Skip to main content

Small-Mid 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: 2
set at runtime

Chris Welch, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Kristen Sheffield, CFA, CIPM

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

Our approach to sustainability

Small-Mid Cap Fund

Total net assets

$1.5B
As of 30 Apr 2024

Inception

30 Dec 2005

Tickers

DHMAX (Investor)
DHMIX (Class I)
DHMYX (Class Y)

Status

Open

Returns

As of 24 May 2024 Period and Annualized Total Returns (%) As of 30 Apr 2024 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Dec 2005)
15Y10Y5Y3Y1Y3MOAprTotal
Investor (DHMAX) 26.00 2.56 7.88 11.46 6.76 6.23 1.17 9.42 1.23 -6.33 1.21
Class I (DHMIX) 26.17 2.71 8.21 11.78 7.06 6.53 1.45 9.78 1.30 -6.33 0.92
Class Y (DHMYX) 26.25 2.74 8.18 11.83 7.20 6.67 1.57 9.92 1.30 -6.31 0.80
Russell 2500 Index 8.47 12.47 8.34 7.64 -0.69 14.79 2.44 -6.70
Russell 2500 Value Index 7.51 11.52 7.11 7.22 1.67 15.24 2.27 -6.29
Swipe or scroll right for more data
As of 24 May 2024 Period and Annualized Total Returns (%) As of 31 Mar 2024 Expense Ratio (%)
NAV ($)YTD
Return
(%)
Since Inception
(30 Dec 2005)
15Y10Y5Y3Y1Y3MOTotal
Investor (DHMAX) 26.00 2.56 8.30 13.45 7.39 8.73 5.37 16.02 7.26 1.21
Class I (DHMIX) 26.17 2.71 8.64 13.78 7.69 9.05 5.67 16.36 7.34 0.92
Class Y (DHMYX) 26.25 2.74 8.60 13.82 7.83 9.17 5.79 16.49 7.36 0.80
Russell 2500 Index 8.92 14.08 8.84 9.90 2.97 21.43 6.92
Russell 2500 Value Index 7.93 13.11 7.68 9.38 5.36 21.33 6.07
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. 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 Small-Mid Cap Fund which was achieved prior to the creation of Class Y shares.

Calendar Year Returns (%)

Year Class I (DHMIX) Russell 2500 IndexRussell 2500 Value Index
2023 11.47 17.42 15.98
2022 -13.62 -18.37 -13.08
2021 31.14 18.18 27.78
2020 1.31 19.99 4.88
2019 27.74 27.77 23.56
2018 -12.56 -10.00 -12.36
2017 8.63 16.81 10.36
2016 18.18 17.59 25.20
2015 1.32 -2.90 -5.49
2014 7.36 7.07 7.11
2013 41.64 36.80 33.32
2012 15.74 17.88 19.21
2011 -3.86 -2.51 -3.36
2010 23.43 26.71 24.82
2009 41.36 34.39 27.68

"We focus on long-term business fundamentals and valuations rather than perfrect timing or price volatility. We believe solid businesses with attractive valuations eventually yield positive results."

Learn more about our philosophy

Statistics

Portfolio Characteristics1 As of 31 Mar 2024

Distribution Frequency Annual
Median Market Capitialization $6.8B
Portfolio Turnover (12 months trailing) 17%
Active Share 97%
Number of Equity Holdings in Portfolio 57

Five-Year Risk Statistics As of 31 Mar 2024 (Class I Shares)

vs Russell 2500 Index vs Russell 2500 Value Index
Alpha -0.47% -0.06%
Beta 0.99% 0.97%
R-Squared 92.50% 96.61%
Standard Deviation 23.46%
Sharpe Ratio 0.40

Since Inception Upside/Downside Capture As of 31 Mar 2024 (Class I Shares)

vs Russell 2500 Index 92%/91%
vs Russell 2500 Value Index 94%/89%

Stay current on your favorite topics and receive portfolio updates direct to your inbox.

