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International Fund

We seek to identify higher quality businesses with strong balance sheets that are selling at a distinct discount to intrinsic value and are led by management teams who are smart capital allocators.

Team

Group Item Count: 2
set at runtime

Grady Burkett, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Krishna Mohanraj, CFA

Portfolio Manager

Philosophy and process highlights

We use a five-point-framework to assess each prospective investment.

Business quality. Does the company possess sustainable competitive advantages?

Industry structure. How is the industry structured and are changes on the horizon?

End-market conditions. How favorable are end-market conditions?

Management capability. How well does management allocate capital and execute its strategy?

Capital structure. Is the capital structure appropriate and how has it evolved over time?

Our approach to sustainability

International Fund

Total net assets

$53MM
As of 31 May 2022

Inception

30 Dec 2016

Tickers

DHIAX (Investor)
DHIIX (Class I)
DHIYX (Class Y)

Status

Open

Returns

As of 28 Jun 2022 Period and Annualized Total Returns (%) As of 31 May 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Dec 2016)
5Y3Y1Y3MOMay Total
Investor (DHIAX) 14.10 -15.87 8.37 5.84 7.20 -11.44 -5.97 1.48 1.13
Class I (DHIIX) 14.15 -15.72 8.67 6.13 7.48 -11.25 -5.95 1.47 0.84
Class Y (DHIYX) 14.17 -15.65 8.79 6.25 7.60 -11.12 -5.94 1.47 0.72
Morningstar Global Markets ex-US Index 6.78 4.64 6.82 -12.23 -5.49 0.46
Swipe or scroll right for more data
As of 28 Jun 2022 Period and Annualized Total Returns (%) As of 31 Mar 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Dec 2016)
5Y3Y1Y3MOTotal
Investor (DHIAX) 14.10 -15.87 9.83 8.18 8.70 0.45 -4.47 1.13
Class I (DHIIX) 14.15 -15.72 10.13 8.48 8.99 0.75 -4.41 0.84
Class Y (DHIYX) 14.17 -15.65 10.26 8.60 9.11 0.88 -4.35 0.72
Morningstar Global Markets ex-US Index 8.22 7.02 7.93 -1.08 -5.49
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. 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 (DHIIX) Morningstar Global Markets ex-US Index
2021 12.74 8.41
2020 6.74 11.17
2019 23.56 21.57
2018 -10.71 -14.17
2017 30.76 27.37

Morningstar RatingsTM

Class I Shares
Foreign Large Blend Category

Fee level

Below Average

Statistics

Portfolio Characteristics1 As of 31 Mar 2022

Management Fee 0.65%
Distribution Frequency Annual
Median Market Capitialization $28.8B
Portfolio Turnover (12 months trailing) 26%
Active Share 93%
Number of Equity Holdings in Portfolio 52

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

Standard Deviation 16.40%
Beta 1.05%
Sharpe Ratio 0.51
Alpha 1.21%
R-Squared 93.41%

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

vs Morningstar Global Markets ex-US Index 109%/102%

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

Portfolio

Portfolio Guidelines

  • Typically 35-55 positions
  • Maximum sector exposure is 35%
  • Maximum single country exposure is 30%
  • Maximum emerging market exposure is 40%

Market Capitalization

The portfolio typically invests in securities with a market cap of $1 billion or greater.

Top Ten Equity Holdings As of 31 Mar 2022

  Sector % of Net Assets
Fairfax Financial Holdings Ltd. Financials 4.0
Check Point Software Technologies Ltd. Info. Technology 3.7
Diageo PLC Consumer Staples 3.3
Novartis AG Health Care 3.1
BT Group PLC Communication Services 3.1
Unilever PLC Consumer Staples 3.0
Samsung Electronics Co. Ltd. Info. Technology 2.8
Nintendo Co. Ltd. Communication Services 2.8
Spotify Technology S.A. Communication Services 2.8
Roche Holding AG Health Care 2.5
Total as % of Net Assets 31.2%

Sector Allocation2 (%) As of 31 Mar 2022

Morningstar Global Markets ex-US Index

Top Five Countries (%) As of 31 Mar 2022

International Fund Morningstar Global Markets ex-US Index
United Kingdom 24.2 9.3
Switzerland 11.3 6.2
United States 9.8 0.7
Canada 7.6 7.9
Japan 7.2 15.6

Regional Exposure (%) As of 31 Mar 2022

International Fund Morningstar Global Markets ex-US Index
Europe 49.3 39.3
Asia & Pacific 20.2 45.8
North America 17.3 8.6
Latin America 5.3 2.6
Middle East & Africa 4.5 3.7

Developed vs Emerging Exposure (%) As of 31 Mar 2022

International Fund Morningstar Global Markets ex-US Index
Developed Markets 78.4 75.3
Emerging Markets 18.3 24.7

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHIAX) 0.1515 29 Dec 2021 31 Dec 2021 16.78
Investor (DHIAX) 0.2799 0.1912 13 Dec 2021 15 Dec 2021 16.19
Class I (DHIIX) 0.2036 29 Dec 2021 31 Dec 2021 16.81
Class I (DHIIX) 0.2799 0.1912 13 Dec 2021 15 Dec 2021 16.27
Class Y (DHIYX) 0.2156 29 Dec 2021 31 Dec 2021 16.82
Class Y (DHIYX) 0.2799 0.1912 13 Dec 2021 15 Dec 2021 16.30
Investor (DHIAX) 0.0554 29 Dec 2020 31 Dec 2020 15.56
Investor (DHIAX) 0.0086 0.0742 11 Dec 2020 15 Dec 2020 15.07
Class I (DHIIX) 0.0849 29 Dec 2020 31 Dec 2020 15.59
Class I (DHIIX) 0.0086 0.0742 11 Dec 2020 15 Dec 2020 15.13
Class Y (DHIYX) 0.0960 29 Dec 2020 31 Dec 2020 15.60
Class Y (DHIYX) 0.0086 0.0742 11 Dec 2020 15 Dec 2020 15.14
Investor (DHIAX) 0.0413 27 Dec 2019 31 Dec 2019 14.63
Investor (DHIAX) 0.0053 0.0035 11 Dec 2019 13 Dec 2019 14.31
Class I (DHIIX) 0.0430 27 Dec 2019 31 Dec 2019 14.65
Class I (DHIIX) 0.0053 0.0035 11 Dec 2019 13 Dec 2019 14.33
Class Y (DHIYX) 0.0501 27 Dec 2019 31 Dec 2019 14.65
Class Y (DHIYX) 0.0053 0.0035 11 Dec 2019 13 Dec 2019 14.33
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: International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods, tax policies, political systems and higher transaction costs. These risks are typically greater in emerging markets. Small- and mid-capitalization issues tend to be more volatile and less liquid than large-capitalization issues. 

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

1 Active Share is relative to the Morningstar Global Markets ex-US Index.

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

The quoted performance for the Fund reflects the past performance of Diamond Hill International Fund L.P. (the “International Partnership”), a private fund managed with full investment authority by the fund’s Adviser. The Fund is managed in all material respects in a manner equivalent to the management of the predecessor unregistered fund. The performance of the International Partnership has been restated to reflect the net expenses and maximum applicable sales charge of the fund for its initial years of investment operations. The International Partnership was not registered under the Investment Company Act of 1940 and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the International Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Performance is measured from 30 December 2016, the inception of the International Partnership and is not the performance of the fund. The assets of the International Partnership were converted, based on their value on 28 June 2019, into assets of the fund. The International Partnership’s past performance is not necessarily an indication of how the fund will perform in the future either before or after taxes. 

© 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.

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.

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