Skip to main content

Total Net Assets

$360M
as of 6/30/2021

Inception

December 30, 2005
DHTAX (Investor)
DHLTX (Class I)
DHTYX (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. We seek businesses with sustainable competitive advantages, conservative balance sheets, and management with an ownership mentality.
  • Investments are sold when the stock price reaches our estimate of intrinsic value, our estimate of intrinsic value is revised such that there is no longer a discount to intrinsic value, a holding reaches our stated maximum position size, or to raise proceeds for a more attractive opportunity.
  • More concentrated and broader market capitalization strategy.

Team

Austin Hawley, CFA

Portfolio Manager

Rick Snowdon, CFA

Portfolio Manager

Monthly

As of 9/17/2021 Period and Annualized Total Returns as of 8/31/2021 Expense Ratio
NAVYTD Return Since Inception
(12/30/2005)
15-YR10-YR5-YR3-YR1-YR3MO.Aug. Total
Investor (DHTAX) 22.96 24.58 9.99 10.17 14.69 16.43 16.34 56.61 2.53 3.57 1.16
Class I (DHLTX) 23.23 24.89 10.32 10.50 15.02 16.77 16.67 57.02 2.63 3.61 0.87
Class Y (DHTYX) 23.32 24.97 10.26 10.46 15.14 16.90 16.83 57.22 2.66 3.60 0.75
Benchmark
Russell 3000 Index 10.84 10.94 16.20 17.97 17.85 33.04 7.17 2.85
Russell 3000 Value Index 8.27 7.90 12.95 11.68 11.21 37.78 1.41 2.03
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
(12/30/2005)
15-YR10-YR5-YR3-YR1-YR3MO.Total
Investor (DHTAX) 22.96 24.58 9.80 9.80 13.07 17.62 16.66 70.59 6.27 1.16
Class I (DHLTX) 23.23 24.89 10.14 10.14 13.38 17.97 17.01 71.09 6.35 0.87
Class Y (DHTYX) 23.32 24.97 10.07 10.07 13.50 18.09 17.15 71.30 6.37 0.75
Benchmark
Russell 3000 Index 10.65 10.78 14.70 17.89 18.73 44.16 8.24
Russell 3000 Value Index 8.19 7.99 11.54 11.99 12.23 45.40 5.16
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 Y shares include performance based on Investor shares for the All Cap Select Fund which was achieved prior to the creation of Class 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 (DHLTX) Russell 3000 IndexRussell 3000 Value Index
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
2007 6.10 5.14 -1.01
2006 14.04 15.72 22.34

Morningstar Ratings (Class I Shares)

Category

Mid-Cap Value

Fee Level

Below Average

Overall Rating

     

The Overall Morningstar RatingTM is based on 395 Mid-Cap Value 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 Statistics1 as of June 30, 2021

Management Fee 0.70%
Distribution Frequency Annual
Median Market Capitialization $9.4B
Portfolio Turnover (12 months trailing) 57%
Active Share 94%
Number of Equity Holdings in Portfolio 33

Five Year Risk Statistics1 as of June 30, 2021 (Class I Shares)

.vs Russell 3000 Index .vs Russell 3000 Value Index
Standard Deviation 21.33% 21.33%
Beta 1.27% 1.25%
Sharpe Ratio 0.83 0.83
Alpha -3.21% 3.36%
R-Squared 86.37% 93.22%

Since Inception Upside/Downside Capture1 as of June 30, 2021 (Class I Shares)

.vs Russell 3000 Index 101%/104%
.vs Russell 3000 Value Index 106%/98%

Portfolio

Portfolio Guidelines

  • Typically 30–40 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 Fund typically invests in securities with a market cap of $500M or greater. We anticipate that each of the Fund’s investments will also be held in one of the other Diamond Hill Funds.