Portfolio

Portfolio Guidelines

  • Typically 50—70 positions
  • Maximum position size is 7%
  • Top 10 holdings are typically greater than 25% 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 between $500 million and $10 billion (or, if greater, the maximum market capitalization of companies generally within the capitalization range of the Russell 2500 Index) at the time of purchase.

Top Ten Equity Holdings2 As of 31 Mar 2024

  Sector % of Net Assets
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 5.6
WESCO International, Inc. Industrials 5.5
Post Holdings, Inc. Consumer Staples 4.2
Regal Rexnord Corp. Industrials 3.8
Ashland Global Holdings, Inc. Materials 3.5
Mr. Cooper Group, Inc. Financials 3.2
CubeSmart Real Estate 3.1
Gates Industrial Corp. PLC Industrials 2.8
Webster Financial Corp. Financials 2.7
Enovis Corp. Health Care 2.6
Total as % of Net Assets 37.0%

Sector Allocation3 (%) As of 31 Mar 2024

Russell 2500 Index
Russell 2500 Value Index

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHMAX) 0.0659 27 Dec 2023 29 Dec 2023 25.56
Investor (DHMAX) 0.1869 13 Dec 2023 15 Dec 2023 25.37
Class I (DHMIX) 0.3197 27 Dec 2023 29 Dec 2023 25.69
Class I (DHMIX) 0.1869 13 Dec 2023 15 Dec 2023 25.75
Class Y (DHMYX) 0.3505 27 Dec 2023 29 Dec 2023 25.76
Class Y (DHMYX) 0.1869 13 Dec 2023 15 Dec 2023 25.85
Investor (DHMAX) 0.1188 28 Dec 2022 30 Dec 2022 23.12
Investor (DHMAX) 1.0347 13 Dec 2022 15 Dec 2022 23.64
Class I (DHMIX) 0.1906 28 Dec 2022 30 Dec 2022 23.39
Class I (DHMIX) 1.0347 13 Dec 2022 15 Dec 2022 23.99
Class Y (DHMYX) 0.2227 28 Dec 2022 30 Dec 2022 23.45
Class Y (DHMYX) 1.0347 13 Dec 2022 15 Dec 2022 24.08
Investor (DHMAX) 0.0543 29 Dec 2021 31 Dec 2021 28.02
Investor (DHMAX) 1.5037 13 Dec 2021 15 Dec 2021 27.12
Class I (DHMIX) 0.1302 29 Dec 2021 31 Dec 2021 28.34
Class I (DHMIX) 1.5037 13 Dec 2021 15 Dec 2021 27.50
Class Y (DHMYX) 0.1623 29 Dec 2021 31 Dec 2021 28.41
Class Y (DHMYX) 1.5037 13 Dec 2021 15 Dec 2021 27.60
Investor (DHMAX) 0.1021 29 Dec 2020 31 Dec 2020 22.63
Investor (DHMAX) 0.0092 11 Dec 2020 15 Dec 2020 22.07
Class C (DHMCX) 0.0092 11 Dec 2020 15 Dec 2020 19.78
Class I (DHMIX) 0.1583 29 Dec 2020 31 Dec 2020 22.87
Class I (DHMIX) 0.0092 11 Dec 2020 15 Dec 2020 22.35
Class Y (DHMYX) 0.1836 29 Dec 2020 31 Dec 2020 22.92
Class Y (DHMYX) 0.0092 11 Dec 2020 15 Dec 2020 22.43
Investor (DHMAX) 0.1441 27 Dec 2019 31 Dec 2019 22.51
