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Large Cap Fund

We are long-term, intrinsic value investors who treat each share of stock as a true ownership interest. We look to buy what we believe are good businesses we can understand at a discount to our estimate of intrinsic value.

Team

Group Item Count: 2
set at runtime

Austin Hawley, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Brian Fontanella, CFA

Portfolio Specialist

Philosophy and process highlights

Under our intrinsic value philosophy, we:

Treat every investment as a partial ownership interest in that company

Seek to always invest with a margin of safety

Possess a long-term investment temperament

Recognize that market price and intrinsic value tend to converge over a reasonable period of time

Our approach to sustainability

Large Cap Fund

Total net assets

$9.1B
As of 31 Mar 2024

Inception

29 Jun 2001

Tickers

DHLAX (Investor)
DHLRX (Class I)
DHLYX (Class Y)

Status

Open

Returns

As of 15 Apr 2024 Period and Annualized Total Returns (%) As of 31 Mar 2024 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(29 Jun 2001)		 20Y15Y10Y5Y3Y1Y3MOMarTotal
Investor (DHLAX) 33.46 5.49 8.88 9.67 13.45 9.93 11.43 7.05 26.29 10.56 5.66 0.96
Class I (DHLRX) 33.56 5.53 9.16 10.00 13.77 10.25 11.76 7.37 26.70 10.63 5.71 0.67
Class Y (DHLYX) 33.60 5.59 9.11 9.94 13.82 10.37 11.88 7.49 26.82 10.65 5.70 0.55
Russell 1000 Index — — 8.81 10.21 15.62 12.68 14.76 10.45 29.87 10.30 3.21 —
Russell 1000 Value Index — — 7.63 8.29 13.10 9.01 10.32 8.11 20.27 8.99 5.00 —
Swipe or scroll right for more data
As of 15 Apr 2024 Period and Annualized Total Returns (%) As of 31 Mar 2024 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(29 Jun 2001)		 20Y15Y10Y5Y3Y1Y3MOTotal
Investor (DHLAX) 33.46 5.49 8.88 9.67 13.45 9.93 11.43 7.05 26.29 10.56 0.96
Class I (DHLRX) 33.56 5.53 9.16 10.00 13.77 10.25 11.76 7.37 26.70 10.63 0.67
Class Y (DHLYX) 33.60 5.59 9.11 9.94 13.82 10.37 11.88 7.49 26.82 10.65 0.55
Russell 1000 Index — — 8.81 10.21 15.62 12.68 14.76 10.45 29.87 10.30 —
Russell 1000 Value Index — — 7.63 8.29 13.10 9.01 10.32 8.11 20.27 8.99 —
Swipe or scroll right for more data
Standardized Returns (Annualized Total Returns as of 31 Mar 2024 )

Past performance is not indicative of future results. Investment returns and principal values 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 quoted. Performance assumes reinvestment of all distributions. Returns for periods less than one year are not annualized. Class I and Y shares include performance based on Investor shares for the Large Cap Fund which was achieved prior to the creation of Class I and Y shares.

Calendar Year Returns (%)

Year Class I (DHLRX) Russell 1000 IndexRussell 1000 Value Index
2023 13.66 26.53 11.46
2022 -13.38 -19.13 -7.54
2021 25.75 26.45 25.16
2020 8.97 20.96 2.80
2019 32.18 31.43 26.54
2018 -9.63 -4.78 -8.27
2017 20.30 21.69 13.66
2016 14.63 12.05 17.34
2015 -0.85 0.92 -3.83
2014 10.74 13.24 13.45
2013 36.60 33.11 32.53
2012 12.62 16.42 17.51
2011 2.60 1.50 0.39
2010 9.72 16.10 15.51
2009 30.71 28.43 19.69

"Today, a more holistic approach to intrinsic value — considering potential strategic and operational changes, the impact of investments in intangibles and value-creating growth — is often required to uncover companies that are valued with a margin of safety1."

