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All Cap Select Fund

We are long-term, intrinsic value investors who treat each share of stock as a true ownership interest. We look to buy what we believe are good businesses we can understand at a discount to our estimate of intrinsic value.

Team

Group Item Count: 2
set at runtime

Austin Hawley, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Rick Snowdon, CFA

Portfolio Manager

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

All Cap Select Fund

Total net assets

$367MM
As of 30 Nov 2022

Inception

30 Dec 2005

Tickers

DHTAX (Investor)
DHLTX (Class I)
DHTYX (Class Y)

Status

Open

Returns

As of 2 Dec 2022 Period and Annualized Total Returns (%) As of 31 Oct 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Dec 2005)
15Y10Y5Y3Y1Y3MOOct Total
Investor (DHTAX) 19.09 -10.96 8.44 7.86 12.02 9.26 10.74 -13.72 -5.62 8.88 1.16
Class I (DHLTX) 19.40 -10.72 8.78 8.19 12.33 9.59 11.08 -13.44 -5.54 8.92 0.87
Class Y (DHTYX) 19.50 -10.63 8.73 8.18 12.47 9.73 11.23 -13.30 -5.51 8.94 0.75
Russell 3000 Index 9.01 8.35 12.46 9.87 9.79 -16.52 -5.50 8.20
Russell 3000 Value Index 7.29 6.40 10.22 7.07 7.35 -7.25 -2.39 10.39
Swipe or scroll right for more data
As of 2 Dec 2022 Period and Annualized Total Returns (%) As of 30 Sep 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Dec 2005)
15Y10Y5Y3Y1Y3MOTotal
Investor (DHTAX) 19.09 -10.96 7.94 7.40 11.01 7.82 9.01 -16.37 -3.64 1.16
Class I (DHLTX) 19.40 -10.72 8.27 7.72 11.32 8.13 9.34 -16.12 -3.53 0.87
Class Y (DHTYX) 19.50 -10.63 8.22 7.72 11.47 8.27 9.49 -16.01 -3.52 0.75
Russell 3000 Index 8.54 7.92 11.39 8.62 7.70 -17.63 -4.46
Russell 3000 Value Index 6.69 5.71 9.08 5.11 4.37 -11.79 -5.56
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 Y shares include performance based on Investor shares for the All Cap Select Fund which was achieved prior to the creation of Class 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 (DHLTX) Russell 3000 IndexRussell 3000 Value Index
2021 33.39 25.66 25.37
2020 14.57 20.89 2.87
2019 30.77 31.02 26.26
2018 -12.02 -5.24 -8.58
2017 20.33 21.13 13.19
2016 9.62 12.74 18.40
2015 -1.14 0.48 -4.13
2014 11.57 12.56 12.70
2013 44.35 33.55 32.69
2012 11.54 16.42 17.55
2011 -2.25 1.03 -0.10
2010 11.19 16.93 16.23
2009 33.63 28.34 19.76
2008 -32.85 -37.31 -36.25
2007 6.10 5.14 -1.01

Morningstar RatingsTM

Class I Shares
Mid-Cap Value Category

Overall rating

Fee level

Average

The Overall Morningstar Rating is based on 391 Mid-Cap Value funds derived from a weighted average of the risk-adjusted performance figures associated with its 3-, 5- and 10-year Morningstar Ratings as of 30 Sep 2022.

Statistics

Portfolio Characteristics1 As of 30 Sep 2022

Management Fee 0.70%
Distribution Frequency Annual
Median Market Capitialization $5.5B
Portfolio Turnover (12 months trailing) 67%
Active Share 90%
Number of Equity Holdings in Portfolio 30

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

vs Russell 3000 Index vs Russell 3000 Value Index
Standard Deviation 23.65% 23.65%
Beta 1.18% 1.25%
Sharpe Ratio 0.40 0.40
Alpha -0.92% 2.65%
R-Squared 86.84% 94.17%

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

vs Russell 3000 Index 101%/102%
vs Russell 3000 Value Index 106%/100%

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

Portfolio

Portfolio Guidelines

  • Typically 30–40 positions
  • Maximum position size is 10%
  • Top 10 holdings are typically greater than 40% of net assets
  • Maximum industry exposure is 25%
  • Maximum sector exposure is 35%

Market Capitalization

The portfolio typically invests in securities with a market cap of $500M or greater.