Investor (DHMAX) 0.9415 11 Dec 2019 13 Dec 2019 22.36
Class C (DHMCX) 0.9415 11 Dec 2019 13 Dec 2019 20.07
Class I (DHMIX) 0.2067 27 Dec 2019 31 Dec 2019 22.74
Class I (DHMIX) 0.9415 11 Dec 2019 13 Dec 2019 22.64
Class Y (DHMYX) 0.2325 27 Dec 2019 31 Dec 2019 22.78
Class Y (DHMYX) 0.9415 11 Dec 2019 13 Dec 2019 22.71
Investor (DHMAX) 0.0356 27 Dec 2018 31 Dec 2018 18.47
Investor (DHMAX) 0.8036 12 Dec 2018 14 Dec 2018 19.53
Class C (DHMCX) 0.8036 12 Dec 2018 14 Dec 2018 17.71
Class I (DHMIX) 0.1029 27 Dec 2018 31 Dec 2018 18.65
Class I (DHMIX) 0.8036 12 Dec 2018 14 Dec 2018 19.78
Class Y (DHMYX) 0.1303 27 Dec 2018 31 Dec 2018 18.68
Class Y (DHMYX) 0.8036 12 Dec 2018 14 Dec 2018 19.85
Investor (DHMAX) 0.0295 27 Dec 2017 29 Dec 2017 22.37
Investor (DHMAX) 0.0704 0.5971 13 Dec 2017 15 Dec 2017 21.91
Class C (DHMCX) 0.0704 0.5971 13 Dec 2017 15 Dec 2017 20.07
Class I (DHMIX) 0.1090 27 Dec 2017 29 Dec 2017 22.58
Class I (DHMIX) 0.0704 0.5971 13 Dec 2017 15 Dec 2017 22.19
Class Y (DHMYX) 0.1302 27 Dec 2017 29 Dec 2017 22.63
Class Y (DHMYX) 0.0704 0.5971 13 Dec 2017 15 Dec 2017 22.25
Investor (DHMAX) 0.0119 28 Dec 2016 30 Dec 2016 21.22
Investor (DHMAX) 0.3569 14 Dec 2016 16 Dec 2016 21.22
Class C (DHMCX) 0.3569 14 Dec 2016 16 Dec 2016 19.62
Class I (DHMIX) 0.0686 28 Dec 2016 30 Dec 2016 21.43
Class I (DHMIX) 0.3569 14 Dec 2016 16 Dec 2016 21.47
Class Y (DHMYX) 0.0839 28 Dec 2016 30 Dec 2016 21.46
Class Y (DHMYX) 0.3569 14 Dec 2016 16 Dec 2016 21.53
Investor (DHMAX) 0.0279 29 Dec 2015 31 Dec 2015 18.41
Investor (DHMAX) 0.1911 16 Dec 2015 18 Dec 2015 18.24
Class C (DHMCX) 0.1911 16 Dec 2015 18 Dec 2015 16.99
Class I (DHMIX) 0.0615 29 Dec 2015 31 Dec 2015 18.57
Class I (DHMIX) 0.1911 16 Dec 2015 18 Dec 2015 18.43
Class Y (DHMYX) 0.0799 29 Dec 2015 31 Dec 2015 18.59
Class Y (DHMYX) 0.1911 16 Dec 2015 18 Dec 2015 18.47
Investor (DHMAX) 0.0178 29 Dec 2014 31 Dec 2014 18.48
Investor (DHMAX) 0.0604 0.5782 16 Dec 2014 18 Dec 2014 17.91
Class C (DHMCX) 0.0604 0.5782 16 Dec 2014 18 Dec 2014 16.81
Class I (DHMIX) 0.0613 29 Dec 2014 31 Dec 2014 18.63
Class I (DHMIX) 0.0604 0.5782 16 Dec 2014 18 Dec 2014 18.09
Class Y (DHMYX) 0.0853 29 Dec 2014 31 Dec 2014 18.64
Class Y (DHMYX) 0.0604 0.5782 16 Dec 2014 18 Dec 2014 18.13
Investor (DHMAX) 0.0334 27 Dec 2013 31 Dec 2013 17.68
Investor (DHMAX) 0.2181 0.5391 16 Dec 2013 18 Dec 2013 17.19
Class C (DHMCX) 0.2181 0.5391 16 Dec 2013 18 Dec 2013 16.26
