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Select 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: 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 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

Our approach to sustainability

Select Fund

Total net assets

$437MM
As of 30 Nov 2023

Inception

30 Dec 2005

Tickers

DHTAX (Investor)
DHLTX (Class I)
DHTYX (Class Y)

Status

Open

Returns

As of 8 Dec 2023 Period and Annualized Total Returns (%) As of 30 Nov 2023 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(30 Dec 2005)		 15Y10Y5Y3Y1Y3MONovTotal
Investor (DHTAX) 20.75 21.84 8.78 12.35 9.64 11.17 11.05 9.42 1.92 11.51 1.16
Class I (DHLTX) 21.11 22.16 9.11 12.69 9.95 11.50 11.36 9.69 1.94 11.54 0.87
Class Y (DHTYX) 21.24 22.35 9.08 12.71 10.08 11.63 11.51 9.80 1.98 11.53 0.75
Russell 3000 Index — — 9.47 13.59 11.19 11.77 8.26 12.61 1.36 9.32 —
Russell 3000 Value Index — — 7.24 10.73 7.92 7.34 8.17 1.00 -0.40 7.63 —
Swipe or scroll right for more data
As of 8 Dec 2023 Period and Annualized Total Returns (%) As of 30 Sep 2023 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(30 Dec 2005)		 15Y10Y5Y3Y1Y3MOTotal
Investor (DHTAX) 20.75 21.84 8.45 9.93 9.63 8.69 14.69 17.29 -6.05 1.16
Class I (DHLTX) 21.11 22.16 8.78 10.26 9.94 9.01 15.04 17.60 -6.00 0.87
Class Y (DHTYX) 21.24 22.35 8.74 10.27 10.08 9.15 15.19 17.74 -5.97 0.75
Russell 3000 Index — — 9.18 11.05 11.28 9.14 9.38 20.46 -3.25 —
Russell 3000 Value Index — — 7.10 8.49 8.29 5.98 11.19 14.05 -3.15 —
Swipe or scroll right for more data
Standardized Returns (Annualized Total Returns as of 30 Sep 2023 )

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. Class Y shares include performance based on Investor shares for the Select Fund which was achieved prior to the creation of Class Y shares.

Calendar Year Returns (%)

Year Class I (DHLTX) Russell 3000 IndexRussell 3000 Value Index
2022 -17.20 -19.21 -7.98
2021 33.39 25.66 25.37
2020 14.57 20.89 2.87
2019 30.77 31.02 26.26
2018 -12.02 -5.24 -8.58
2017 20.33 21.13 13.19
2016 9.62 12.74 18.40
2015 -1.14 0.48 -4.13
2014 11.57 12.56 12.70
2013 44.35 33.55 32.69
2012 11.54 16.42 17.55
2011 -2.25 1.03 -0.10
2010 11.19 16.93 16.23
2009 33.63 28.34 19.76
2008 -32.85 -37.31 -36.25

"Intrinsic value investing focuses on estimating the cash flows of a business over time — this requires an understanding of the business model, end markets, the competitive landscape as well as industry developments."

—Rick Snowdon, CFA, Portfolio Manager

Learn more about our philosophy

Statistics

Portfolio Characteristics1 As of 30 Sep 2023

Distribution Frequency Annual
Median Market Capitialization $12.2B
Portfolio Turnover (12 months trailing) 66%
Active Share 94%
Number of Equity Holdings in Portfolio 26

Five-Year Risk Statistics As of 30 Sep 2023 (Class I Shares)

vs Russell 3000 Index vs Russell 3000 Value Index
Standard Deviation 25.52% 25.52%
Beta 1.21% 1.25%
Sharpe Ratio 0.40 0.40
Alpha -0.56% 2.74%
R-Squared 85.86% 92.32%

Since Inception Upside/Downside Capture As of 30 Sep 2023 (Class I Shares)

vs Russell 3000 Index 101%/103%
vs Russell 3000 Value Index 108%/102%

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Portfolio

Portfolio Guidelines

  • Typically 20–30 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 securities with a market cap of $500M or greater.

