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News

Another 48 Hours: Investors Question Possible Credit Trading Fix
April 17, 2019

William Zox, CFA discusses the impact of FINRA’s new regulatory proposal on liquidity and transparency in the corporate bond market in Molly Smith, Claire Boston and Natalya Doris’ Bloomberg article, “Another 48 Hours: Investors Question Possible Credit Trading Fix.”

Read the story: https://www.bloomberg.com/news/articles/2019-04-17/another-48-hours-investors-question-possible-credit-trading-fix

Cause for Worry: Stock and Bond Prices Walk Hand in Hand
April 16, 2019

William Zox, CFA discusses the current correlation between stocks and bonds in Lawrence Light’s Chief Investment Officer article, “Cause for Worry: Stock and Bond Prices Walk Hand in Hand.”

Read the story (subscription required): https://www.ai-cio.com/in-focus/market-drilldown/cause-worry-stock-bond-prices-walk-hand-hand/

Sycamore Pockets $1 Billion From Deal That Amazed Wall Street
April 11, 2019

John McClain, CFA discusses Sycamore Partners’ refinancing of Staples in Eliza Ronalds-Hannon and Davide Scigliuzzo’s Bloomberg article, “Sycamore Pockets $1 Billion From Deal That Amazed Wall Street.”

Read the story: https://www.bloomberg.com/news/articles/2019-04-11/sycamore-pockets-1-billion-from-deal-that-amazed-wall-street

In High-Yield Bonds, Look Closer at Active Management
April 4, 2019

John McClain, CFA makes the case for actively managed strategies in high yield bonds in his ThinkAdvisor piece. According to John, portfolio decisions should come down to a fundamental understanding of what you own and why you own it.

Read John’s full article: https://www.thinkadvisor.com/2019/04/04/in-high-yield-bonds-look-closer-at-active-management/?slreturn=20190305171000

Bill Zox on How the Fed Is Impacting Markets
April 3, 2019

William Zox, CFA discusses the Fed and data dependency, the yield curve, volatility, and opportunities in BBB bonds with Oliver Renick on TD Ameritrade Network’s ‘Morning Trade Live’ segment.

Watch Bill’s interview here: https://tdameritradenetwork.com/video/rB4AoWndGq-BaeO4D9UBdA

Once Hated, Now Loved: BBB Corporate Debt Is Back in Vogue
March 29, 2019

John McClain, CFA discusses opportunities in BBB bonds and interest rates in Molly Smith and Natalya Doris’ Bloomberg article, “Once Hated, Now Loved: BBB Corporate Debt Is Back in Vogue.”

Read the story:
https://www.bloomberg.com/news/articles/2019-03-29/once-hated-now-loved-bbb-corporate-debt-is-back-in-vogue

Diamond Hill Sees Value In BBB Bonds Over BB
March 22, 2019

William Zox, CFA discusses opportunities within the high yield market and the Fed on Bloomberg Radio.

Listen to Bill’s interview:
https://www.bloomberg.com/news/audio/2019-03-22/diamond-hill-sees-value-in-bbb-bonds-over-bb-correct-radio

Benchmark Treasury yield hits year-low after Fed move
March 21, 2019

William Zox, CFA discusses the effect from the Fed announcement on financial markets and the potential return of volatility in Joe Rennison’s Financial Times article.

Read the story here (subscription required):
https://www.ft.com/content/3c6c3b9e-4be2-11e9-bbc9-6917dce3dc62

Fed forecasts no more rate hikes in 2019
March 21, 2019

William Zox, CFA discusses the Fed announcement and its implications on markets, along with his concerns about risk assets on Yahoo Finance.

Watch Bill’s interview here: https://news.yahoo.com/fed-forecasts-no-more-rate-163114000.html

Fed Paying Someone to Take The SAT For The Market
March 20, 2019

William Zox, CFA gives his thoughts on the Fed meeting, and what’s in store for fixed income markets and risk assets on Bloomberg Radio, “Fed Paying Someone to Take The SAT For The Market.”

Listen to Bill’s interview:
https://www.bloomberg.com/news/audio/2019-03-20/fed-paying-someone-to-take-the-sat-for-the-market-radio

Diamond Hill Demonstrates Fixed Income Edge
March 18, 2019

We are proud to announce that our High Yield Fund (DHHIX) received a 5-star rating from Morningstar, and that our Corporate Credit Fund (DSIYX) was awarded the 2019 Lipper Fund Award from Refinitiv for best U.S. high yield fund over 5 years.

Read more: Diamond Hill Demonstrates Fixed Income Edge

Standing Out By Not Fitting In
March 18, 2019

Citywire’s article, “Standing Out By Not Fitting In,” explains why we believe our high yield strategies have added value compared to peers, benchmarks and investable passive alternatives over the last five years.

Read the article:
Standing Out By Not Fitting In.”

John McClain Compares High Yield vs Stocks Rally
March 7, 2019

John McClain, CFA discusses high yield’s strong start in 2019, the Fed and ECB, and taking on more interest rate risk than credit risk right now with Oliver Renick on TD Ameritrade Network’s ‘Market on the Close’ segment.

