class I (DHLSX) 1.0517 12 Dec 2018 14 Dec 2018 24.09
Class Y (DIAYX) 0.2163 27 Dec 2018 31 Dec 2018 23.31
Class Y (DIAYX) 1.0517 12 Dec 2018 14 Dec 2018 24.22
Investor (DIAMX) 0.5526 13 Dec 2017 15 Dec 2017 25.56
Class C (DHFCX) 0.5526 13 Dec 2017 15 Dec 2017 22.87
Class I (DHLSX) 0.0070 27 Dec 2017 29 Dec 2017 26.47
Class I (DHLSX) 0.5526 13 Dec 2017 15 Dec 2017 26.18
Class Y (DIAYX) 0.0322 27 Dec 2017 29 Dec 2017 26.57
Class Y (DIAYX) 0.5526 13 Dec 2017 15 Dec 2017 26.31
Investor (DIAMX) 0.8523 14 Dec 2016 16 Dec 2016 25.05
Class C (DHFCX) 0.8523 14 Dec 2016 16 Dec 2016 22.64
Class I (DHLSX) 0.8523 14 Dec 2016 16 Dec 2016 25.57
Class Y (DIAYX) 0.8523 14 Dec 2016 16 Dec 2016 25.67
Investor (DIAMX) 0.1117 16 Dec 2015 18 Dec 2015 23.41
Investor (DIAMX) 0.1117 16 Dec 2015 18 Dec 2015 23.41
Class C (DHFCX) 0.1117 16 Dec 2015 18 Dec 2015 21.39
Class I (DHLSX) 0.1117 16 Dec 2015 18 Dec 2015 23.81
Class Y (DIAYX) 0.1117 16 Dec 2015 18 Dec 2015 23.88
Investor (DIAMX) 0.0494 27 Dec 2013 31 Dec 2013 22.23
Class I (DHLSX) 0.0854 27 Dec 2013 31 Dec 2013 22.49
Class Y (DIAYX) 0.1222 27 Dec 2013 31 Dec 2013 22.49
Investor (DIAMX) 0.0164 28 Dec 2012 31 Dec 2012 18.00
Class I (DHLSX) 0.0640 28 Dec 2012 31 Dec 2012 18.20
Class Y (DIAYX) 0.0949 28 Dec 2012 31 Dec 2012 18.20
Class I (DHLSX) 0.0308 28 Dec 2011 29 Dec 2011 16.98
Investor (DIAMX) 0.0000 29 Dec 2010 30 Dec 2010 16.23
Class C (DHFCX) 0.0000 29 Dec 2010 30 Dec 2010 15.35
Class I (DHLSX) 0.0053 29 Dec 2010 30 Dec 2010 16.39
Investor (DIAMX) 0.0000 29 Dec 2009 30 Dec 2009 16.43
Class C (DHFCX) 0.0000 29 Dec 2009 30 Dec 2009 15.65
Class I (DHLSX) 0.0004 29 Dec 2009 30 Dec 2009 16.53
Investor (DIAMX) 0.1484 29 Dec 2008 30 Dec 2008 13.69
Investor (DIAMX) 0.0628 15 Dec 2008 16 Dec 2008 14.22
Class C (DHFCX) 0.0268 29 Dec 2008 30 Dec 2008 13.14
Class C (DHFCX) 0.0628 15 Dec 2008 16 Dec 2008 13.54
Class I (DHLSX) 0.2131 29 Dec 2008 30 Dec 2008 13.73
Class I (DHLSX) 0.0628 15 Dec 2008 16 Dec 2008 14.33
Investor (DIAMX) 0.4179 27 Dec 2007 28 Dec 2007 18.47
Investor (DIAMX) 0.1801 0.1715 11 Dec 2007 12 Dec 2007 19.03
Class C (DHFCX) 0.3143 27 Dec 2007 28 Dec 2007 17.72
Class C (DHFCX) 0.1801 0.1715 11 Dec 2007 12 Dec 2007 18.18
Class I (DHLSX) 0.4936 27 Dec 2007 28 Dec 2007 18.54
Class I (DHLSX) 0.1801 0.1715 11 Dec 2007 12 Dec 2007 19.17
Investor (DIAMX) 0.2500 28 Dec 2006 29 Dec 2006 18.57
Investor (DIAMX) 0.3430 0.0749 11 Dec 2006 12 Dec 2006 18.75
Class C (DHFCX) 0.1640 28 Dec 2006 29 Dec 2006 17.88
Class C (DHFCX) 0.3430 0.0749 11 Dec 2006 12 Dec 2006 17.98
Class I (DHLSX) 0.3050 28 Dec 2006 29 Dec 2006 18.63
Class I (DHLSX) 0.3430 0.0749 11 Dec 2006 12 Dec 2006 18.86
Investor (DIAMX) 0.1000 29 Dec 2005 30 Dec 2005 16.46
Investor (DIAMX) 0.0429 6 Dec 2005 7 Dec 2005 16.19
Class C (DHFCX) 0.0250 29 Dec 2005 30 Dec 2005 15.92
Class C (DHFCX) 0.0429 6 Dec 2005 7 Dec 2005 15.59
Class I (DHLSX) 0.1380 29 Dec 2005 30 Dec 2005 16.49
Class I (DHLSX) 0.0429 6 Dec 2005 7 Dec 2005 16.26
Class C (DHFCX) 0.0606 13 Dec 2004 14 Dec 2004 13.18
Class C (DHFCX) 0.1712 17 Dec 2001 18 Dec 2001 10.38
No distributions shown for the selected filter values