Top Ten Equity Holdings2 As of 30 Sep 2023

  Sector % of Net Assets
Mr. Cooper Group, Inc. Financials 8.4
American International Group, Inc. Financials 6.4
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 6.4
WESCO International, Inc. Industrials 6.1
Cimpress PLC Industrials 6.0
Allstate Corp. Financials 4.5
CarMax, Inc. Cons. Discretionary 4.2
Ashland Global Holdings, Inc. Materials 4.2
General Motors Co. Cons. Discretionary 3.9
Regal Rexnord Corp. Industrials 3.6
Total as % of Net Assets 53.6%
Fund Holdings - 30 Nov 2023

Sector Allocation3 (%) As of 30 Sep 2023

Russell 3000 Index
Russell 3000 Value Index

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHTAX) — — 0.6937 13 Dec 2022 15 Dec 2022 17.62
Class I (DHLTX) 0.0422 — — 28 Dec 2022 30 Dec 2022 17.36
Class I (DHLTX) — — 0.6937 13 Dec 2022 15 Dec 2022 17.92
Class Y (DHTYX) 0.0595 — — 28 Dec 2022 30 Dec 2022 17.44
Class Y (DHTYX) — — 0.6937 13 Dec 2022 15 Dec 2022 18.02
Investor (DHTAX) 0.1736 — — 29 Dec 2021 31 Dec 2021 21.44
Investor (DHTAX) — 0.6266 2.1407 13 Dec 2021 15 Dec 2021 20.76
Class I (DHLTX) 0.1972 — — 29 Dec 2021 31 Dec 2021 21.72
Class I (DHLTX) — 0.6266 2.1407 13 Dec 2021 15 Dec 2021 21.05
Class Y (DHTYX) 0.2171 — — 29 Dec 2021 31 Dec 2021 21.81
Class Y (DHTYX) — 0.6266 2.1407 13 Dec 2021 15 Dec 2021 21.15
Investor (DHTAX) 0.0515 — — 29 Dec 2020 31 Dec 2020 18.34
Class I (DHLTX) 0.0970 — — 29 Dec 2020 31 Dec 2020 18.52
Class Y (DHTYX) 0.1160 — — 29 Dec 2020 31 Dec 2020 18.58
Investor (DHTAX) — 0.0250 0.2874 11 Dec 2019 13 Dec 2019 16.09
Class C (DHTCX) — 0.0250 0.2874 11 Dec 2019 13 Dec 2019 14.91
Class I (DHLTX) — 0.0250 0.2874 11 Dec 2019 13 Dec 2019 16.23
Class Y (DHTYX) — 0.0250 0.2874 11 Dec 2019 13 Dec 2019 16.28
Investor (DHTAX) 0.0627 — — 27 Dec 2018 31 Dec 2018 12.56
Investor (DHTAX) — 0.1406 1.2585 12 Dec 2018 14 Dec 2018 13.30
Class C (DHTCX) — 0.1406 1.2585 12 Dec 2018 14 Dec 2018 12.38
Class I (DHLTX) 0.1161 — — 27 Dec 2018 31 Dec 2018 12.64
Class I (DHLTX) — 0.1406 1.2585 12 Dec 2018 14 Dec 2018 13.44
Class Y (DHTYX) 0.1348 — — 27 Dec 2018 31 Dec 2018 12.66
Class Y (DHTYX) — 0.1406 1.2585 12 Dec 2018 14 Dec 2018 13.48
Class I (DHLTX) 0.0146 — — 27 Dec 2017 29 Dec 2017 16.17
Class Y (DHTYX) 0.0248 — — 27 Dec 2017 29 Dec 2017 16.20
Investor (DHTAX) — 0.0520 0.1169 14 Dec 2016 16 Dec 2016 13.40
Class C (DHTCX) — 0.0520 0.1169 14 Dec 2016 16 Dec 2016 12.75
Class I (DHLTX) 0.0133 — — 28 Dec 2016 30 Dec 2016 13.45
Class I (DHLTX) — 0.0520 0.1169 14 Dec 2016 16 Dec 2016 13.47
Investor (DHTAX) — 0.0166 0.3940 16 Dec 2015 18 Dec 2015 12.29
Class C (DHTCX) — 0.0166 0.3940 16 Dec 2015 18 Dec 2015 11.79
Class I (DHLTX) — 0.0166 0.3940 16 Dec 2015 18 Dec 2015 12.32
Investor (DHTAX) 0.0546 — — 29 Dec 2014 31 Dec 2014 13.05
