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Large Cap Concentrated 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: 3
set at runtime

Chuck Bath, CFA

Portfolio Manager

Group Item Count: 3
set at runtime

Austin Hawley, CFA

Portfolio Manager

Group Item Count: 3
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 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

Large Cap Concentrated Fund

Total net assets

$22MM
As of 31 Aug 2022

Inception

26 Feb 2021

Tickers

DHFAX (Investor)
DHFIX (Class I)
DHFYX (Class Y)

Status

Open

Returns

As of 30 Sep 2022 Period and Annualized Total Returns (%) As of 31 Aug 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(26 Feb 2021)
1Y3MOAug Total
Investor (DHFAX) 9.24 -22.35 0.92 -9.72 -5.92 -3.10 0.96
Class I (DHFIX) 9.27 -22.23 1.22 -9.39 -5.90 -3.09 0.67
Class Y (DHFYX) 9.28 -22.15 1.32 -9.33 -5.90 -3.09 0.55
Russell 1000 Index 1.97 -12.96 -3.69 -3.84
Russell 1000 Value Index 4.87 -6.23 -5.58 -2.98
Swipe or scroll right for more data
As of 30 Sep 2022 Period and Annualized Total Returns (%) As of 30 Jun 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(26 Feb 2021)
1Y3MOTotal
Investor (DHFAX) 9.24 -22.35 -2.53 -12.00 -15.58 0.96
Class I (DHFIX) 9.27 -22.23 -2.26 -11.76 -15.55 0.67
Class Y (DHFYX) 9.28 -22.15 -2.15 -11.62 -15.46 0.55
Russell 1000 Index -1.53 -13.04 -16.67
Russell 1000 Value Index 2.84 -6.82 -12.21
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.

Morningstar RatingsTM

Class I Shares
Large Value Category

Fee level

Below Average

Statistics

Portfolio Characteristics1 As of 30 Jun 2022

Management Fee 0.50%
Distribution Frequency Annual
Median Market Capitialization $126.6B
Portfolio Turnover (12 months trailing) 50%
Active Share 86%
Number of Equity Holdings in Portfolio 20

Risk Statistics As of 30 Jun 2022 (Class I Shares)

vs Russell 1000 Index vs Russell 1000 Value Index
Standard Deviation 17.17% 17.17%
Beta 0.94% 1.12%
Sharpe Ratio -0.07 -0.07
Alpha -0.72% -5.17%
R-Squared 84.67% 94.54%

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

vs Russell 1000 Index 83%/87%
vs Russell 1000 Value Index 96%/121%

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

Portfolio

Portfolio Guidelines

  • Typically 20 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 portfolio. The Large Cap Concentrated portfolio typically invests in companies with a market capitalization of $15 billion or greater.

Top Ten Equity Holdings2 As of 30 Jun 2022

  Sector % of Net Assets
American International Group, Inc. Financials 8.4
Abbott Laboratories Health Care 6.7
ConocoPhillips Energy 6.7
PepsiCo, Inc. Consumer Staples 5.9
Truist Financial Corp. Financials 5.3
NVR, Inc. Cons. Discretionary 5.0
Pfizer, Inc. Health Care 4.7
KKR & Co., Inc. (Cl A) Financials 4.6
Alphabet, Inc. (Cl A) Communication Services 4.5
Texas Instruments, Inc. Info. Technology 4.5
Total as % of Net Assets 56.3%

Sector Allocation3 (%) As of 30 Jun 2022

Russell 1000 Index
Russell 1000 Value Index

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHFAX) 0.0505 29 Dec 2021 31 Dec 2021 11.91
Investor (DHFAX) 0.1000 13 Dec 2021 15 Dec 2021 11.64
Class I (DHFIX) 0.0694 29 Dec 2021 31 Dec 2021 11.92
Class I (DHFIX) 0.1000 13 Dec 2021 15 Dec 2021 11.67
Class Y (DHFYX) 0.0754 29 Dec 2021 31 Dec 2021 11.92
Class Y (DHFYX) 0.1000 13 Dec 2021 15 Dec 2021 11.68
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.

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

1 Active Share is relative to the Russell 1000 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.

© 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.

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. See Morningstar for fee level grouping methodology.

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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