Watch John’s interview here: https://tdameritradenetwork.com/video/rB4AoWk8FgWBaVjMvz8F6A

Gathering Threats Stir Doubts About Auto Sector
March 5, 2019

John McClain, CFA discusses the benefits of owning U.S. automakers’ debt in Sam Goldfarb’s The Wall Street Journal article, “Gathering Threats Stir Doubts About Auto Sector.”

Read the story below (subscription required):
https://www.wsj.com/articles/gathering-threats-stir-doubts-about-auto-sector-11551790803

Corporate credit bonds, the Fed, and positioning your portfolio for the return of volatility
February 27, 2019

William Zox discusses corporate credit bonds, the Fed, and positioning your portfolio for the return of volatility with Oliver Renick on TD Ameritrade Network’s ‘Market on the Close’ segment.

Watch Bill’s interview here: https://tdameritradenetwork.com/video/rB4AoWkXGYGBaTC41TYIbA

Altria’s $11.5bn bond sale meets strong investor demand
February 13, 2019

John McClain, CFA discussed the Fed’s impact on the bond markets in Joe Rennison and Eric Platt’s Financial Times article, “Altria’s $11.5bn bond sale meets strong investor demand.”

Read the story (subscription required):
https://www.ft.com/content/8cc8ff66-2efd-11e9-8744-e7016697f225

Corporate Bonds Are on Fire After the Fed’s Dovish Signal
February 8, 2019

William Zox, CFA discusses a market environment’s impact on bonds in Molly Smith, Rebecca Choong Wilkins and Janine Wolf’s Bloomberg article, “Corporate Bonds Are on Fire After the Fed’s Dovish Signal.”

Read the article (subscription required):
https://www.bloomberg.com/news/articles/2019-02-08/corporate-bonds-on-fire-as-dovish-fed-signal-soothes-investors

Dun & Bradstreet leveraged loan met with lackluster demand
February 7, 2019

John McClain, CFA discusses the sentiment in the bond and loan markets in Joe Rennison, Colby Smith, and Eric Platt’s Financial Times article, “Dun & Bradstreet leveraged loan met with lackluster demand.”

Read the article (subscription required):
https://www.ft.com/content/bbfdf26e-2651-11e9-8ce6-5db4543da632

U.S. junk bonds are back, for now
February 4, 2019

John McClain, CFA discusses how junk bonds will become a more attractive buying opportunity despite recent rebounds in Kate Duguid’s Reuters article, “U.S. junk bonds are back, for now.”

Read the story:
https://www.reuters.com/article/us-usa-junkbonds/u-s-junk-bonds-are-back-for-now-idUSKCN1PS0JF

Diamond Hill's McClain Is Avoiding PE Debt: Q&A
January 28, 2019

John McClain, CFA shares his thoughts on the markets, along with where he sees opportunities and sectors to avoid within fixed income in Katherine Doherty’s Bloomberg Credit Brief Q&A.

Read the article:
https://newsletters.briefs.bloomberg.com/document/gEwKKP-OVx4thpFIi7-Tog–_o1z32k50vd6zh9t47n/insight

What to Look for in The Markets in 2019
January 25, 2019

Portfolio Manager John McClain, CFA discusses the fixed income market, his positive outlook on high yield, the Fed and leveraged loans on Yahoo Finance.

Watch John’s appearance here:
https://finance.yahoo.com/video/look-markets-2019-224421942.html

Bank Earnings, High Yield Bonds, Netflix, Brexit (Podcast)
January 16, 2019

John McClain discusses the Fed, opportunities within the high yield market, and leveraged loans on Bloomberg Radio with Carol Massar and Jason Kelly. Listen to John’s segment at the 7:14 mark below.

https://www.bloomberg.com/news/audio/2019-01-15/bank-earnings-high-yield-bonds-netflix-brexit-podcast

Bond Funds Endure a Year of Economic Anxiety
January 15, 2019

A recent Morningstar article highlighted our Corporate Credit Fund’s performance amongst high yield bond funds in 2018.

Read the article to learn more:
https://www.morningstar.com/articles/907141/bond-funds-endure-a-year-of-economic-anxiety.html

Standardized performance and prospectus information for the Corporate Credit Fund

Bank Earnings, High Yield Bonds, Netflix, Brexit (Podcast)
January 15, 2019

John McClain, CFA discusses the Fed, opportunities within the high yield market, and leveraged loans on Bloomberg Radio with Carol Massar and Jason Kelly.

Listen to John’s segment at the 7:14 mark.

Risk assets are driving market volatility, says CIO
December 28, 2018

William Zox, CFA, our CIO of Fixed Income, discusses how risk assets are driving the market and the role the Fed has played in the recent market slowdown on CNBC Squawk Box.

Watch the video on CNBC

The Overall Morningstar Rating™ is based on 610 high yield bond funds as of 3/31/19. The Fund’s Class I rating was 5 stars among 610 funds for the 3-year period ended 3/31/19.

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 net expense ratio to the net expense ratio of all the other funds within its Morningstar Category.

© 2019 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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