Documents

Carefully consider the Fund’s investment objectives, risks and expenses. This and other important information are contained in the Fund’s prospectus and summary prospectus, which are available at diamond-hill.com or calling 888.226.5595. Read carefully before investing. The Diamond Hill Funds are distributed by Foreside Financial Services, LLC (Member FINRA). Diamond Hill Capital Management, Inc., a registered investment adviser, serves as Investment Adviser to the Diamond Hill Funds and is paid a fee for its services. Not FDIC insured | No bank guarantee | May lose value

See diamond-hill.com/disclosures for index definitions, data sources and other definitions.

Risk disclosure: The portfolio uses short selling which incurs significant additional risk. Theoretically, stocks sold short have the risk of unlimited losses. Overall equity market risks may affect the portfolio's value.

Fund holdings, sector allocations and portfolio statistics subject to change without notice.

The Long-Short Fund was long-only from inception through June 2002.

1 The Fund may invest in another Diamond Hill Fund. Diamond Hill Capital Management, Inc. is required to permanently waive a portion of its management fee in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund.

2 Includes dividend expense relating to short sales. If dividend expenses relating to short sales were excluded, the Total Expense Ratio for the Long-Short Fund would have been 1.37% for Investor, 1.08% for Class I and 0.96% for Class Y.

3 The portfolio turnover (12 months trailing) calculation is the lesser of long buys plus short sales or long sales plus short covers divided by the average gross value of portfolio securities excluding cash equivalents. 

4 Cash & Other may include cash, treasuries, money market funds and short duration fixed income funds. Includes a 0.5% investment in the Diamond Hill Short Duration Securitized Bond Fund. 

The Overall Morningstar Rating™ is based on 178 Long-Short Equity funds as of 31 Mar 2022. The Fund’s Class I rating was 3 stars among 178, 3 stars among 154, 4 stars among 58 Long-Short Equity funds for the 3-, 5- and 10-year periods 31 Mar 2022, respectively.

The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The Morningstar Broad Fee Level data point compares the fund's prospectus adjusted operating net expense ratio to the prospectus adjusted operating net expense ratio of all the other funds within its Morningstar Category.

© Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

DIAMOND HILL® CAPITAL MANAGEMENT, INC. | DIAMOND-HILL.COM | 855.255.8955 | 325 JOHN H. MCCONNELL BLVD | SUITE 200 | COLUMBUS, OHIO 43215
Back to top