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Total Net Assets

$2.1B
as of 6/30/2021

Inception

June 30, 2000
DIAMX (Investor)
DHLSX (Class I)
DIAYX (Class Y)

Status

Open

Investment Strategy

  • To estimate intrinsic value, the business must be understandable, and we must be able to reasonably forecast its cash flows. For long positions, we seek businesses with sustainable competitive advantages, conservative balance sheets, and management with an ownership mentality. The inverse is often true for our short positions.
  • Seek to add value through stock selection on both long and short positions.
  • The strategy maintains a long-bias; however the short positions reduce net exposure and therefore tend to reduce volatility compared to long-only funds

Team

Chris Bingaman, CFA

Portfolio Manager

Nate Palmer, CFA, CPA

Portfolio Manager

Chuck Bath, CFA

Assistant Portfolio Manager

Brian Fontanella, CFA

Portfolio Specialist

Monthly

As of 9/17/2021 Period and Annualized Total Returns as of 8/31/2021 Expense Ratio
NAVYTD Return Since Inception
(6/30/2000)
20-YR15-YR10-YR5-YR3-YR1-YR3MO.Aug. Gross Net1,2
Investor (DIAMX) 29.85 15.30 6.84 6.57 5.43 8.31 8.04 8.56 28.09 0.47 1.01 1.84 1.83
Class I (DHLSX) 30.71 15.54 7.11 6.86 5.77 8.62 8.36 8.89 28.49 0.55 1.05 1.55 1.54
Class Y (DIAYX) 30.87 15.66 7.04 6.78 5.71 8.74 8.48 9.00 28.61 0.55 1.04 1.43 1.42
Benchmark
Russell 1000 Index 7.81 9.58 11.07 16.40 18.24 18.42 32.25 7.66 2.89
60%/40% Blended Index 5.54 6.48 7.23 10.07 11.40 11.70 18.62 4.56 1.74
Russell 1000 Value Index 7.93 8.11 7.92 13.03 11.68 11.45 36.44 1.62 1.98
Swipe or scroll right for more data

Quarterly

As of 9/17/2021 Period and Annualized Total Returns as of 6/30/2021 Expense Ratio
NAVYTD Return Since Inception
(6/30/2000)
20-YR15-YR10-YR5-YR3-YR1-YR3MO.GrossNet1,2
Investor (DIAMX) 29.85 15.30 6.78 6.05 5.32 7.64 8.62 9.26 29.60 4.09 1.84 1.83
Class I (DHLSX) 30.71 15.54 7.05 6.33 5.65 7.93 8.94 9.57 29.98 4.15 1.55 1.54
Class Y (DIAYX) 30.87 15.66 6.97 6.26 5.59 8.06 9.05 9.69 30.15 4.20 1.43 1.42
Benchmark
Russell 1000 Index 7.62 8.90 10.89 14.90 17.99 19.16 43.07 8.54
60%/40% Blended Index 5.44 6.09 7.15 9.21 11.27 12.17 24.46 5.08
Russell 1000 Value Index 7.85 7.73 8.01 11.61 11.87 12.42 43.68 5.21
Swipe or scroll right for more data

Performance is not guaranteed. The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment 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 data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, at diamond-hill.com.

Performance returns assume reinvestment of all distributions. Returns for the periods less than one year are not annualized. Class I and Y shares include performance based on Investor shares for the Long-Short 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 (DHLSX) Russell 1000 Index60%/40% Blended IndexRussell 1000 Value Index
2020 -0.27 20.96 13.30 2.80
2019 23.11 31.43 19.15 26.54
2018 -7.04 -4.78 -1.92 -8.27
2017 5.99 21.69 12.92 13.66
2016 10.55 12.05 7.32 17.34
2015 -1.40 0.92 0.75 -3.83
2014 7.55 13.24 7.86 13.45
2013 23.19 33.11 18.93 32.53
2012 8.77 16.42 9.75 17.51
2011 3.29 1.50 1.22 0.39
2010 0.03 16.10 9.90 15.51
2009 18.39 28.43 16.98 19.69
2008 -23.36 -37.60 -23.47 -36.85
2007 3.59 5.77 5.48 -0.17
2006 17.37 15.46 11.13 22.25

Morningstar Ratings (Class I Shares)

Category

Long-Short Equity

Fee Level

Low

Overall Rating

    

The Overall Morningstar RatingTM is based on 179 Long-Short Equity funds derived from a weighted average of the performance figures associated with its  3-, 5-, and 10-year Morningstar Ratings as of 6/30/21.

