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Large Cap 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 Fund

Total net assets

$9.4B
As of 30 Nov 2022

Inception

29 Jun 2001

Tickers

DHLAX (Investor)
DHLRX (Class I)
DHLYX (Class Y)

Status

Closed to most new investors

Returns

As of 2 Dec 2022 Period and Annualized Total Returns (%) As of 31 Oct 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(29 Jun 2001)
20Y15Y10Y5Y3Y1Y3MOOct Total
Investor (DHLAX) 32.13 -9.49 8.29 10.24 7.40 11.15 7.72 7.27 -11.64 -3.34 9.81 0.96
Class I (DHLRX) 32.39 -9.25 8.57 10.55 7.72 11.46 8.03 7.57 -11.38 -3.29 9.80 0.67
Class Y (DHLYX) 32.45 -9.15 8.51 10.48 7.71 11.60 8.16 7.70 -11.27 -3.25 9.82 0.55
Russell 1000 Index 7.76 9.95 8.46 12.66 10.19 9.99 -16.38 -5.74 8.02
Russell 1000 Value Index 7.07 8.81 6.39 10.30 7.21 7.31 -7.00 -2.41 10.25
Swipe or scroll right for more data
As of 2 Dec 2022 Period and Annualized Total Returns (%) As of 30 Sep 2022 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(29 Jun 2001)
20Y15Y10Y5Y3Y1Y3MOTotal
Investor (DHLAX) 32.13 -9.49 7.85 10.04 6.89 10.01 5.88 4.63 -14.99 -5.38 0.96
Class I (DHLRX) 32.39 -9.25 8.13 10.34 7.21 10.32 6.19 4.93 -14.71 -5.27 0.67
Class Y (DHLYX) 32.45 -9.15 8.07 10.28 7.20 10.45 6.31 5.05 -14.62 -5.26 0.55
Russell 1000 Index 7.40 9.97 8.03 11.60 9.00 7.95 -17.22 -4.61
Russell 1000 Value Index 6.61 8.67 5.71 9.17 5.29 4.36 -11.36 -5.62
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 I and Y shares include performance based on Investor shares for the Large Cap Fund which was achieved prior to the creation of Class I and 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 (DHLRX) Russell 1000 IndexRussell 1000 Value Index
2021 25.75 26.45 25.16
2020 8.97 20.96 2.80
2019 32.18 31.43 26.54
2018 -9.63 -4.78 -8.27
2017 20.30 21.69 13.66
2016 14.63 12.05 17.34
2015 -0.85 0.92 -3.83
2014 10.74 13.24 13.45
2013 36.60 33.11 32.53
2012 12.62 16.42 17.51
2011 2.60 1.50 0.39
2010 9.72 16.10 15.51
2009 30.71 28.43 19.69
2008 -33.82 -37.60 -36.85
2007 5.88 5.77 -0.17

Morningstar RatingsTM

Class I Shares
Large Value Category

Overall rating

Analyst rating

Fee level

Below Average
The Overall Morningstar Rating is based on 1,153 Large 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 0.50%
Distribution Frequency Annual
Median Market Capitialization $67.1B
Portfolio Turnover (12 months trailing) 38%
Active Share 80%
Number of Equity Holdings in Portfolio 52

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

vs Russell 1000 Index vs Russell 1000 Value Index
Standard Deviation 19.28% 19.28%
Beta 1.00% 1.05%
Sharpe Ratio 0.35 0.35
Alpha -2.48% 0.78%
R-Squared 92.26% 97.68%

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

vs Russell 1000 Index 99%/95%
vs Russell 1000 Value Index 103%/95%

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

Portfolio

Portfolio Guidelines

  • Typically 40–60 positions
  • Maximum position size is 7%
  • Top 10 holdings are typically greater than 30% of net assets
  • Maximum industry exposure is 20%
  • Maximum sector exposure is 30%

Market Capitalization

The portfolio typically invests in companies with a market capitalization of $5 billion or greater.