Top Ten Equity Holdings2 As of 30 Sep 2022

  Sector % of Net Assets
Mr. Cooper Group, Inc. Financials 8.2
WESCO International, Inc. Industrials 7.8
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 6.4
Amazon.com, Inc. Cons. Discretionary 6.2
Alphabet, Inc. (Cl A) Communication Services 5.7
American International Group, Inc. Financials 5.6
KKR & Co., Inc. (Cl A) Financials 4.2
Cimpress PLC Industrials 3.7
Freeport-McMoRan, Inc. Materials 3.5
Texas Instruments, Inc. Info. Technology 3.2
Total as % of Net Assets 54.5%

Sector Allocation3 (%) As of 30 Sep 2022

Russell 3000 Index
Russell 3000 Value Index

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHTAX) 0.1736 29 Dec 2021 31 Dec 2021 21.44
Investor (DHTAX) 0.6266 2.1407 13 Dec 2021 15 Dec 2021 20.76
Class I (DHLTX) 0.1972 29 Dec 2021 31 Dec 2021 21.72
Class I (DHLTX) 0.6266 2.1407 13 Dec 2021 15 Dec 2021 21.05
Class Y (DHTYX) 0.2171 29 Dec 2021 31 Dec 2021 21.81
Class Y (DHTYX) 0.6266 2.1407 13 Dec 2021 15 Dec 2021 21.15
Investor (DHTAX) 0.0515 29 Dec 2020 31 Dec 2020 18.34
Class I (DHLTX) 0.0970 29 Dec 2020 31 Dec 2020 18.52
Class Y (DHTYX) 0.1160 29 Dec 2020 31 Dec 2020 18.58
Investor (DHTAX) 0.0250 0.2874 11 Dec 2019 13 Dec 2019 16.09
Class C (DHTCX) 0.0250 0.2874 11 Dec 2019 13 Dec 2019 14.91
Class I (DHLTX) 0.0250 0.2874 11 Dec 2019 13 Dec 2019 16.23
Class Y (DHTYX) 0.0250 0.2874 11 Dec 2019 13 Dec 2019 16.28
Investor (DHTAX) 0.0627 27 Dec 2018 31 Dec 2018 12.56
Investor (DHTAX) 0.1406 1.2585 12 Dec 2018 14 Dec 2018 13.30
Class C (DHTCX) 0.1406 1.2585 12 Dec 2018 14 Dec 2018 12.38
Class I (DHLTX) 0.1161 27 Dec 2018 31 Dec 2018 12.64
Class I (DHLTX) 0.1406 1.2585 12 Dec 2018 14 Dec 2018 13.44
Class Y (DHTYX) 0.1348 27 Dec 2018 31 Dec 2018 12.66
Class Y (DHTYX) 0.1406 1.2585 12 Dec 2018 14 Dec 2018 13.48
Class I (DHLTX) 0.0146 27 Dec 2017 29 Dec 2017 16.17
Class Y (DHTYX) 0.0248 27 Dec 2017 29 Dec 2017 16.20
Investor (DHTAX) 0.0520 0.1169 14 Dec 2016 16 Dec 2016 13.40
Class C (DHTCX) 0.0520 0.1169 14 Dec 2016 16 Dec 2016 12.75
Class I (DHLTX) 0.0133 28 Dec 2016 30 Dec 2016 13.45
Class I (DHLTX) 0.0520 0.1169 14 Dec 2016 16 Dec 2016 13.47
Investor (DHTAX) 0.0166 0.3940 16 Dec 2015 18 Dec 2015 12.29
Class C (DHTCX) 0.0166 0.3940 16 Dec 2015 18 Dec 2015 11.79
Class I (DHLTX) 0.0166 0.3940 16 Dec 2015 18 Dec 2015 12.32
Investor (DHTAX) 0.0546 29 Dec 2014 31 Dec 2014 13.05
Investor (DHTAX) 0.3281 1.0895 16 Dec 2014 18 Dec 2014 12.68
Class C (DHTCX) 0.3281 1.0895 16 Dec 2014 18 Dec 2014 12.22
Class I (DHLTX) 0.0675 29 Dec 2014 31 Dec 2014 13.04
Class I (DHLTX) 0.3281 1.0895 16 Dec 2014 18 Dec 2014 12.69
Investor (DHTAX) 0.0853 27 Dec 2013 31 Dec 2013 12.94
Investor (DHTAX) 0.6031 1.2893 16 Dec 2013 18 Dec 2013 12.59
Class C (DHTCX) 0.0292 27 Dec 2013 31 Dec 2013 12.61
