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All Cap Select Strategy

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

Related insights

Returns

Period and Annualized Total Returns (%) As of 31 Mar 2022
Since Inception
(30 Jun 2000)
20Y15Y10Y5Y3Y1YYTD1Q22
Gross of Fees 11.87 11.80 10.88 14.86 15.65 21.65 14.69 -1.54 -1.54
Net of Fees 11.12 11.06 10.19 14.18 14.91 20.84 13.89 -1.72 -1.72
Russell 3000 Index 7.60 9.37 10.10 14.28 15.40 18.24 11.92 -5.28 -5.28
Russell 3000 Value Index 8.00 8.11 7.33 11.61 10.16 12.99 11.10 -0.85 -0.85
Swipe or scroll right for more data

Past performance is not a guarantee of future results. To view a GIPS Report for all composites, click here.

Calendar Year Returns (%)

Year Gross of Fees Net of FeesRussell 3000 IndexRussell 3000 Value Index
2021 34.48 33.56 25.66 25.37
2020 15.64 14.83 20.89 2.87
2019 31.92 31.14 31.02 26.26
2018 -11.19 -11.74 -5.24 -8.58
2017 21.26 20.60 21.13 13.19
2016 10.83 10.22 12.74 18.40
2015 -0.47 -1.02 0.48 -4.13
2014 12.59 12.05 12.56 12.70
2013 45.86 45.11 33.55 32.69
2012 12.70 12.00 16.42 17.55
2011 -0.58 -1.21 1.03 -0.10
2010 11.51 10.74 16.93 16.23
2009 34.83 33.89 28.34 19.76
2008 -32.90 -33.39 -37.31 -36.25
2007 6.57 5.75 5.14 -1.01

Peer Group Quartile Rankings1 As of 31 Mar 2022

Diamond
Hill
Percentile
6th
7th
2nd
16th

Statistics

Portfolio Characteristics vs Benchmark2 As of 31 Mar 2022

  All Cap Select Composite Russell 3000 IndexRussell 3000 Value Index
Inception 30 Jun 2000
Status Open
Median Forward P/E 18.0x 17.0x15.5x
Median Trailing P/E 18.6x 19.0x17.0x
Weighted Average Dividend Yield 0.9% 1.3%1.9%
Median Price/Book 2.6x 2.5x2.0x
Median Price/Sales 2.1x 2.8x2.5x
Median Market Cap. $6.9B $2.2B$2.3B
Weighted Average Market Cap. $134.1B $530.7B$144.3B
Portfolio Turnover (5-Year) 68%
Active Share vs Core/Value Benchmark 92%/94%
Upside/Downside Capture Ratio vs Core Benchmark 113%/94%
Upside/Downside Capture Ratio vs Value Benchmark 114%/96%

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 companies with a market capitalization greater than $500 million.

Top Ten Equity Holdings As of 31 Mar 2022

  Sector % of Net Assets
WESCO International, Inc. Industrials 6.8
Mr. Cooper Group, Inc. Financials 6.7
American International Group, Inc. Financials 6.0
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 5.8
Hanesbrands, Inc. Cons. Discretionary 5.6
Colfax Corp. Industrials 4.4
KKR & Co., Inc. (Cl A) Financials 4.3
Cimpress PLC Industrials 4.1
Meta Platforms, Inc. (Cl A) Communication Services 3.4
Zynga, Inc. (Cl A) Communication Services 3.4
Total as % of Net Assets 50.6%
Total number of equity holdings 32

Sector Allocation3 (%) As of 31 Mar 2022

Russell 3000 Index
Russell 3000 Value Index

Documents

1 Source: eVestment Analytics. Ranking within eVestment US All Cap Value Equity universe based on monthly returns gross of fees. Ranking data calculated on 18 Apr 2022 (as of 31 Mar 2022) and is subject to change as additional firms within the category submit data.

Active Share: Source: FactSet. Active share measures the difference between portfolio holdings and the benchmark. The higher the active share, the greater the difference. The Russell 3000 Index is the core benchmark. The Russell 3000 Value Index is the value benchmark. Upside/Downside Capture: Source: eVestment Analytics based on monthly returns (gross of fees) from 1 Jul 2000 – 31 Mar 2022.

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

Index data source: London Stock Exchange Group PLC. See diamond-hill.com/disclosures for a full copy of the disclaimer.

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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