Top Ten Equity Holdings2 As of 30 Sep 2022

  Sector % of Net Assets
American International Group, Inc. Financials 4.4
ConocoPhillips Energy 4.2
Abbott Laboratories Health Care 3.4
PepsiCo, Inc. Consumer Staples 3.2
Bank of America Corp. Financials 3.0
Texas Instruments, Inc. Info. Technology 2.8
Truist Financial Corp. Financials 2.8
Alphabet, Inc. (Cl A) Communication Services 2.7
KKR & Co., Inc. (Cl A) Financials 2.6
NVR, Inc. Cons. Discretionary 2.6
Total as % of Net Assets 31.6%

Sector Allocation3 (%) As of 30 Sep 2022

Russell 1000 Index
Russell 1000 Value Index

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHLAX) 0.2134 29 Dec 2021 31 Dec 2021 35.49
Investor (DHLAX) 0.1837 2.1880 13 Dec 2021 15 Dec 2021 34.74
Class I (DHLRX) 0.3147 29 Dec 2021 31 Dec 2021 35.69
Class I (DHLRX) 0.1837 2.1880 13 Dec 2021 15 Dec 2021 35.03
Class Y (DHLYX) 0.3528 29 Dec 2021 31 Dec 2021 35.72
Class Y (DHLYX) 0.1837 2.1880 13 Dec 2021 15 Dec 2021 35.09
Investor (DHLAX) 0.1849 29 Dec 2020 31 Dec 2020 30.20
Investor (DHLAX) 0.7300 11 Dec 2020 15 Dec 2020 29.77
Class C (DHLCX) 0.0347 29 Dec 2020 31 Dec 2020 28.39
Class C (DHLCX) 0.7300 11 Dec 2020 15 Dec 2020 27.86
Class I (DHLRX) 0.3315 29 Dec 2020 31 Dec 2020 30.35
Class I (DHLRX) 0.7300 11 Dec 2020 15 Dec 2020 30.05
Class Y (DHLYX) 0.3620 29 Dec 2020 31 Dec 2020 30.37
Class Y (DHLYX) 0.7300 11 Dec 2020 15 Dec 2020 30.10
Investor (DHLAX) 0.2622 27 Dec 2019 31 Dec 2019 28.80
Investor (DHLAX) 1.0367 11 Dec 2019 13 Dec 2019 28.87
Class C (DHLCX) 0.0580 27 Dec 2019 31 Dec 2019 27.19
Class C (DHLCX) 1.0367 11 Dec 2019 13 Dec 2019 27.08
Class I (DHLRX) 0.3438 27 Dec 2019 31 Dec 2019 28.98
Class I (DHLRX) 1.0367 11 Dec 2019 13 Dec 2019 29.14
Class Y (DHLYX) 0.3754 27 Dec 2019 31 Dec 2019 29.01
Class Y (DHLYX) 1.0367 11 Dec 2019 13 Dec 2019 29.19
Investor (DHLAX) 0.2603 27 Dec 2018 31 Dec 2018 22.71
Investor (DHLAX) 0.0428 0.6763 12 Dec 2018 14 Dec 2018 24.30
Class C (DHLCX) 0.0638 27 Dec 2018 31 Dec 2018 21.50
Class C (DHLCX) 0.0428 0.6763 12 Dec 2018 14 Dec 2018 22.82
Class I (DHLRX) 0.3376 27 Dec 2018 31 Dec 2018 22.85
Class I (DHLRX) 0.0428 0.6763 12 Dec 2018 14 Dec 2018 24.52
Class Y (DHLYX) 0.3737 27 Dec 2018 31 Dec 2018 22.86
Class Y (DHLYX) 0.0428 0.6763 12 Dec 2018 14 Dec 2018 24.57
Investor (DHLAX) 0.2026 27 Dec 2017 29 Dec 2017 26.59
Investor (DHLAX) 0.0459 0.9495 13 Dec 2017 15 Dec 2017 26.32
Class C (DHLCX) 0.0399 27 Dec 2017 29 Dec 2017 25.20
Class C (DHLCX) 0.0459 0.9495 13 Dec 2017 15 Dec 2017 24.81
Class I (DHLRX) 0.2836 27 Dec 2017 29 Dec 2017 26.75
Class I (DHLRX) 0.0459 0.9495 13 Dec 2017 15 Dec 2017 26.56
Class Y (DHLYX) 0.3018 27 Dec 2017 29 Dec 2017 26.77