Statistics

Portfolio Statistics3 as of June 30, 2021

Management Fee 0.90%
Distribution Frequency Annual
Median Market Capitialization Long/(Short) $58.2B / ($9.4B)
Portfolio Turnover (12 months trailing) 29%
Number of Long/(Short) Equity Holdings in Portfolio 54 / (37)
Long/(Short) Holdings (% of Net Assets) 89.9% / (30.8)%
Gross Exposure (Long + Short) 121%
Net Exposure (Long - Short) 59%

Five Year Risk Statistics4 as of June 30, 2021 (Class I Shares)

.vs Russell 1000 Index .vs Russell 1000 Value Index
Standard Deviation 13.76% 13.76%
Beta 0.81% 0.81%
Sharpe Ratio 0.61 0.61
Alpha -5.04% -0.93%
R-Squared 81.25% 91.86%

Since Inception Upside/Downside Capture4 as of June 30, 2021 (Class I Shares)

.vs Russell 1000 Index 74%/66%
.vs Russell 1000 Value Index 74%/67%

Portfolio

Portfolio Guidelines

  • A long-biased fund with typically 40–60 long positions and 20–45 short positions
  • Total long positions are generally between 80–100% of net assets
  • Total short positions are generally between 10–40% of net assets

Exposure Guidelines

  • Maximum gross market exposure (long % + short %) = Up to 140%
  • Target net market exposure (long % - short %) = 40-75%

Top Five Long Equity Holdings as of June 30, 2021

  Sector % of Net Assets
American International Group, Inc. Financials 3.8
Berkshire Hathaway, Inc. (Cl B) Financials 3.4
Facebook, Inc. (Cl A) Communication Services 3.2
Alphabet, Inc. (Cl A) Communication Services 3.1
KKR & Co., Inc. (Cl A) Financials 3.0

Top Five Short Equity Holdings as of 6/30/2021

  Sector % of Net Assets
Oracle Corp. Info. Technology (1.8)
Brown-Forman Corp. (Cl B) Consumer Staples (1.7)
Robert Half International, Inc. Industrials (1.5)
Dick's Sporting Goods, Inc. Cons. Discretionary (1.4)
WD-40 Co. Consumer Staples (1.3)

Sector Allocation5 as of June 30, 2021

Long Portfolio Russell 1000 IndexShort Portfolio
Financials 27.4 11.4 (5.0)
Communication Services 11.3 10.6 (1.0)
Health Care 11.3 13.1 (2.4)
Info. Technology 10.4 27.6 (5.0)
Industrials 9.9 9.1 (4.9)
Cons. Discretionary 6.8 12.3 (7.0)
Consumer Staples 4.7 5.5 (4.0)
Materials 3.6 2.4 (0.3)
Energy 3.2 2.7 0.0
Utilities 1.4 2.4 (1.2)
Real Estate 0.0 3.1 0.0
Cash & Other 10.1 0.0 0.0

