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Total Net Assets

$29M
as of 9/30/2021

Inception

December 30, 2016
DHIAX (Investor)
DHIIX (Class I)
DHIYX (Class Y)

Status

Open

Investment Strategy

We seek to identify higher quality businesses with strong balance sheets that are selling at a distinct discount to intrinsic value and are led by management teams who are smart capital allocators. We use a five-point-framework to assess each prospective investment.

  • Business Quality
    Does the company possess sustainable competitive advantages?
  • Industry Structure
    How is the industry structured and are there changes on the horizon?
  • End-Market Conditions
    How favorable are end-market conditions?
  • Management Capability
    How well does management allocate capital and execute its strategy?
  • Capital Structure
    Is the capital structure appropriate and how has it evolved over time?

More on Philosophy and Process

Team

Grady Burkett, CFA

Portfolio Manager

Krishna Mohanraj, CFA

Portfolio Manager

Monthly

As of 12/6/2021 Period and Annualized Total Returns as of 11/30/2021 Expense Ratio
NAVYTD Return Since Inception
(12/30/2016)
3-YR1-YR3MO.Nov. Total
Investor (DHIAX) 16.73 8.07 10.41 9.73 13.85 -5.81 -3.89 1.14
Class I (DHIIX) 16.81 8.38 10.71 10.02 14.08 -5.79 -3.93 0.85
Class Y (DHIYX) 16.83 8.51 10.83 10.13 14.22 -5.78 -3.93 0.73
Benchmark
Morningstar Global Markets ex-U.S. Index 9.14 10.33 9.88 -5.42 -4.48
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Quarterly

As of 12/6/2021 Period and Annualized Total Returns as of 9/30/2021 Expense Ratio
NAVYTD Return Since Inception
(12/30/2016)
3-YR1-YR3MO.Total
Investor (DHIAX) 16.73 8.07 10.88 7.51 31.48 -6.48 1.14
Class I (DHIIX) 16.81 8.38 11.18 7.79 31.79 -6.46 0.85
Class Y (DHIYX) 16.83 8.51 11.30 7.90 31.93 -6.45 0.73
Benchmark
Morningstar Global Markets ex-U.S. Index 10.05 8.43 25.11 -2.38
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. 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 (DHIIX) Morningstar Global Markets ex-U.S. Index
2020 6.74 11.17
2019 23.56 21.57
2018 -10.71 -14.17
2017 30.76 27.37

Morningstar Ratings (Class I Shares)

Category

Foreign Large Blend

Fee Level

Below Average

Statistics

Portfolio Statistics1 as of September 30, 2021

Management Fee 0.65%
Distribution Frequency Annual
Median Market Capitialization $30.6B
Portfolio Turnover (12 months trailing) 38%
Active Share 93%
Number of Equity Holdings in Portfolio 51

Since Inception Risk Statistics1 as of September 30, 2021 (Class I Shares)

Standard Deviation 16.50%
Beta 1.06%
Sharpe Ratio 0.65
Alpha 0.63%
R-Squared 94.06%

Since Inception Upside/Downside Capture Ratio1 as of September 30, 2021 (Class I Shares)

vs. Morningstar Global Markets ex-U.S. Index 107%/105%

Portfolio

Portfolio Guidelines

  • Typically 35-55 positions
  • Maximum sector exposure is 35%
  • Maximum single country exposure is 30%
  • Maximum emerging market exposure is 30%

Market Capitalization

The Fund typically invests in securities with a market cap of $1 billion or greater.

Top Ten Equity Holdings as of September 30, 2021

  Sector % of Net Assets
Diageo PLC Consumer Staples 4.4
Check Point Software Technologies Ltd. Info. Technology 4.0
Unilever PLC Consumer Staples 3.8
Rogers Communications, Inc. (Cl B) Communication Services 3.1
Novartis AG Health Care 3.0
Samsung Electronics Co. Ltd. Info. Technology 3.0
BT Group PLC Communication Services 2.9
Alibaba Group Holding Ltd. Cons. Discretionary 2.8
Taiwan Semiconductor Manufacturing Co. Ltd. Info. Technology 2.8
Tencent Holdings Ltd. Communication Services 2.6
Total as % of Net Assets 32.4%

Sector Allocation2 as of September 30, 2021

International Fund Morningstar Global Markets ex-U.S. Index
Communication Services 21.0 5.9
Cons. Discretionary 15.0 12.6
Financials 13.7 18.2
Health Care 12.6 9.2
Consumer Staples 12.2 8.1
Info. Technology 11.8 12.3
Industrials 5.5 13.8
Materials 3.4 8.5
Energy 0.0 4.5
Real Estate 0.0 3.7
Utilities 0.0 3.1
Cash & Other 4.8 0.0

Top Five Countries as of September 30, 2021

International Fund Morningstar Global Markets ex-U.S. Index
United Kingdom 25.3 9.1
Switzerland 10.4 5.7
United States 8.7 0.7
Canada 8.2 6.7
China 7.9 8.9

Regional Exposure as of September 30, 2021

International Fund Morningstar Global Markets ex-U.S. Index
Europe 47.7 40.3
Asia & Pacific 22.5 47.2
North America 16.9 7.4
Latin America 4.0 2.1
Middle East & Africa 4.0 2.9

DEVELOPED VS. EMERGING EXPOSURE as of September 30, 2021

International Fund Morningstar Global Markets ex-U.S. Index
Developed Markets 77.3 75.1
Emerging Markets 17.9 24.9

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHIAX) 0.0554 12/29/20 12/31/20 15.56
Investor (DHIAX) 0.0086 0.0742 12/11/20 12/15/20 15.07
Class I (DHIIX) 0.0849 12/29/20 12/31/20 15.59
Class I (DHIIX) 0.0086 0.0742 12/11/20 12/15/20 15.13
Class Y (DHIYX) 0.0960 12/29/20 12/31/20 15.60
Class Y (DHIYX) 0.0086 0.0742 12/11/20 12/15/20 15.14
Investor (DHIAX) 0.0413 12/27/19 12/31/19 14.63
Investor (DHIAX) 0.0053 0.0035 12/11/19 12/13/19 14.31
Class I (DHIIX) 0.0430 12/27/19 12/31/19 14.65
Class I (DHIIX) 0.0053 0.0035 12/11/19 12/13/19 14.33
Class Y (DHIYX) 0.0501 12/27/19 12/31/19 14.65
Class Y (DHIYX) 0.0053 0.0035 12/11/19 12/13/19 14.33

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.

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 Morningstar Global Markets Index.

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

The quoted performance for the Fund reflects the past performance of Diamond Hill International Fund L.P. (the “International Partnership”), a private fund managed with full investment authority by the fund’s Adviser. The Fund is managed in all material respects in a manner equivalent to the management of the predecessor unregistered fund. The performance of the International Partnership has been restated to reflect the net expenses and maximum applicable sales charge of the fund for its initial years of investment operations. The International Partnership was not registered under the Investment Company Act of 1940 and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the International Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Performance is measured from December 30, 2016, the inception of the International Partnership and is not the performance of the fund. The assets of the International Partnership were converted, based on their value on June 28, 2019, into assets of the fund. The International Partnership’s past performance is not necessarily an indication of how the fund will perform in the future either before or after taxes.

The Morningstar Global Markets ex-U.S. Index is a net total return index designed to provide exposure to the top 97% market capitalization in each of two economic segments, developed markets, excluding the United States, and emerging markets.

Index data source: Morningstar, Inc. See diamond-hill.com/disclosures for a full copy of the disclaimer. These indices do not incur fees and expenses (which would lower the return) and are not available for direct investment.

© 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.

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.

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