—Austin Hawley, CFA, Portfolio Manager

Learn more about our philosophy

Statistics

Portfolio Characteristics2 As of 31 Mar 2024

Distribution Frequency Annual
Median Market Capitialization $81.8B
Portfolio Turnover (12 months trailing) 22%
Active Share 85%
Number of Equity Holdings in Portfolio 49

Five-Year Risk Statistics As of 31 Mar 2024 (Class I Shares)

vs Russell 1000 Index vs Russell 1000 Value Index
Alpha -2.56% 1.07%
Beta 1.01% 1.05%
R-Squared 89.93% 97.51%
Standard Deviation 19.96%
Sharpe Ratio 0.55

Since Inception Upside/Downside Capture As of 31 Mar 2024 (Class I Shares)

vs Russell 1000 Index 98%/95%
vs Russell 1000 Value Index 103%/96%

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Portfolio

Portfolio Guidelines

  • Typically 40–60 positions
  • Maximum position size is 7%
  • Top 10 holdings are typically greater than 30% of net assets
  • Maximum industry exposure is 20%
  • Maximum sector exposure is 30%

Market Capitalization

The portfolio typically invests in companies with a market capitalization of $5 billion or greater.

Top Ten Equity Holdings3 As of 31 Mar 2024

  Sector % of Net Assets
American International Group, Inc. Financials 4.7
ConocoPhillips Energy 3.8
Bank of America Corp. Financials 3.3
Allstate Corp. Financials 3.1
Abbott Laboratories Health Care 3.0
PepsiCo, Inc. Consumer Staples 2.8
CarMax, Inc. Cons. Discretionary 2.7
HCA Healthcare, Inc. Health Care 2.6
Caterpillar, Inc. Industrials 2.5
Texas Instruments, Inc. Info. Technology 2.4
Total as % of Net Assets 31.0%
Fund Holdings - 31 Mar 2024