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DIAMX) 0.0483 12/29/20 12/31/20 25.73
Investor (DIAMX) 0.2027 12/11/20 12/15/20 25.46
Class C (DHFCX) 0.2027 12/11/20 12/15/20 22.17
Class I (DHLSX) 0.1212 12/29/20 12/31/20 26.42
Class I (DHLSX) 0.2027 12/11/20 12/15/20 26.21
Class Y (DIAYX) 0.1504 12/29/20 12/31/20 26.53
Class Y (DIAYX) 0.2027 12/11/20 12/15/20 26.34
Investor (DIAMX) 0.1716 12/27/19 12/31/19 26.24
Investor (DIAMX) 1.4905 12/11/19 12/13/19 26.32
Class C (DHFCX) 1.4905 12/11/19 12/13/19 22.96
Class I (DHLSX) 0.2287 12/27/19 12/31/19 26.93
Class I (DHLSX) 1.4905 12/11/19 12/13/19 27.05
Class Y (DIAYX) 0.2610 12/27/19 12/31/19 27.04
Class Y (DIAYX) 1.4905 12/11/19 12/13/19 27.20
Investor (DIAMX) 0.0734 12/27/18 12/31/18 22.68
Investor (DIAMX) 1.0517 12/12/18 12/14/18 23.43
Class C (DHFCX) 1.0517 12/12/18 12/14/18 20.69
Class I (DHLSX) 0.1850 12/27/18 12/31/18 23.22
Class I (DHLSX) 1.0517 12/12/18 12/14/18 24.09
Class Y (DIAYX) 0.2163 12/27/18 12/31/18 23.31
Class Y (DIAYX) 1.0517 12/12/18 12/14/18 24.22
Investor (DIAMX) 0.5526 12/13/17 12/15/17 25.56
Class C (DHFCX) 0.5526 12/13/17 12/15/17 22.87
Class I (DHLSX) 0.0070 12/27/17 12/29/17 26.47
Class I (DHLSX) 0.5526 12/13/17 12/15/17 26.18
Class Y (DIAYX) 0.0322 12/27/17 12/29/17 26.57
Class Y (DIAYX) 0.5526 12/13/17 12/15/17 26.31
Investor (DIAMX) 0.8523 12/14/16 12/16/16 25.05
Class C (DHFCX) 0.8523 12/14/16 12/16/16 22.64
Class I (DHLSX) 0.8523 12/14/16 12/16/16 25.57
Class Y (DIAYX) 0.8523 12/14/16 12/16/16 25.67
Investor (DIAMX) 0.1117 12/16/15 12/18/15 23.41
Investor (DIAMX) 0.1117 12/16/15 12/18/15 23.41
Class C (DHFCX) 0.1117 12/16/15 12/18/15 21.39
Class I (DHLSX) 0.1117 12/16/15 12/18/15 23.81
Class Y (DIAYX) 0.1117 12/16/15 12/18/15 23.88
Investor (DIAMX) 0.0494 12/27/13 12/31/13 22.23
Class I (DHLSX) 0.0854 12/27/13 12/31/13 22.49
Class Y (DIAYX) 0.1222 12/27/13 12/31/13 22.49
Investor (DIAMX) 0.0164 12/28/12 12/31/12 18.00
Class I (DHLSX) 0.0640 12/28/12 12/31/12 18.20
Class Y (DIAYX) 0.0949 12/28/12 12/31/12 18.20
Class I (DHLSX) 0.0308 12/28/11 12/29/11 16.98
Investor (DIAMX) 0.0000 12/29/10 12/30/10 16.23
Class C (DHFCX) 0.0000 12/29/10 12/30/10 15.35
Class I (DHLSX) 0.0053 12/29/10 12/30/10 16.39
Investor (DIAMX) 0.0000 12/29/09 12/30/09 16.43
Class C (DHFCX) 0.0000 12/29/09 12/30/09 15.65
Class I (DHLSX) 0.0004 12/29/09 12/30/09 16.53
Investor (DIAMX) 0.1484 12/29/08 12/30/08 13.69
Investor (DIAMX) 0.0628 12/15/08 12/16/08 14.22
Class C (DHFCX) 0.0268 12/29/08 12/30/08 13.14
Class C (DHFCX) 0.0628 12/15/08 12/16/08 13.54
Class I (DHLSX) 0.2131 12/29/08 12/30/08 13.73
Class I (DHLSX) 0.0628 12/15/08 12/16/08 14.33
Investor (DIAMX) 0.4179 12/27/07 12/28/07 18.47
Investor (DIAMX) 0.1801 0.1715 12/11/07 12/12/07 19.03
Class C (DHFCX) 0.3143 12/27/07 12/28/07 17.72
Class C (DHFCX) 0.1801 0.1715 12/11/07 12/12/07 18.18
Class I (DHLSX) 0.4936 12/27/07 12/28/07 18.54
Class I (DHLSX) 0.1801 0.1715 12/11/07 12/12/07 19.17
Investor (DIAMX) 0.2500 12/28/06 12/29/06 18.57
Investor (DIAMX) 0.3430 0.0749 12/11/06 12/12/06 18.75
Class C (DHFCX) 0.1640 12/28/06 12/29/06 17.88
Class C (DHFCX) 0.3430 0.0749 12/11/06 12/12/06 17.98
Class I (DHLSX) 0.3050 12/28/06 12/29/06 18.63
Class I (DHLSX) 0.3430 0.0749 12/11/06 12/12/06 18.86
Investor (DIAMX) 0.1000 12/29/05 12/30/05 16.46
Investor (DIAMX) 0.0429 12/06/05 12/07/05 16.19
Class C (DHFCX) 0.0250 12/29/05 12/30/05 15.92
Class C (DHFCX) 0.0429 12/06/05 12/07/05 15.59
Class I (DHLSX) 0.1380 12/29/05 12/30/05 16.49
Class I (DHLSX) 0.0429 12/06/05 12/07/05 16.26
Class C (DHFCX) 0.0606 12/13/04 12/14/04 13.18
Class C (DHFCX) 0.1712 12/17/01 12/18/01 10.38