Class Y (DHLYX) 0.0459 0.9495 13 Dec 2017 15 Dec 2017 26.60
Investor (DHLAX) 0.2404 28 Dec 2016 30 Dec 2016 23.14
Investor (DHLAX) 0.0366 1.1753 14 Dec 2016 16 Dec 2016 23.57
Class C (DHLCX) 0.0987 28 Dec 2016 30 Dec 2016 22.01
Class C (DHLCX) 0.0366 1.1753 14 Dec 2016 16 Dec 2016 22.30
Class I (DHLRX) 0.3062 28 Dec 2016 30 Dec 2016 23.27
Class I (DHLRX) 0.0366 1.1753 14 Dec 2016 16 Dec 2016 23.77
Class Y (DHLYX) 0.3306 28 Dec 2016 30 Dec 2016 23.28
Class Y (DHLYX) 0.0366 1.1753 14 Dec 2016 16 Dec 2016 23.80
Investor (DHLAX) 0.1761 29 Dec 2015 31 Dec 2015 21.66
Investor (DHLAX) 0.8504 16 Dec 2015 18 Dec 2015 21.71
Class C (DHLCX) 0.0352 29 Dec 2015 31 Dec 2015 20.70
Class C (DHLCX) 0.8504 16 Dec 2015 18 Dec 2015 20.62
Class I (DHLRX) 0.2406 29 Dec 2015 31 Dec 2015 21.77
Class I (DHLRX) 0.8504 16 Dec 2015 18 Dec 2015 21.88
Class Y (DHLYX) 0.2661 29 Dec 2015 31 Dec 2015 21.78
Class Y (DHLYX) 0.8504 16 Dec 2015 18 Dec 2015 21.91
Investor (DHLAX) 0.1916 29 Dec 2014 31 Dec 2014 22.94
Investor (DHLAX) 0.1759 0.6337 16 Dec 2014 18 Dec 2014 22.34
Class C (DHLCX) 0.0668 29 Dec 2014 31 Dec 2014 21.99
Class C (DHLCX) 0.1759 0.6337 16 Dec 2014 18 Dec 2014 21.30
Class I (DHLRX) 0.2400 29 Dec 2014 31 Dec 2014 23.06
Class I (DHLRX) 0.1759 0.6337 16 Dec 2014 18 Dec 2014 22.49
Class Y (DHLYX) 0.2737 29 Dec 2014 31 Dec 2014 23.06
Class Y (DHLYX) 0.1759 0.6337 16 Dec 2014 18 Dec 2014 22.53
Investor (DHLAX) 0.1660 27 Dec 2013 31 Dec 2013 21.43
Investor (DHLAX) 0.1028 0.7545 16 Dec 2013 18 Dec 2013 20.82
Class C (DHLCX) 0.0546 27 Dec 2013 31 Dec 2013 20.62
Class C (DHLCX) 0.1028 0.7545 16 Dec 2013 18 Dec 2013 19.94
Class I (DHLRX) 0.2165 27 Dec 2013 31 Dec 2013 21.52
Class I (DHLRX) 0.1028 0.7545 16 Dec 2013 18 Dec 2013 20.96
Class Y (DHLYX) 0.2384 27 Dec 2013 31 Dec 2013 21.53
Class Y (DHLYX) 0.1028 0.7545 16 Dec 2013 18 Dec 2013 20.98
Investor (DHLAX) 0.2093 0.0463 28 Dec 2012 31 Dec 2012 16.32
Class C (DHLCX) 0.0937 0.0463 28 Dec 2012 31 Dec 2012 15.77
Class I (DHLRX) 0.2439 0.0463 28 Dec 2012 31 Dec 2012 16.39
Class Y (DHLYX) 0.2794 0.0463 28 Dec 2012 31 Dec 2012 16.38
Investor (DHLAX) 0.1688 28 Dec 2011 29 Dec 2011 15.03
Class C (DHLCX) 0.0516 28 Dec 2011 29 Dec 2011 14.53
Class I (DHLRX) 0.1969 28 Dec 2011 29 Dec 2011 15.08
Investor (DHLAX) 0.1050 29 Dec 2010 30 Dec 2010 14.77
Class C (DHLCX) 0.0036 29 Dec 2010 30 Dec 2010 14.28
Class I (DHLRX) 0.1566 29 Dec 2010 30 Dec 2010 14.81
Investor (DHLAX) 0.0136 29 Dec 2009 30 Dec 2009 13.76
Class C (DHLCX) 0.0000 29 Dec 2009 30 Dec 2009 13.31
Class I (DHLRX) 0.0621 29 Dec 2009 30 Dec 2009 13.79
Investor (DHLAX) 0.1426 29 Dec 2008 30 Dec 2008 10.34
Investor (DHLAX) 0.1019 15 Dec 2008 16 Dec 2008 10.72
Class C (DHLCX) 0.0610 29 Dec 2008 30 Dec 2008 10.07