Sector Allocation4 (%) As of 31 Mar 2024

Russell 1000 Index
Russell 1000 Value Index

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHLAX) 0.2363 — — 27 Dec 2023 29 Dec 2023 31.81
Investor (DHLAX) — — 0.7391 13 Dec 2023 15 Dec 2023 31.65
Class I (DHLRX) 0.4606 — — 27 Dec 2023 29 Dec 2023 31.88
Class I (DHLRX) — — 0.7391 13 Dec 2023 15 Dec 2023 31.94
Class Y (DHLYX) 0.5001 — — 27 Dec 2023 29 Dec 2023 31.91
Class Y (DHLYX) — — 0.7391 13 Dec 2023 15 Dec 2023 32.00
Investor (DHLAX) 0.3343 — — 28 Dec 2022 30 Dec 2022 28.97
Investor (DHLAX) — 0.0073 1.4883 13 Dec 2022 15 Dec 2022 29.98
Class I (DHLRX) 0.4205 — — 28 Dec 2022 30 Dec 2022 29.15
Class I (DHLRX) — 0.0073 1.4883 13 Dec 2022 15 Dec 2022 30.24
Class Y (DHLYX) 0.4652 — — 28 Dec 2022 30 Dec 2022 29.16
Class Y (DHLYX) — 0.0073 1.4883 13 Dec 2022 15 Dec 2022 30.30
Investor (DHLAX) 0.2134 — — 29 Dec 2021 31 Dec 2021 35.49
Investor (DHLAX) — 0.1837 2.1880 13 Dec 2021 15 Dec 2021 34.74
Class I (DHLRX) 0.3147 — — 29 Dec 2021 31 Dec 2021 35.69
Class I (DHLRX) — 0.1837 2.1880 13 Dec 2021 15 Dec 2021 35.03
Class Y (DHLYX) 0.3528 — — 29 Dec 2021 31 Dec 2021 35.72
Class Y (DHLYX) — 0.1837 2.1880 13 Dec 2021 15 Dec 2021 35.09
Investor (DHLAX) 0.1849 — — 29 Dec 2020 31 Dec 2020 30.20
Investor (DHLAX) — — 0.7300 11 Dec 2020 15 Dec 2020 29.77
Class C (DHLCX) 0.0347 — — 29 Dec 2020 31 Dec 2020 28.39
Class C (DHLCX) — — 0.7300 11 Dec 2020 15 Dec 2020 27.86
Class I (DHLRX) 0.3315 — — 29 Dec 2020 31 Dec 2020 30.35
Class I (DHLRX) — — 0.7300 11 Dec 2020 15 Dec 2020 30.05
Class Y (DHLYX) 0.3620 — — 29 Dec 2020 31 Dec 2020 30.37
Class Y (DHLYX) — — 0.7300 11 Dec 2020 15 Dec 2020 30.10
Investor (DHLAX) 0.2622 — — 27 Dec 2019 31 Dec 2019 28.80
Investor (DHLAX) — — 1.0367 11 Dec 2019 13 Dec 2019 28.87
Class C (DHLCX) 0.0580 — — 27 Dec 2019 31 Dec 2019 27.19
Class C (DHLCX) — — 1.0367 11 Dec 2019 13 Dec 2019 27.08
Class I (DHLRX) 0.3438 — — 27 Dec 2019 31 Dec 2019 28.98
Class I (DHLRX) — — 1.0367 11 Dec 2019 13 Dec 2019 29.14
Class Y (DHLYX) 0.3754 — — 27 Dec 2019 31 Dec 2019 29.01
Class Y (DHLYX) — — 1.0367 11 Dec 2019 13 Dec 2019 29.19
Investor (DHLAX) 0.2603 — — 27 Dec 2018 31 Dec 2018 22.71
Investor (DHLAX) — 0.0428 0.6763 12 Dec 2018 14 Dec 2018 24.30
Class C (DHLCX) 0.0638 — — 27 Dec 2018 31 Dec 2018 21.50
Class C (DHLCX) — 0.0428 0.6763 12 Dec 2018 14 Dec 2018 22.82
Class I (DHLRX) 0.3376 — — 27 Dec 2018 31 Dec 2018 22.85
Class I (DHLRX) — 0.0428 0.6763 12 Dec 2018 14 Dec 2018 24.52
Class Y (DHLYX) 0.3737 — — 27 Dec 2018 31 Dec 2018 22.86
Class Y (DHLYX) — 0.0428 0.6763 12 Dec 2018 14 Dec 2018 24.57
Investor (DHLAX) 0.2026 — — 27 Dec 2017 29 Dec 2017 26.59
Investor (DHLAX) — 0.0459 0.9495 13 Dec 2017 15 Dec 2017 26.32
Class C (DHLCX) 0.0399 — — 27 Dec 2017 29 Dec 2017 25.20
Class C (DHLCX) — 0.0459 0.9495 13 Dec 2017 15 Dec 2017 24.81
Class I (DHLRX) 0.2836 — — 27 Dec 2017 29 Dec 2017 26.75
Class I (DHLRX) — 0.0459 0.9495 13 Dec 2017 15 Dec 2017 26.56
