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Portfolio Guidelines

  • Typically 40–60 positions
  • Maximum sector exposure is 35%
  • Minimum U.S. exposure is 30%
  • Minimum foreign exposure is 30%
  • Maximum emerging market exposure is 20%

Market Capitalization

The Fund typically invests in securities with a market cap of $2.5 billion or greater.

Top Ten Equity Holdings
As Of September 30, 2019

Red Rock Resorts, Inc. (Cl A)
Cons. Discretionary		 4.2%
BorgWarner, Inc.
Cons. Discretionary		 4.1
Howden Joinery Group PLC
Industrials		 4.0
Julius Baer Gruppe AG
Financials		 3.9
Berkshire Hathaway, Inc. (Cl B)
Financials		 3.7
Copa Holdings S.A. (Cl A)
Industrials		 3.4
MetLife, Inc.
Financials		 3.4
American International Group, Inc.
Financials		 3.3
Samsung Electronics Co. Ltd.
Info. Technology		 3.2
GlaxoSmithKline PLC
Health Care		 3.1
Total As % Of Net Assets 36.5%

Sector Allocation1
As Of September 30, 2019

Global Fund Morningstar Global
Markets Index
Financials 29.2% 16.5%
Industrials 16.2 11.5
Cons. Discretionary 14.7 11.3
Health Care 9.2 11.1
Communication Services 8.1 8.1
Consumer Staples 7.4 7.8
Info. Technology 7.0 15.7
Materials 4.3 5.0
Energy 1.1 5.1
Real Estate 0.0 4.4
Utilities 0.0 3.5
Cash & Other 2.8 0.0

Top Five Countries (%)
As Of September 30, 2019

Global Fund Morningstar Global
Markets Index
United States 58.0% 54.5%
United Kingdom 12.3 4.9
France 7.4 3.1
China 3.9 3.2
Switzerland 3.9 2.8

Regional Exposure (%)
As Of September 30, 2019

Global Fund Morningstar Global
Markets Index
North America 58.0% 57.6%
Europe 28.7 19.2
Asia & Pacific 8.9 20.5
Middle East & Africa 1.5 1.2
Latin America 0.0 1.4

The Fund invests 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. There are specialized risks associated with small capitalization issues, such as market illiquidity and greater market volatility, than large capitalization issues.

Fund holdings, sector allocations, and portfolio statistics subject to change without notice.

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

The Morningstar Global Markets Index is a rule-based, float market capitalization weighted index designed to cover 97% of the equity market capitalization of developed and emerging markets.

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.

2 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.

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© 2019 Diamond Hill Capital Management, Inc. All Rights Reserved