Class I (DHMIX) 0.0578 27 Dec 2013 31 Dec 2013 17.81
Class I (DHMIX) 0.2181 0.5391 16 Dec 2013 18 Dec 2013 17.34
Class Y (DHMYX) 0.0747 27 Dec 2013 31 Dec 2013 17.82
Class Y (DHMYX) 0.2181 0.5391 16 Dec 2013 18 Dec 2013 17.36
Investor (DHMAX) 0.0031 0.0811 0.2968 28 Dec 2012 31 Dec 2012 12.92
Class C (DHMCX) 0.0000 0.0811 0.2968 28 Dec 2012 31 Dec 2012 12.34
Class I (DHMIX) 0.0392 0.0811 0.2968 28 Dec 2012 31 Dec 2012 13.00
Class Y (DHMYX) 0.0615 0.0811 0.2968 28 Dec 2012 31 Dec 2012 13.00
Investor (DHMAX) 0.3219 14 Dec 2011 15 Dec 2011 11.32
Class C (DHMCX) 0.3219 14 Dec 2011 15 Dec 2011 10.91
Class I (DHMIX) 0.0108 28 Dec 2011 29 Dec 2011 11.84
Class I (DHMIX) 0.3219 14 Dec 2011 15 Dec 2011 11.40
Investor (DHMAX) 0.0000 29 Dec 2010 30 Dec 2010 12.61
Investor (DHMAX) 0.0038 15 Dec 2010 16 Dec 2010 12.48
Class C (DHMCX) 0.0000 29 Dec 2010 30 Dec 2010 12.25
Class C (DHMCX) 0.0038 15 Dec 2010 16 Dec 2010 12.13
Class I (DHMIX) 0.0133 29 Dec 2010 30 Dec 2010 12.65
Class I (DHMIX) 0.0038 15 Dec 2010 16 Dec 2010 12.54
Investor (DHMAX) 0.0000 29 Dec 2009 30 Dec 2009 10.33
Class C (DHMCX) 0.0000 29 Dec 2009 30 Dec 2009 10.10
Class I (DHMIX) 0.0186 29 Dec 2009 30 Dec 2009 10.34
Investor (DHMAX) 0.0870 29 Dec 2008 30 Dec 2008 7.07
Investor (DHMAX) 15 Dec 2008 16 Dec 2008 7.19
Class C (DHMCX) 0.0718 29 Dec 2008 30 Dec 2008 6.97
Class C (DHMCX) 15 Dec 2008 16 Dec 2008 7.07
Class I (DHMIX) 0.1207 29 Dec 2008 30 Dec 2008 7.07
Class I (DHMIX) 15 Dec 2008 16 Dec 2008 7.21
Investor (DHMAX) 0.0393 27 Dec 2007 28 Dec 2007 10.54
Investor (DHMAX) 0.0639 0.2118 11 Dec 2007 12 Dec 2007 10.71
Class C (DHMCX) 0.0000 27 Dec 2007 28 Dec 2007 10.44
Class C (DHMCX) 0.0639 0.2118 11 Dec 2007 12 Dec 2007 10.57
Class I (DHMIX) 0.0912 27 Dec 2007 28 Dec 2007 10.54
Class I (DHMIX) 0.0639 0.2118 11 Dec 2007 12 Dec 2007 10.75
Investor (DHMAX) 0.0130 28 Dec 2006 29 Dec 2006 10.91
Investor (DHMAX) 0.0588 11 Dec 2006 12 Dec 2006 11.03
Class C (DHMCX) 0.0000 28 Dec 2006 29 Dec 2006 10.85
Class C (DHMCX) 0.0588 11 Dec 2006 12 Dec 2006 10.96
Class I (DHMIX) 0.0500 28 Dec 2006 29 Dec 2006 10.91
Class I (DHMIX) 0.0588 11 Dec 2006 12 Dec 2006 11.07
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: 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 2500 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. Includes a 0.6% investment in the Diamond Hill Short Duration Securitized Bond Fund.

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