Class Y (DHLYX) 0.3018 — — 27 Dec 2017 29 Dec 2017 26.77
Class Y (DHLYX) — 0.0459 0.9495 13 Dec 2017 15 Dec 2017 26.60
Investor (DHLAX) 0.2404 — — 28 Dec 2016 30 Dec 2016 23.14
Investor (DHLAX) — 0.0366 1.1753 14 Dec 2016 16 Dec 2016 23.57
Class C (DHLCX) 0.0987 — — 28 Dec 2016 30 Dec 2016 22.01
Class C (DHLCX) — 0.0366 1.1753 14 Dec 2016 16 Dec 2016 22.30
Class I (DHLRX) 0.3062 — — 28 Dec 2016 30 Dec 2016 23.27
Class I (DHLRX) — 0.0366 1.1753 14 Dec 2016 16 Dec 2016 23.77
Class Y (DHLYX) 0.3306 — — 28 Dec 2016 30 Dec 2016 23.28
Class Y (DHLYX) — 0.0366 1.1753 14 Dec 2016 16 Dec 2016 23.80
Investor (DHLAX) 0.1761 — — 29 Dec 2015 31 Dec 2015 21.66
Investor (DHLAX) — — 0.8504 16 Dec 2015 18 Dec 2015 21.71
Class C (DHLCX) 0.0352 — — 29 Dec 2015 31 Dec 2015 20.70
Class C (DHLCX) — — 0.8504 16 Dec 2015 18 Dec 2015 20.62
Class I (DHLRX) 0.2406 — — 29 Dec 2015 31 Dec 2015 21.77
Class I (DHLRX) — — 0.8504 16 Dec 2015 18 Dec 2015 21.88
Class Y (DHLYX) 0.2661 — — 29 Dec 2015 31 Dec 2015 21.78
Class Y (DHLYX) — — 0.8504 16 Dec 2015 18 Dec 2015 21.91
Investor (DHLAX) 0.1916 — — 29 Dec 2014 31 Dec 2014 22.94
Investor (DHLAX) — 0.1759 0.6337 16 Dec 2014 18 Dec 2014 22.34
Class C (DHLCX) 0.0668 — — 29 Dec 2014 31 Dec 2014 21.99
Class C (DHLCX) — 0.1759 0.6337 16 Dec 2014 18 Dec 2014 21.30
Class I (DHLRX) 0.2400 — — 29 Dec 2014 31 Dec 2014 23.06
Class I (DHLRX) — 0.1759 0.6337 16 Dec 2014 18 Dec 2014 22.49
Class Y (DHLYX) 0.2737 — — 29 Dec 2014 31 Dec 2014 23.06
Class Y (DHLYX) — 0.1759 0.6337 16 Dec 2014 18 Dec 2014 22.53
Investor (DHLAX) 0.1660 — — 27 Dec 2013 31 Dec 2013 21.43
Investor (DHLAX) — 0.1028 0.7545 16 Dec 2013 18 Dec 2013 20.82
Class C (DHLCX) 0.0546 — — 27 Dec 2013 31 Dec 2013 20.62
Class C (DHLCX) — 0.1028 0.7545 16 Dec 2013 18 Dec 2013 19.94
Class I (DHLRX) 0.2165 — — 27 Dec 2013 31 Dec 2013 21.52
Class I (DHLRX) — 0.1028 0.7545 16 Dec 2013 18 Dec 2013 20.96
Class Y (DHLYX) 0.2384 — — 27 Dec 2013 31 Dec 2013 21.53
Class Y (DHLYX) — 0.1028 0.7545 16 Dec 2013 18 Dec 2013 20.98
Investor (DHLAX) 0.2093 — 0.0463 28 Dec 2012 31 Dec 2012 16.32
Class C (DHLCX) 0.0937 — 0.0463 28 Dec 2012 31 Dec 2012 15.77
Class I (DHLRX) 0.2439 — 0.0463 28 Dec 2012 31 Dec 2012 16.39
Class Y (DHLYX) 0.2794 — 0.0463 28 Dec 2012 31 Dec 2012 16.38
Investor (DHLAX) 0.1688 — — 28 Dec 2011 29 Dec 2011 15.03
Class C (DHLCX) 0.0516 — — 28 Dec 2011 29 Dec 2011 14.53
Class I (DHLRX) 0.1969 — — 28 Dec 2011 29 Dec 2011 15.08
Investor (DHLAX) 0.1050 — — 29 Dec 2010 30 Dec 2010 14.77
Class C (DHLCX) 0.0036 — — 29 Dec 2010 30 Dec 2010 14.28
Class I (DHLRX) 0.1566 — — 29 Dec 2010 30 Dec 2010 14.81
Investor (DHLAX) 0.0136 — — 29 Dec 2009 30 Dec 2009 13.76
Class C (DHLCX) 0.0000 — — 29 Dec 2009 30 Dec 2009 13.31
Class I (DHLRX) 0.0621 — — 29 Dec 2009 30 Dec 2009 13.79
Investor (DHLAX) 0.1426 — — 29 Dec 2008 30 Dec 2008 10.34
Investor (DHLAX) — — 0.1019 15 Dec 2008 16 Dec 2008 10.72
Class C (DHLCX) 0.0610 — — 29 Dec 2008 30 Dec 2008 10.07