Top Ten Equity Holdings as of June 30, 2021

  Sector % of Net Assets
WESCO International, Inc. Industrials 6.4
American International Group, Inc. Financials 6.3
Mr. Cooper Group, Inc. Financials 5.8
Hanesbrands, Inc. Cons. Discretionary 5.2
Berkshire Hathaway, Inc. (Cl B) Financials 4.9
KKR & Co., Inc. (Cl A) Financials 4.5
Facebook, Inc. (Cl A) Communication Services 3.7
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 3.5
W.R. Grace & Co. Materials 3.3
Kirby Corp. Industrials 3.2
Total as % of Net Assets 46.9%

Sector Allocation2 as of June 30, 2021

All Cap Select Fund Russell 3000 IndexRussell 3000 Value Index
Financials 31.9 11.6 21.1
Industrials 16.8 9.5 12.2
Cons. Discretionary 10.8 12.2 5.9
Consumer Staples 10.1 5.3 6.9
Communication Services 8.8 10.1 8.2
Materials 6.9 2.5 3.9
Health Care 6.5 13.6 16.9
Info. Technology 4.2 26.6 9.9
Utilities 2.1 2.4 4.8
Real Estate 0.0 3.4 5.0
Energy 0.0 2.8 5.2
Cash & Other 2.0 0.0 0.0

