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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

Krishna Mohanraj, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Matt McLaughlin, CFA, CAIA

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 always invest with a margin of safety

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

International Fund

Total net assets

$135MM
As of 31 May 2024

Inception

30 Dec 2016

Tickers

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

Status

Open

Returns

As of 17 Jun 2024 Period and Annualized Total Returns (%) As of 31 May 2024 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Dec 2016)
5Y3Y1Y3MOMayTotal
Investor (DHIAX) 17.70 6.12 8.83 8.34 2.37 17.24 4.97 3.70 1.14
Class I (DHIIX) 17.75 6.29 9.14 8.65 2.67 17.60 5.08 3.68 0.85
Class Y (DHIYX) 17.79 6.34 9.26 8.77 2.80 17.68 5.13 3.74 0.73
MSCI ACWI ex USA Index 6.77 6.81 0.27 16.74 4.21 2.90
Swipe or scroll right for more data
As of 17 Jun 2024 Period and Annualized Total Returns (%) As of 31 Mar 2024 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Dec 2016)
5Y3Y1Y3MOTotal
Investor (DHIAX) 17.70 6.12 8.79 7.66 4.20 14.16 5.94 1.14
Class I (DHIIX) 17.75 6.29 9.11 7.97 4.52 14.53 6.05 0.85
Class Y (DHIYX) 17.79 6.34 9.23 8.08 4.63 14.62 6.04 0.73
MSCI ACWI ex USA Index 6.78 5.97 1.94 13.26 4.69
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. Performance assumes reinvestment of all distributions. Returns for periods less than one year are not annualized.

Calendar Year Returns (%)

Year Class I (DHIIX) MSCI ACWI ex USA Index
2023 18.12 15.62
2022 -13.51 -16.00
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

"We develop a deep understanding of businesses and invest in them at a discount to intrinsic value to build a carefully curated portfolio."

Learn more about our philosophy

Statistics

Portfolio Characteristics1 As of 31 Mar 2024

Distribution Frequency Annual
Median Market Capitialization $26.4B
Portfolio Turnover (12 months trailing) 25%
Active Share 92%
Number of Equity Holdings in Portfolio 53

Five-Year Risk Statistics As of 31 Mar 2024 (Class I Shares)

vs MSCI ACWI ex USA Index
Alpha 1.93%
Beta 1.03%
R-Squared 93.99%
Standard Deviation 18.65%
Sharpe Ratio 0.39

Since Inception Upside/Downside Capture As of 31 Mar 2024 (Class I Shares)

vs MSCI ACWI ex USA Index 109%/100%

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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 31 Mar 2024

  Country % of Net Assets
Samsung Electronics Co. Ltd. South Korea 3.9
EXOR N.V. Netherlands 3.6
Mitsubishi Corp. Japan 3.3
Tesco PLC United Kingdom 3.1
Canadian Natural Resources Ltd. Canada 2.9
Spotify Technology S.A. United States 2.9
Howden Joinery Group PLC United Kingdom 2.7
Compagnie Financiere Richemont S.A. Switzerland 2.6
Compass Group PLC United Kingdom 2.6
Unilever PLC United Kingdom 2.5
Total as % of Net Assets 30.2%

Sector Allocation3 (%) As of 31 Mar 2024

MSCI ACWI ex USA Index

Top Five Countries (%) As of 31 Mar 2024

International Fund MSCI ACWI ex USA Index
United Kingdom 24.2 9.4
Switzerland 12.4 6.1
Japan 8.7 15.3
Canada 7.4 7.6
United States 5.2 0.1

Regional Exposure (%) As of 31 Mar 2024

International Fund MSCI ACWI ex USA Index
Europe 58.9 42.9
Asia & Pacific 21.2 43.8
North America 8.3 7.6
Latin America 6.1 2.4
Middle East & Africa 0.6 3.2

Developed vs Emerging Exposure (%) As of 31 Mar 2024

International Fund MSCI ACWI ex USA Index
Developed Markets 77.5 75.9
Emerging Markets 17.5 24.1

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHIAX) 0.1532 27 Dec 2023 29 Dec 2023 16.69
Class I (DHIIX) 0.1798 27 Dec 2023 29 Dec 2023 16.71
Class Y (DHIYX) 0.1872 27 Dec 2023 29 Dec 2023 16.74
Investor (DHIAX) 0.1248 28 Dec 2022 30 Dec 2022 14.39
Investor (DHIAX) 0.0381 13 Dec 2022 15 Dec 2022 14.75
Class I (DHIIX) 0.1954 28 Dec 2022 30 Dec 2022 14.39
Class I (DHIIX) 0.0381 13 Dec 2022 15 Dec 2022 14.82
Class Y (DHIYX) 0.2113 28 Dec 2022 30 Dec 2022 14.41
Class Y (DHIYX) 0.0381 13 Dec 2022 15 Dec 2022 14.85
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. 

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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