Investor (DHTAX) — 0.3281 1.0895 16 Dec 2014 18 Dec 2014 12.68
Class C (DHTCX) — 0.3281 1.0895 16 Dec 2014 18 Dec 2014 12.22
Class I (DHLTX) 0.0675 — — 29 Dec 2014 31 Dec 2014 13.04
Class I (DHLTX) — 0.3281 1.0895 16 Dec 2014 18 Dec 2014 12.69
Investor (DHTAX) 0.0853 — — 27 Dec 2013 31 Dec 2013 12.94
Investor (DHTAX) — 0.6031 1.2893 16 Dec 2013 18 Dec 2013 12.59
Class C (DHTCX) 0.0292 — — 27 Dec 2013 31 Dec 2013 12.61
Class C (DHTCX) — 0.6031 1.2893 16 Dec 2013 18 Dec 2013 12.22
Class I (DHLTX) 0.1180 — — 27 Dec 2013 31 Dec 2013 12.92
Class I (DHLTX) — 0.6031 1.2893 16 Dec 2013 18 Dec 2013 12.59
Class Y (DHTYX) 0.1339 — — 27 Dec 2013 31 Dec 2013 12.93
Class Y (DHTYX) — 0.6031 1.2893 16 Dec 2013 18 Dec 2013 12.62
Investor (DHTAX) 0.0781 0.0233 0.2265 28 Dec 2012 31 Dec 2012 10.31
Class C (DHTCX) 0.0000 0.0233 0.2265 28 Dec 2012 31 Dec 2012 10.12
Class I (DHLTX) 0.1122 0.0233 0.2265 28 Dec 2012 31 Dec 2012 10.29
Class Y (DHTYX) 0.1266 0.0233 0.2265 28 Dec 2012 31 Dec 2012 10.29
Investor (DHTAX) 0.0475 — — 28 Dec 2011 29 Dec 2011 9.74
Class I (DHLTX) 0.0754 — — 28 Dec 2011 29 Dec 2011 9.72
Investor (DHTAX) 0.0072 — — 29 Dec 2010 30 Dec 2010 9.99
Class C (DHTCX) 0.0000 — — 29 Dec 2010 30 Dec 2010 9.83
Class I (DHLTX) 0.0493 — — 29 Dec 2010 30 Dec 2010 9.98
Investor (DHTAX) 0.0000 — — 29 Dec 2009 30 Dec 2009 9.12
Class C (DHTCX) 0.0000 — — 29 Dec 2009 30 Dec 2009 9.04
Class I (DHLTX) 0.0000 — — 29 Dec 2009 30 Dec 2009 9.11
Investor (DHTAX) 0.0770 — — 29 Dec 2008 30 Dec 2008 7.07
Investor (DHTAX) — — 0.2454 15 Dec 2008 16 Dec 2008 6.92
Class C (DHTCX) 0.0000 — — 29 Dec 2008 30 Dec 2008 6.97
Class C (DHTCX) — — 0.2454 15 Dec 2008 16 Dec 2008 6.81
Class I (DHLTX) 0.1150 — — 29 Dec 2008 30 Dec 2008 7.07
Class I (DHLTX) — — 0.2454 15 Dec 2008 16 Dec 2008 6.89
Investor (DHTAX) 0.0917 — — 27 Dec 2007 28 Dec 2007 10.69
Investor (DHTAX) — 0.8103 0.3079 11 Dec 2007 12 Dec 2007 10.90
Class C (DHTCX) 0.0363 — — 27 Dec 2007 28 Dec 2007 10.64
Class C (DHTCX) — 0.8103 0.3079 11 Dec 2007 12 Dec 2007 10.80
Class I (DHLTX) 0.1533 — — 27 Dec 2007 28 Dec 2007 10.66
Class I (DHLTX) — 0.8103 0.3079 11 Dec 2007 12 Dec 2007 10.94
Investor (DHTAX) 0.0810 — — 28 Dec 2006 29 Dec 2006 11.17
Investor (DHTAX) — 0.1153 — 11 Dec 2006 12 Dec 2006 11.24
Class C (DHTCX) 0.0360 — — 28 Dec 2006 29 Dec 2006 11.16
Class C (DHTCX) — 0.1153 — 11 Dec 2006 12 Dec 2006 11.18
Class I (DHLTX) 0.1290 — — 28 Dec 2006 29 Dec 2006 11.16
Class I (DHLTX) — 0.1153 — 11 Dec 2006 12 Dec 2006 11.28
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. Small- and mid-capitalization issues tend to be more volatile and less liquid than large-capitalization issues.  

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

1 Active Share is relative to the Russell 3000 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