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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: 1
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

$52MM
As of 30 Nov 2022

Inception

30 Dec 2016

Tickers

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

Status

Open

Returns

As of 2 Dec 2022 Period and Annualized Total Returns (%) As of 31 Oct 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Dec 2016)
5Y3Y1Y3MOOct Total
Investor (DHIAX) 14.78 -11.81 5.10 0.93 0.01 -21.02 -9.35 6.08 1.13
Class I (DHIIX) 14.84 -11.61 5.41 1.22 0.30 -20.79 -9.25 6.13 0.84
Class Y (DHIYX) 14.87 -11.49 5.52 1.33 0.41 -20.71 -9.23 6.12 0.72
MSCI ACWI ex USA Index 3.14 -0.60 -1.68 -24.73 -10.28 2.99
Swipe or scroll right for more data
As of 2 Dec 2022 Period and Annualized Total Returns (%) As of 30 Sep 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Dec 2016)
5Y3Y1Y3MOTotal
Investor (DHIAX) 14.78 -11.81 4.11 -0.18 -1.14 -22.81 -11.73 1.13
Class I (DHIIX) 14.84 -11.61 4.40 0.10 -0.90 -22.55 -11.69 0.84
Class Y (DHIYX) 14.87 -11.49 4.52 0.21 -0.76 -22.47 -11.67 0.72
MSCI ACWI ex USA Index 2.66 -0.81 -1.52 -25.17 -9.91
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) MSCI ACWI ex USA Index
2021 12.74 7.82
2020 6.74 10.65
2019 23.56 21.51
2018 -10.71 -14.20
2017 30.76 27.19

Morningstar RatingsTM

Class I Shares
Foreign Large Blend Category

Overall rating

Fee level

Below Average
The Overall Morningstar Rating is based on 701 Foreign Large Blend funds derived from a weighted average of the risk-adjusted performance figures associated with its 3-year period Morningstar Ratings as of 30 Sep 2022.

Statistics

Portfolio Characteristics1 As of 30 Sep 2022

Management Fee 0.65%
Distribution Frequency Annual
Median Market Capitialization $21.0B
Portfolio Turnover (12 months trailing) 22%
Active Share 91%
Number of Equity Holdings in Portfolio 51

Five-Year Risk Statistics As of 30 Sep 2022 (Class I Shares)

Standard Deviation 17.66%
Beta 1.04%
Sharpe Ratio 0.03
Alpha 1.15%
R-Squared 94.11%

Since Inception Upside/Downside Capture As of 30 Sep 2022 (Class I Shares)

vs MSCI ACWI ex USA 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 Holdings2 As of 30 Sep 2022

  Country % of Net Assets
Check Point Software Technologies Ltd. Israel 3.7
Fairfax Financial Holdings Ltd. Canada 3.7
Novartis AG Switzerland 3.6
Unilever PLC United Kingdom 3.6
Nintendo Co. Ltd. Japan 3.1
Samsung Electronics Co. Ltd. South Korea 3.1
HDFC Bank Ltd. India 2.7
EXOR N.V. Netherlands 2.7
Diageo PLC United Kingdom 2.7
Fomento Economico Mexicano SAB de CV Mexico 2.6
Total as % of Net Assets 31.6%

Sector Allocation3 (%) As of 30 Sep 2022

MSCI ACWI ex USA Index

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
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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 MSCI ACWI ex USA Index.

2 Securities referenced may not be representative of all portfolio holdings. The reader should not assume that an investment in the securities was or will be profitable.

3 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. 

The Overall Morningstar Rating™ is based on 701 Foreign Large Blend funds as of 30 Sep 2022. The Fund’s Class I rating was 4 stars among 701 funds for the 3-year period ended 30 Sep 2022. 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.

© 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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