Class C (DHTCX) 0.6031 1.2893 16 Dec 2013 18 Dec 2013 12.22
Class I (DHLTX) 0.1180 27 Dec 2013 31 Dec 2013 12.92
Class I (DHLTX) 0.6031 1.2893 16 Dec 2013 18 Dec 2013 12.59
Class Y (DHTYX) 0.1339 27 Dec 2013 31 Dec 2013 12.93
Class Y (DHTYX) 0.6031 1.2893 16 Dec 2013 18 Dec 2013 12.62
Investor (DHTAX) 0.0781 0.0233 0.2265 28 Dec 2012 31 Dec 2012 10.31
Class C (DHTCX) 0.0000 0.0233 0.2265 28 Dec 2012 31 Dec 2012 10.12
Class I (DHLTX) 0.1122 0.0233 0.2265 28 Dec 2012 31 Dec 2012 10.29
Class Y (DHTYX) 0.1266 0.0233 0.2265 28 Dec 2012 31 Dec 2012 10.29
Investor (DHTAX) 0.0475 28 Dec 2011 29 Dec 2011 9.74
Class I (DHLTX) 0.0754 28 Dec 2011 29 Dec 2011 9.72
Investor (DHTAX) 0.0072 29 Dec 2010 30 Dec 2010 9.99
Class C (DHTCX) 0.0000 29 Dec 2010 30 Dec 2010 9.83
Class I (DHLTX) 0.0493 29 Dec 2010 30 Dec 2010 9.98
Investor (DHTAX) 0.0000 29 Dec 2009 30 Dec 2009 9.12
Class C (DHTCX) 0.0000 29 Dec 2009 30 Dec 2009 9.04
Class I (DHLTX) 0.0000 29 Dec 2009 30 Dec 2009 9.11
Investor (DHTAX) 0.0770 29 Dec 2008 30 Dec 2008 7.07
Investor (DHTAX) 0.2454 15 Dec 2008 16 Dec 2008 6.92
Class C (DHTCX) 0.0000 29 Dec 2008 30 Dec 2008 6.97
Class C (DHTCX) 0.2454 15 Dec 2008 16 Dec 2008 6.81
Class I (DHLTX) 0.1150 29 Dec 2008 30 Dec 2008 7.07
Class I (DHLTX) 0.2454 15 Dec 2008 16 Dec 2008 6.89
Investor (DHTAX) 0.0917 27 Dec 2007 28 Dec 2007 10.69
Investor (DHTAX) 0.8103 0.3079 11 Dec 2007 12 Dec 2007 10.90
Class C (DHTCX) 0.0363 27 Dec 2007 28 Dec 2007 10.64
Class C (DHTCX) 0.8103 0.3079 11 Dec 2007 12 Dec 2007 10.80
Class I (DHLTX) 0.1533 27 Dec 2007 28 Dec 2007 10.66
Class I (DHLTX) 0.8103 0.3079 11 Dec 2007 12 Dec 2007 10.94
Investor (DHTAX) 0.0810 28 Dec 2006 29 Dec 2006 11.17
Investor (DHTAX) 0.1153 11 Dec 2006 12 Dec 2006 11.24
Class C (DHTCX) 0.0360 28 Dec 2006 29 Dec 2006 11.16
Class C (DHTCX) 0.1153 11 Dec 2006 12 Dec 2006 11.18
Class I (DHLTX) 0.1290 28 Dec 2006 29 Dec 2006 11.16
Class I (DHLTX) 0.1153 11 Dec 2006 12 Dec 2006 11.28
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: Because the portfolio holds a limited number of securities, a decline in the value of these investments may affect overall performance to a greater degree than a less concentrated portfolio. Small- and mid-capitalization issues tend to be more volatile and less liquid than large-capitalization issues.  

1 Active Share is relative to the Russell 3000 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 Overall Morningstar Rating™ is based on 391 Mid-Cap Value funds as of 30 Sep 2022. The Fund’s Class I rating was 4 stars among 391, 4 stars among 364, 5 stars among 270 Mid-Cap Value funds for the 3-, 5- and 10-year periods 30 Sep 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
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