Documents

An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus or summary prospectus contain this and other important information about the Fund(s) and are available at diamond-hill.com or by calling 888.226.5595. Please read the prospectus or summary prospectus 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. Diamond Hill Funds are not FDIC insured, may lose value, and have no bank guarantee.

Risk Disclosure: Overall equity market risks may affect the value of all funds. The Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, All Cap Select Fund, Global Fund and International Fund invest in small and medium capitalization stocks; there are special risks associated with small and medium capitalization issues such as market illiquidity and greater market volatility than large capitalization issues. The Large Cap Concentrated Fund and All Cap Select Fund expect to hold a concentrated portfolio of a limited number of securities; because of this a decline in the value of these investments would cause the Fund’s overall value to decline to a greater degree than a less concentrated portfolio. The Long-Short Fund uses short selling which incurs significant additional risk. Theoretically, stocks sold short have unlimited risk. The Global Fund and International Fund invest in non-U.S. securities. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be higher when investing in emerging markets. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns.

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

The Long-Short Fund was long-only from inception through June 2002.

1 The Fund may invest in another Diamond Hill Fund.  Diamond Hill Capital Management, Inc. is required to permanently waive a portion of its management fee in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund.

2 Includes dividend expense relating to short sales. If dividend expenses relating to short sales were excluded, the Total Expense Ratio for the Long-Short Fund would have been 1.37% for Investor, 1.08% for Class I, and 0.96% for Class Y.

3 The Portfolio Turnover (12 months trailing) calculation is the lesser of long buys plus short sales or long sales plus short covers divided by the average gross value of portfolio securities excluding cash equivalents.

4 Definitions: Active Share measures the difference between portfolio holdings and the benchmark. The higher the active share, the greater the difference. Standard Deviation measures the volatility of the Fund’s returns. Beta measures the Fund’s sensitivity to market movements. Sharpe Ratio uses the Fund’s standard deviation and average excess return over the risk-free ratio to determine reward per unit of risk. Alpha measures excess return relative to the market that is attributable to active portfolio management. R-squared represents the percentage of the portfolio’s movements that can be explained by general market movements. Upside / Downside Capture Ratio measures a manager’s ability to generate excess return above the benchmark return in up markets and retain more of the excess return in down markets. Statistics for periods less than one year are not annualized. Risk statistics are relative to the Russell 1000 Index.

5 Cash & Other may include cash, treasuries, money market funds, and short duration fixed income funds. Includes a 1.7% investment in the Diamond Hill Short Duration Securitized Bond Fund.

The Russell 1000 Index is comprised of the largest 1,000 companies by market capitalization in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged market-capitalization weighted index measuring the performance of the large cap value segment of the U.S. equity universe including those Russell 1000 Index companies with lower expected growth values. The Long-Short Fund blended index represents a 60% weighting of the Russell 1000 Index and a 40% weighting of the ICE BofA U.S. T-Bill 0-3 Mo Index. The ICE BofA U.S. T-Bill 0-3 Mo Index is comprised of U.S. dollar denominated U.S. Treasury Bills with a term to maturity of less than 3 months.

Index data source: London Stock Exchange Group PLC, Bloomberg Index Services Limited and ICE Data Indicies, LLC. See diamond-hill.com/disclosures for a full copy of the disclaimer. The ICE index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by Diamond Hill Capital Management, Inc. ICE Data and its third party suppliers accept no liability in connection with its use. ICE Data was not involved in the creation of the blended indexes. These indices do not incur fees and expenses (which would lower the return) and are not available for direct investment.

The Overall Morningstar Rating™ is based on 179 Long-Short Equity funds as of 6/30/21. The Fund’s Class I rating was 3 stars among 179, 3 stars among 151, 4 stars among 49 Long-Short Equity funds for the 3-, 5-, and 10-year periods 6/30/21, respectively.

The Morningstar RatingTM 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.

© 2021 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.

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