Class C (DHLCX) 0.1019 15 Dec 2008 16 Dec 2008 10.36
Class I (DHLRX) 0.1874 29 Dec 2008 30 Dec 2008 10.36
Class I (DHLRX) 0.1019 15 Dec 2008 16 Dec 2008 10.79
Investor (DHLAX) 0.1914 27 Dec 2007 28 Dec 2007 16.36
Investor (DHLAX) 0.2014 0.6199 11 Dec 2007 12 Dec 2007 16.75
Class C (DHLCX) 0.0927 27 Dec 2007 28 Dec 2007 15.94
Class C (DHLCX) 0.2014 0.6199 11 Dec 2007 12 Dec 2007 16.23
Class I (DHLRX) 0.2696 27 Dec 2007 28 Dec 2007 16.39
Class I (DHLRX) 0.2014 0.6199 11 Dec 2007 12 Dec 2007 16.86
Investor (DHLAX) 0.1390 28 Dec 2006 29 Dec 2006 16.36
Investor (DHLAX) 0.0513 0.0642 11 Dec 2006 12 Dec 2006 16.42
Class C (DHLCX) 0.0510 28 Dec 2006 29 Dec 2006 15.99
Class C (DHLCX) 0.0513 0.0642 11 Dec 2006 12 Dec 2006 15.98
Class I (DHLRX) 0.1960 28 Dec 2006 29 Dec 2006 16.40
Class I (DHLRX) 0.0513 0.0642 11 Dec 2006 12 Dec 2006 16.52
Investor (DHLAX) 0.0580 29 Dec 2005 30 Dec 2005 14.44
Investor (DHLAX) 0.0370 6 Dec 2005 7 Dec 2005 14.43
Class C (DHLCX) 0.0000 29 Dec 2005 30 Dec 2005 14.15
Class C (DHLCX) 0.0370 6 Dec 2005 7 Dec 2005 14.09
Class I (DHLRX) 0.0810 29 Dec 2005 30 Dec 2005 14.47
Class I (DHLRX) 0.0370 6 Dec 2005 7 Dec 2005 14.48
Investor (DHLAX) 0.0140 30 Dec 2004 31 Dec 2004 12.51
Investor (DHLAX) 0.0424 30 Dec 2003 31 Dec 2003 10.34
Class C (DHLCX) 0.0040 30 Dec 2003 31 Dec 2003 10.23
Investor (DHLAX) 0.0399 30 Dec 2002 31 Dec 2002 7.87
Investor (DHLAX) 0.0642 17 Dec 2002 18 Dec 2002 7.93
Class C (DHLCX) 0.0642 17 Dec 2002 18 Dec 2002 7.84
Investor (DHLAX) 0.0089 28 Dec 2001 31 Dec 2001 10.06
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: Overall equity market risks may affect the portfolio’s value.

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.

As of 30 Sep 2022 there were 9 gold rated, 36 silver rated, 35 bronze rated, 22 neutral rated, 0 negative rated and 345 not rated funds in the Large Value category based on the cheapest share class for each fund as defined by Morningstar. The cheapest share class does not necessarily equate to the highest rated share class. Class I shares are not the cheapest share class for the Diamond Hill Large Cap Fund.

The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.

The Analyst Rating scale is Gold, Silver, Bronze, Neutral and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected and (iii) should not be considered an offer or solicitation to buy or sell the fund.

The Overall Morningstar Rating™ is based on 1,153 Large Value funds as of 30 Sep 2022. The Fund’s Class I rating was 3 stars among 1,153, 3 stars among 1,094, 4 stars among 800 Large 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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