Class C (DHLCX) — — 0.1019 15 Dec 2008 16 Dec 2008 10.36
Class I (DHLRX) 0.1874 — — 29 Dec 2008 30 Dec 2008 10.36
Class I (DHLRX) — — 0.1019 15 Dec 2008 16 Dec 2008 10.79
Investor (DHLAX) 0.1914 — — 27 Dec 2007 28 Dec 2007 16.36
Investor (DHLAX) — 0.2014 0.6199 11 Dec 2007 12 Dec 2007 16.75
Class C (DHLCX) 0.0927 — — 27 Dec 2007 28 Dec 2007 15.94
Class C (DHLCX) — 0.2014 0.6199 11 Dec 2007 12 Dec 2007 16.23
Class I (DHLRX) 0.2696 — — 27 Dec 2007 28 Dec 2007 16.39
Class I (DHLRX) — 0.2014 0.6199 11 Dec 2007 12 Dec 2007 16.86
Investor (DHLAX) 0.1390 — — 28 Dec 2006 29 Dec 2006 16.36
Investor (DHLAX) — 0.0513 0.0642 11 Dec 2006 12 Dec 2006 16.42
Class C (DHLCX) 0.0510 — — 28 Dec 2006 29 Dec 2006 15.99
Class C (DHLCX) — 0.0513 0.0642 11 Dec 2006 12 Dec 2006 15.98
Class I (DHLRX) 0.1960 — — 28 Dec 2006 29 Dec 2006 16.40
Class I (DHLRX) — 0.0513 0.0642 11 Dec 2006 12 Dec 2006 16.52
Investor (DHLAX) 0.0580 — — 29 Dec 2005 30 Dec 2005 14.44
Investor (DHLAX) — — 0.0370 6 Dec 2005 7 Dec 2005 14.43
Class C (DHLCX) 0.0000 — — 29 Dec 2005 30 Dec 2005 14.15
Class C (DHLCX) — — 0.0370 6 Dec 2005 7 Dec 2005 14.09
Class I (DHLRX) 0.0810 — — 29 Dec 2005 30 Dec 2005 14.47
Class I (DHLRX) — — 0.0370 6 Dec 2005 7 Dec 2005 14.48
Investor (DHLAX) 0.0140 — — 30 Dec 2004 31 Dec 2004 12.51
Investor (DHLAX) 0.0424 — — 30 Dec 2003 31 Dec 2003 10.34
Class C (DHLCX) 0.0040 — — 30 Dec 2003 31 Dec 2003 10.23
Investor (DHLAX) 0.0399 — — 30 Dec 2002 31 Dec 2002 7.87
Investor (DHLAX) — 0.0642 — 17 Dec 2002 18 Dec 2002 7.93
Class C (DHLCX) — 0.0642 — 17 Dec 2002 18 Dec 2002 7.84
Investor (DHLAX) 0.0089 — — 28 Dec 2001 31 Dec 2001 10.06
No distributions shown for the selected filter values

Documents

Carefully consider the Fund’s investment objectives, risks and expenses. This and other important information are contained in the Fund’s prospectus and summary prospectus, which are available at diamond-hill.com or calling 888.226.5595. Read 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. Not FDIC insured | No bank guarantee | May lose value

See diamond-hill.com/disclosures for index definitions, data sources and other definitions.

Risk disclosure: Overall equity market risks may affect the portfolio’s value.

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

1 Margin of safety is a principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value. In other words, when the market price of a security is significantly below your estimation of its intrinsic value, the difference is the margin of safety.

2 Active Share is relative to the Russell 1000 Index.

3 Securities referenced may not be representative of all portfolio holdings. The reader should not assume that an investment in the securities was or will be profitable.

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

DIAMOND HILL® CAPITAL MANAGEMENT, INC. | DIAMOND-HILL.COM | 855.255.8955 | 325 JOHN H. MCCONNELL BLVD | SUITE 200 | COLUMBUS, OHIO 43215