Portfolio Guidelines

  • Typically 20 positions
  • Maximum position size is 10%
  • Top 10 holdings are typically greater than 50% of net assets
  • Maximum industry exposure is 25%
  • Maximum sector exposure is 35%

Market Capitalization

Holdings are derived from the largest holdings in the Diamond Hill Large Cap strategy. The Large Cap strategy typically invests in large-capitalization companies with a market capitalization of $5 billion or greater.

 

Top Ten Equity Holdings
As Of June 30, 2020

Abbott Laboratories Health Care 8.5%
Berkshire Hathaway, Inc. (Cl B) Financials 6.4
Citigroup, Inc. Financials 6.3
American International Group, Inc. Financials 6.3
PepsiCo, Inc. Consumer Staples 5.8
Walt Disney Co. Communication Services 5.6
Alphabet, Inc. (Cl A) Communication Services 5.4
Procter & Gamble Co. Consumer Staples 4.7
Mondelez International, Inc. (Cl A) Consumer Staples 4.6
KKR & Co., Inc. (Cl A) Financials 4.4
Total As % Of Net Assets 57.9%
Total Number Of Equity Holdings 20

This is presented as supplemental information.

Sector Allocation1
As Of June 30, 2020

Large Cap Concentrated Composite Russell 1000 Index Russell 1000 Value Index
Financials 31.8% 10.2% 18.5%
Consumer Staples 15.1 5.9 6.9
Communication
Services
15.0 10.2 9.3
Health Care 12.6 14.6 14.1
Cons. Discretionary 12.5 11.9 8.2
Industrials 4.0 8.4 12.3
Energy 3.4 2.6 5.3
Info. Technology 3.2 27.4 10.2
Real Estate 0.0 3.4 4.7
Utilities 0.0 2.9 5.9
Materials 0.0 2.6 4.5
Cash & Other 2.3 0.0 0.0

This is presented as supplemental information.

Portfolio Characteristics Vs. Benchmark2

As Of June 30, 2020

Large Cap Concentrated Composite Russell 1000 Index Russell 1000 Value Index
Median Forward P/E 20.9x 23.5x 21.4x
Median Trailing P/E 25.4x 22.6x 20.4x
Weighted Average Dividend Yield 2.3% 1.9% 2.9%
Median Price / Book 2.8x 3.0x 2.3x
Median Price / Sales 2.6x 2.5x 2.0x
Median Market Cap. $90.7B $9.8B $8.5B
Weighted Average Market Cap. $184.2B $341.9B $106.0B
Portfolio Turnover 5 Year 33% —   —  
Active Share3 vs. Core4 / Value5 Benchmark 90% / 88% —   —  
Upside/Downside Capture Ratio6 vs. Core Benchmark4 97% / 107% —   —  
Upside/Downside Capture Ratio6 vs. Value Benchmark5 109% / 100% —   —  

This is presented as supplemental information.

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

2 Source: FactSet.

3 Source: FactSet. Active share measures the difference between portfolio holdings and the benchmark. The higher the active share, the greater the difference.

4 The Russell 1000 Index is the core benchmark.

5 The Russell 1000 Value Index is the value benchmark.

6 Source: eVestment Analytics based on monthly returns (gross of fees) from 1/1/12 – 6/30/20.

Index data source: London Stock Exchange Group PLC. See diamond-hill.com/disclosures for a full copy of the disclaimer.

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