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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 30 Jun 2022
Since Inception
(30 Jun 2000)
20Y15Y10Y5Y3Y1YYTD2Q22
Gross of Fees 10.74 11.15 9.05 13.33 10.88 12.37 -11.35 -18.92 -17.65
Net of Fees 10.00 10.42 8.36 12.65 10.16 11.61 -11.97 -19.21 -17.79
Russell 3000 Index 6.62 9.14 8.36 12.57 10.60 9.77 -13.87 -21.10 -16.70
Russell 3000 Value Index 7.26 7.85 6.06 10.39 7.01 6.82 -7.46 -13.15 -12.41
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 30 Jun 2022

Diamond
Hill
Percentile
5th
10th
5th
68th

Statistics

Portfolio Characteristics vs Benchmark2 As of 30 Jun 2022

  All Cap Select Composite Russell 3000 IndexRussell 3000 Value Index
Inception 30 Jun 2000
Status Open
Median Forward P/E 17.0x 14.3x13.0x
Median Trailing P/E 13.6x 15.8x13.9x
Weighted Average Dividend Yield 0.8% 1.6%2.3%
Median Price/Book 2.1x 2.1x1.7x
Median Price/Sales 2.0x 2.3x2.1x
Median Market Cap. $4.9B $1.9B$1.9B
Weighted Average Market Cap. $218.3B $398.4B$126.9B
Portfolio Turnover (5-Year) 71%
Active Share vs Core/Value Benchmark 91%/96%
Upside/Downside Capture Ratio vs Core Benchmark 113%/94%
Upside/Downside Capture Ratio vs Value Benchmark 113%/97%

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 Holdings3 As of 30 Jun 2022

  Sector % of Net Assets
Mr. Cooper Group, Inc. Financials 7.8
WESCO International, Inc. Industrials 7.4
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 6.2
Amazon.com, Inc. Cons. Discretionary 5.8
Alphabet, Inc. (Cl A) Communication Services 5.5
American International Group, Inc. Financials 5.3
KKR & Co., Inc. (Cl A) Financials 4.1
Cimpress PLC Industrials 4.1
Texas Instruments, Inc. Info. Technology 3.3
Freeport-McMoRan, Inc. Materials 3.1
Total as % of Net Assets 52.5%
Total number of equity holdings 31

Sector Allocation4 (%) As of 30 Jun 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 20 Jul 2022 (as of 30 Jun 2022) and is subject to change as additional firms within the category submit data.

2 Source: FactSet. 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 – 30 Jun 2022.

3 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.

4 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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