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Large Cap Concentrated ETF - DHLX

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.

Fact Sheet
Commentary
Holdings
All fund documents

Team

Group Item Count: 2
set at runtime

Austin Hawley, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Brian Fontanella, CFA

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

Large Cap Concentrated ETF - DHLX

NAV

$13.07
As of 16 Mar 2026

Market Price

$13.07
As of 16 Mar 2026

30 day median bid/ask spread

0.0007
As of 16 Mar 2026

Premium/Discount

$0.00
As of 16 Mar 2026

Total net assets

$71.2 Million
As of 16 Mar 2026

Inception Date

26 Feb 2021

CUSIP

26264S320

Primary Exchange

NYSE Arca

Performance

As of 16 Mar 2026 Period and Annualized Total Returns (%) As of 28 Feb 2026 Expense Ratio (%)
Closing
Value
($)		YTD
Return
(%)		 Since Inception
(26 Feb 2021)		 5Y3Y1Y3MOFebTotal
DHLX | NAV 13.07 -1.28 9.99 10.00 14.22 6.00 6.32 3.06 0.55
DHLX | Market Price 13.07 -1.28 9.97 9.99 14.19 5.92 6.24 2.99 0.55
Russell 1000 Value Index — — 11.77 11.79 16.03 18.36 8.00 2.59 —
Russell 1000 Index — — 13.30 13.32 21.42 16.73 0.84 -0.54 —
Swipe or scroll right for more data
As of 16 Mar 2026 Period and Annualized Total Returns (%) As of 31 Dec 2025 Expense Ratio (%)
Closing
Value
($)		YTD
Return
(%)		 Since Inception
(26 Feb 2021)		 3Y1Y3MOTotal
DHLX | NAV 13.07 -1.28 9.40 13.49 8.97 1.30 0.55
DHLX | Market Price 13.07 -1.28 9.42 13.52 9.05 1.38 0.55
Russell 1000 Value Index — — 10.58 13.90 15.91 3.81 —
Russell 1000 Index — — 13.58 22.74 17.37 2.41 —
Swipe or scroll right for more data

The performance data quoted represents past performance. 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. ETF shares are bought and sold at market price, not net asset value (NAV). Market price returns are based on the consolidated market price and do not represent the returns you would receive if you traded shares at other times. Effective as of the close of business on 26 September 2025, the fund acquired the assets and assumed the performance, financial and other historical information of the Diamond Hill Large Cap Concentrated Fund, an open-end mutual fund (incepted 26 February 2021). The fund’s investment objectives, strategies and policies are substantially similar to those of the predecessor mutual fund and it was managed by the same portfolio managers. Performance information for periods prior to 29 September 2025 is the historical performance of the predecessor mutual fund (Class Y) and reflects the operating expenses of the predecessor mutual fund.

Calendar Year Returns (%)

Year DHLX | NAV DHLX | Market Price Russell 1000 Value IndexRussell 1000 Index
2025 8.97 9.05 15.91 17.37
2024 14.34 14.34 14.37 24.51
2023 17.32 17.32 11.46 26.53
2022 -12.62 -12.62 -7.54 -19.13

Premium/Discount as of 16 Mar 2026

2025Q1 2026
Days at Premium 34 18
Days at NAV 26 27
Days at Discount 6 5

"Today, a more holistic approach to intrinsic value — considering potential strategic and operational changes, the impact of investments in intangibles and value-creating growth — is often required to uncover companies that are valued with a margin of safety."

—Austin Hawley, CFA, Portfolio Manager

Learn more about our philosophy

Statistics

Portfolio Characteristics1 As of 31 Dec 2025

Distribution Frequency Quarterly
Median Market Capitialization $82.2B
Portfolio Turnover (12 months trailing) 56%
Active Share 90%
Number of Equity Holdings in Portfolio 20

Since Inception Risk Statistics As of 31 Dec 2025

vs Russell 1000 Value Index vs Russell 1000 Index
Alpha -1.15% -2.54%
Beta 1.03% 0.89%
R-Squared 91.51% 74.65%
Standard Deviation 15.88%
Sharpe Ratio 0.43

Since Inception Upside/Downside Capture As of 31 Dec 2025

vs Russell 1000 Value Index 98%/102%
vs Russell 1000 Index 80%/88%

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Portfolio

Portfolio Guidelines

  • Typically 20-30 positions
  • Maximum position size is 10%
  • Top 10 holdings are typically greater than 50% of net assets
  • Maximum industry exposure is 25%
  • Maximum sector exposure is 35%

Market Capitalization

Holdings are derived from holdings in the Diamond Hill Large Cap strategy. The portfolio typically invests in companies with a market capitalization of $15 billion or greater.

Top Ten Equity Holdings2 As of 31 December 2025

  Sector % of Net Assets
American International Group, Inc. Financials 8.5
Berkshire Hathaway, Inc. (Cl B) Financials 6.5
Waste Management, Inc. Industrials 6.2
Texas Instruments, Inc. Info. Technology 6.1
Colgate-Palmolive Co. Consumer Staples 5.7
Aon PLC (Cl A) Financials 5.7
Abbott Laboratories Health Care 5.7
Capital One Financial Corp. Financials 4.9
ConocoPhillips Energy 4.8
Union Pacific Corp. Industrials 4.7
Total as % of Net Assets 58.7%
Download Portfolio Holdings

Sector Allocation3 (%) As of 31 Dec 2025

Russell 1000 Value Index
Russell 1000 Index

Distributions

Income Short-Term Long-Term Record Date Ex Date Pay Date Total Distribution
0.0204 — — 30 Dec 2025 30 Dec 2025 5 Jan 2026 0.0204
No distributions shown for the selected filter values

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.

Fund holdings, sector allocations and portfolio statistics subject to change without notice.

Market Price is the official closing price as of the closing time of the NYSE Arca (typically 4 pm, Eastern time). Net Asset Value (NAV) is determined at the close of each business day, and represents the dollar value of one share of the Fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. ETF investors should not expect to buy or sell shares at NAV.  Premium/Discount ($): the difference between the Fund’s market price and NAV, expressed as a percentage of NAV. A premium is the amount that the Fund is trading above the reported NAV. A discount is the amount that the Fund is trading below the reported NAV. 30-Day Median Bid/Ask Spread: calculated by identifying national best bid and national best offer ("NBBO") for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage (rounded to the nearest hundredth). 

1 Active Share is relative to the Russell 1000 Value 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.

DIAMOND HILL® CAPITAL MANAGEMENT, INC. | DIAMOND-HILL.COM | 855.255.8955 | 325 JOHN H. MCCONNELL BLVD | SUITE 200 | COLUMBUS, OHIO 43215