A Memo to Our Large Cap and Large Cap Concentrated Clients

3 October 2023

We have been working closely with portfolio manager Chuck Bath for several years now to ensure a smooth transition for our clients when he retires. After more recent conversations with our management team and co-portfolio manager Austin Hawley, Chuck has decided to retire on 31 December 2024. Effective 28 February 2024, he will move to an assistant portfolio management (APM) role for both strategies.

Austin will continue as PM for both strategies, having been named PM for Large Cap Concentrated in 2016 and Large Cap in 2017. He had previously been APM for both since 2015. Chuck and our management team are confident in Austin and the team’s ability to continue managing these strategies following the same intrinsic value philosophy and process with our uniquely long-term oriented, ownership lens that has been in place since the firm’s inception.

We deeply appreciate Chuck’s contributions over the years to making Diamond Hill investment-led and valuation-disciplined with a strong culture focused on superior client outcomes. Chuck has also been instrumental in ensuring we have sound succession planning — both through his commitment to transparency with clients and his role in developing the next generation of talent.

If you have any questions about the transition, I invite you to reach out to your Diamond Hill representative. We also welcome you to join our Large Cap/Large Cap Concentrated quarterly portfolio update call on October 10 at 4:15 ET. Register for the call here.

Thank you for your continued partnership,

Heather Brilliant, CFA
CEO of Diamond Hill