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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

Related insights

Returns

Period and Annualized Total Returns (%) As of 31 Mar 2024
Since Inception
(30 Jun 2000)		 20Y15Y10Y5Y3Y1YYTD3MOMar
Gross of Fees 11.89 12.08 16.13 12.65 17.77 13.01 38.87 12.66 12.66 5.54
Net of Fees 10.94 11.13 15.16 11.72 16.83 12.10 37.76 12.43 12.43 5.46
Russell 3000 Index 7.69 10.07 15.44 12.33 14.34 9.78 29.29 10.02 10.02 3.23
Russell 3000 Value Index 7.84 8.24 13.04 8.86 10.18 7.74 20.18 8.62 8.62 4.97
Swipe or scroll right for more data
Period and Annualized Total Returns (%) As of 31 Mar 2024
Since Inception
(30 Jun 2000)		 20Y15Y10Y5Y3Y1YYTD1Q24
Gross of Fees 11.89 12.08 16.13 12.65 17.77 13.01 38.87 12.66 12.66
Net of Fees 10.94 11.13 15.16 11.72 16.83 12.10 37.76 12.43 12.43
Russell 3000 Index 7.69 10.07 15.44 12.33 14.34 9.78 29.29 10.02 10.02
Russell 3000 Value Index 7.84 8.24 13.04 8.86 10.18 7.74 20.18 8.62 8.62
Swipe or scroll right for more data

Past performance is not a guarantee of future results. Composite results reflect the reinvestment of dividends, capital gains and other earnings when appropriate. Net returns are calculated by reducing the gross returns by the highest stated fee in the composite fee schedule. Only transaction costs are deducted from gross of fees returns. Prior to 30 September 2022, actual fees were used in calculating net returns. All net returns were changed retroactively to reflect the highest fee in the composite fee schedule. 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
2023 31.65 30.60 25.96 11.66
2022 -16.47 -17.14 -19.21 -7.98
2021 34.48 33.41 25.66 25.37
2020 15.64 14.72 20.89 2.87
2019 31.91 30.86 31.02 26.26
2018 -11.19 -11.93 -5.24 -8.58
2017 21.26 20.23 21.13 13.19
2016 10.84 9.90 12.74 18.40
2015 -0.47 -1.32 0.48 -4.13
2014 12.59 11.63 12.56 12.70
2013 45.86 44.62 33.55 32.69
2012 12.70 11.74 16.42 17.55
2011 -0.58 -1.42 1.03 -0.10
2010 11.51 10.56 16.93 16.23
2009 34.83 33.68 28.34 19.76

Peer Group Quartile Rankings1 As of 31 Mar 2024

Diamond
Hill
Percentile
2nd
1st
7th
1st

Statistics

Portfolio Characteristics vs Benchmark2 As of 31 Mar 2024

  Select Composite Russell 3000 IndexRussell 3000 Value Index
Inception 30 Jun 2000 ——
Status Open ——
Median Forward P/E 18.3x 17.5x15.7x
Median Trailing P/E 19.7x 20.5x18.1x
Median Price/Book 1.9x 2.3x1.7x
Median Price/Sales 2.0x 2.2x2.0x
Median Market Cap. $19.6B $2.2B$2.2B
Weighted Average Market Cap. $88.5B $676.4B$137.7B
Portfolio Turnover (5-Year) 65% ——
Active Share vs Core/Value Benchmark 95%/96% ——
Upside/Downside Capture Ratio vs Core Benchmark 114%/96% ——
Upside/Downside Capture Ratio vs Value Benchmark 117%/99% ——

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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 companies with a market capitalization greater than $500 million.

Top Ten Equity Holdings3 As of 31 Mar 2024

  Sector % of Net Assets
Mr. Cooper Group, Inc. Financials 8.0
American International Group, Inc. Financials 6.5
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 6.3
WESCO International, Inc. Industrials 5.4
Regal Rexnord Corp. Industrials 4.8
Allstate Corp. Financials 4.8
Ashland Global Holdings, Inc. Materials 4.8
Cimpress PLC Industrials 4.8
CarMax, Inc. Cons. Discretionary 4.4
Target Corp. Consumer Staples 4.1
Total as % of Net Assets 54.0%
Total number of equity holdings 28

Sector Allocation4 (%) As of 31 Mar 2024

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 18 Apr 2024 (as of 31 Mar 2024) and is subject to change as additional firms within the category submit data. Diamond Hill pays an annual fee to eVestment to access their platform and to use their data, including peer group rankings, in marketing materials. Diamond Hill does not pay for the ranking.

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 – 31 Mar 2024.

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 index definitions, data sources and other definitions.

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