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Total Net Assets

$14M
as of 6/30/2021

Inception

February 26, 2021
DHFAX (Investor)
DHFIX (Class I)
DHFYX (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.

Team

Chuck Bath, CFA

Portfolio Manager

Austin Hawley, CFA

Portfolio Manager

Brian Fontanella, CFA

Portfolio Specialist

Monthly

As of 7/30/2021 Period and Annualized Total Returns as of 6/30/2021 Expense Ratio
NAVYTD Return Since Inception
(2/26/2021)
3MO.Jun. Total
Investor (DHFAX) 11.12 9.80 3.78 -1.17 0.96
Class I (DHFIX) 11.14 9.90 3.88 -1.17 0.67
Class Y (DHFYX) 11.14 9.90 3.88 -1.17 0.55
Benchmark
Russell 1000 Index 12.64 8.54 2.51
Russell 1000 Value Index 11.40 5.21 -1.15
Swipe or scroll right for more data

Quarterly

As of 7/30/2021 Period and Annualized Total Returns as of 6/30/2021 Expense Ratio
NAVYTD Return Since Inception
(2/26/2021)
3MO.Total
Investor (DHFAX) 11.12 9.80 3.78 0.96
Class I (DHFIX) 11.14 9.90 3.88 0.67
Class Y (DHFYX) 11.14 9.90 3.88 0.55
Benchmark
Russell 1000 Index 12.64 8.54
Russell 1000 Value Index 11.40 5.21
Swipe or scroll right for more data

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 periods less than one year are not annualized.

Statistics

Portfolio Statistics1 as of June 30, 2021

Management Fee 0.50%
Distribution Frequency Annual
Median Market Capitialization $88.2B
Portfolio Turnover (12 months trailing) 8%
Active Share 92%
Number of Equity Holdings in Portfolio 20

Risk Statistics as of June 30, 2021 (Class I Shares)

.vs Russell 1000 Index .vs Russell 1000 Value Index
Standard Deviation
Beta
Sharpe Ratio
Alpha
R-Squared

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

.vs Russell 1000 Index 79%/0%
.vs Russell 1000 Value Index 89%/102%

Portfolio

Portfolio Guidelines

  • Typically 20 positions
  • Maximum industry exposure is 25%
  • Maximum sector exposure is 35%

Market Capitalization

Holdings are derived from holdings in the Diamond Hill Large Cap Fund. The Large Cap Concentrated Fund typically invests in companies with a market capitalization of $15 billion on greater.

Top Ten Equity Holdings as of June 30, 2021

  Sector % of Net Assets
American International Group, Inc. Financials 8.2
Berkshire Hathaway, Inc. (Cl B) Financials 6.1
Abbott Laboratories Health Care 6.0
Walt Disney Co. Communication Services 5.9
KKR & Co., Inc. (Cl A) Financials 5.0
PepsiCo, Inc. Consumer Staples 5.0
Mondelez International, Inc. (Cl A) Consumer Staples 5.0
NVR, Inc. Cons. Discretionary 4.8
Facebook, Inc. (Cl A) Communication Services 4.8
Bank of America Corp. Financials 4.7
Total as % of Net Assets 55.5%

Sector Allocation2 as of June 30, 2021

Large Cap Concentrated Fund Russell 1000 IndexRussell 1000 Value Index
Financials 27.9 11.4 20.8
Health Care 14.4 13.1 17.3
Cons. Discretionary 13.4 12.3 5.7
Communication Services 10.7 10.6 8.5
Consumer Staples 10.0 5.5 7.2
Info. Technology 7.4 27.6 10.2
Energy 4.4 2.7 5.1
Industrials 4.1 9.1 12.0
Materials 3.9 2.4 3.8
Real Estate 0.0 3.1 4.5
Utilities 0.0 2.4 4.8
Cash & Other 3.9 0.0 0.0

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 rate 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.

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

The Russell 1000 Index is an unmanaged market capitalization-weighted index comprised of the largest 1,000 companies by market capitalization in the Russell 3000 Index, which is comprised of the 3,000 largest U.S. companies by total market capitalization. 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. 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.

© 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. See Morningstar for fee level grouping methodology.

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