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHTAX) 0.0515 12/29/20 12/31/20 18.34
Class I (DHLTX) 0.0970 12/29/20 12/31/20 18.52
Class Y (DHTYX) 0.1160 12/29/20 12/31/20 18.58
Investor (DHTAX) 0.0250 0.2874 12/11/19 12/13/19 16.09
Class C (DHTCX) 0.0250 0.2874 12/11/19 12/13/19 14.91
Class I (DHLTX) 0.0250 0.2874 12/11/19 12/13/19 16.23
Class Y (DHTYX) 0.0250 0.2874 12/11/19 12/13/19 16.28
Investor (DHTAX) 0.0627 12/27/18 12/31/18 12.56
Investor (DHTAX) 0.1406 1.2585 12/12/18 12/14/18 13.30
Class C (DHTCX) 0.1406 1.2585 12/12/18 12/14/18 12.38
Class I (DHLTX) 0.1161 12/27/18 12/31/18 12.64
Class I (DHLTX) 0.1406 1.2585 12/12/18 12/14/18 13.44
Class Y (DHTYX) 0.1348 12/27/18 12/31/18 12.66
Class Y (DHTYX) 0.1406 1.2585 12/12/18 12/14/18 13.48
Class I (DHLTX) 0.0146 12/27/17 12/29/17 16.17
Class Y (DHTYX) 0.0248 12/27/17 12/29/17 16.20
Investor (DHTAX) 0.0520 0.1169 12/14/16 12/16/16 13.40
Class C (DHTCX) 0.0520 0.1169 12/14/16 12/16/16 12.75
Class I (DHLTX) 0.0133 12/28/16 12/30/16 13.45
Class I (DHLTX) 0.0520 0.1169 12/14/16 12/16/16 13.47
Investor (DHTAX) 0.0166 0.3940 12/16/15 12/18/15 12.29
Class C (DHTCX) 0.0166 0.3940 12/16/15 12/18/15 11.79
Class I (DHLTX) 0.0166 0.3940 12/16/15 12/18/15 12.32
Investor (DHTAX) 0.0546 12/29/14 12/31/14 13.05
Investor (DHTAX) 0.3281 1.0895 12/16/14 12/18/14 12.68
Class C (DHTCX) 0.3281 1.0895 12/16/14 12/18/14 12.22
Class I (DHLTX) 0.0675 12/29/14 12/31/14 13.04
Class I (DHLTX) 0.3281 1.0895 12/16/14 12/18/14 12.69
Investor (DHTAX) 0.0853 12/27/13 12/31/13 12.94
Investor (DHTAX) 0.6031 1.2893 12/16/13 12/18/13 12.59
Class C (DHTCX) 0.0292 12/27/13 12/31/13 12.61
Class C (DHTCX) 0.6031 1.2893 12/16/13 12/18/13 12.22
Class I (DHLTX) 0.1180 12/27/13 12/31/13 12.92
Class I (DHLTX) 0.6031 1.2893 12/16/13 12/18/13 12.59
Class Y (DHTYX) 0.1339 12/27/13 12/31/13 12.93
Class Y (DHTYX) 0.6031 1.2893 12/16/13 12/18/13 12.62
Investor (DHTAX) 0.0781 0.0233 0.2265 12/28/12 12/31/12 10.31
Class C (DHTCX) 0.0000 0.0233 0.2265 12/28/12 12/31/12 10.12
Class I (DHLTX) 0.1122 0.0233 0.2265 12/28/12 12/31/12 10.29
Class Y (DHTYX) 0.1266 0.0233 0.2265 12/28/12 12/31/12 10.29
Investor (DHTAX) 0.0475 12/28/11 12/29/11 9.74
Class I (DHLTX) 0.0754 12/28/11 12/29/11 9.72
Investor (DHTAX) 0.0072 12/29/10 12/30/10 9.99
Class C (DHTCX) 0.0000 12/29/10 12/30/10 9.83
Class I (DHLTX) 0.0493 12/29/10 12/30/10 9.98
Investor (DHTAX) 0.0000 12/29/09 12/30/09 9.12
Class C (DHTCX) 0.0000 12/29/09 12/30/09 9.04
Class I (DHLTX) 0.0000 12/29/09 12/30/09 9.11
Investor (DHTAX) 0.0770 12/29/08 12/30/08 7.07
Investor (DHTAX) 0.2454 12/15/08 12/16/08 6.92
Class C (DHTCX) 0.0000 12/29/08 12/30/08 6.97
Class C (DHTCX) 0.2454 12/15/08 12/16/08 6.81
Class I (DHLTX) 0.1150 12/29/08 12/30/08 7.07
Class I (DHLTX) 0.2454 12/15/08 12/16/08 6.89
Investor (DHTAX) 0.0917 12/27/07 12/28/07 10.69
Investor (DHTAX) 0.8103 0.3079 12/11/07 12/12/07 10.90
Class C (DHTCX) 0.0363 12/27/07 12/28/07 10.64
Class C (DHTCX) 0.8103 0.3079 12/11/07 12/12/07 10.80
Class I (DHLTX) 0.1533 12/27/07 12/28/07 10.66
Class I (DHLTX) 0.8103 0.3079 12/11/07 12/12/07 10.94
Investor (DHTAX) 0.0810 12/28/06 12/29/06 11.17
Investor (DHTAX) 0.1153 12/11/06 12/12/06 11.24
Class C (DHTCX) 0.0360 12/28/06 12/29/06 11.16
Class C (DHTCX) 0.1153 12/11/06 12/12/06 11.18
Class I (DHLTX) 0.1290 12/28/06 12/29/06 11.16
Class I (DHLTX) 0.1153 12/11/06 12/12/06 11.28

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.

1 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 3000 Index.

2 Cash & Other may include cash, treasuries, money market funds, and short duration fixed income funds.

The Russell 3000 Index is an unmanaged market capitalization-weighted index comprised of the 3,000 largest U.S. companies by total market capitalization. The Russell 3000 Value Index is an unmanaged market capitalization-weighted index measuring the performance of the broad value segment of the U.S. equity universe including those Russell 3000 Index companies with lower expected growth values. These indices do not incur fees and expenses (which would lower the return) and are not available for direct investment. Index data source: London Stock Exchange Group PLC. See diamond-hill.com/disclosures for a full copy of the disclaimer.

The Overall Morningstar Rating™ is based on 395 Mid-Cap Value funds as of 6/30/21. The Fund’s Class I rating was 4 stars among 395, 5 stars among 346, 5 stars among 246 Mid-Cap Value funds for the 3-, 5-, and 10-year periods 6/30/21, 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.

© 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.

Back to top