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Mid 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

Chris Welch, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Kristen Sheffield, CFA, CIPM

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

Mid Cap Fund

Total net assets

$173MM
As of 31 Mar 2024

Inception

31 Dec 2013

Tickers

DHPAX (Investor)
DHPIX (Class I)
DHPYX (Class Y)

Status

Open

Returns

As of 17 Apr 2024 Period and Annualized Total Returns (%) As of 31 Mar 2024 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(31 Dec 2013)		 10Y5Y3Y1Y3MOMarTotal
Investor (DHPAX) 16.93 3.42 7.45 7.44 7.87 5.94 21.93 9.47 4.92 1.06
Class I (DHPIX) 16.91 3.55 7.77 7.75 8.21 6.26 22.27 9.55 4.93 0.77
Class Y (DHPYX) 16.98 3.60 7.89 7.87 8.32 6.37 22.46 9.58 4.91 0.65
Russell Midcap Index — — 10.06 9.95 11.10 6.07 22.35 8.60 4.34 —
Russell Midcap Value Index — — 8.89 8.57 9.94 6.80 20.40 8.23 5.18 —
Swipe or scroll right for more data
As of 17 Apr 2024 Period and Annualized Total Returns (%) As of 31 Mar 2024 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(31 Dec 2013)		 10Y5Y3Y1Y3MOTotal
Investor (DHPAX) 16.93 3.42 7.45 7.44 7.87 5.94 21.93 9.47 1.06
Class I (DHPIX) 16.91 3.55 7.77 7.75 8.21 6.26 22.27 9.55 0.77
Class Y (DHPYX) 16.98 3.60 7.89 7.87 8.32 6.37 22.46 9.58 0.65
Russell Midcap Index — — 10.06 9.95 11.10 6.07 22.35 8.60 —
Russell Midcap Value Index — — 8.89 8.57 9.94 6.80 20.40 8.23 —
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.

Calendar Year Returns (%)

Year Class I (DHPIX) Russell Midcap IndexRussell Midcap Value Index
2023 9.44 17.23 12.71
2022 -13.39 -17.32 -12.03
2021 31.29 22.58 28.34
2020 -1.76 17.10 4.96
2019 25.82 30.54 27.06
2018 -10.31 -9.06 -12.29
2017 10.47 18.52 13.34
2016 18.56 13.80 20.00
2015 0.74 -2.44 -4.78
2014 7.91 13.22 14.75

"We focus on long-term business fundamentals and valuations rather than perfect timing or price volatility. We believe solid businesses with attractive valuations eventually yield positive results."

—Chris Welch, CFA, Portfolio Manager

Learn more about our philosophy

Statistics

Portfolio Characteristics1 As of 31 Mar 2024

Distribution Frequency Annual
Median Market Capitialization $10.7B
Portfolio Turnover (12 months trailing) 22%
Active Share 94%
Number of Equity Holdings in Portfolio 57

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

vs Russell Midcap Index vs Russell Midcap Value Index
Alpha -2.64% -1.66%
Beta 1.06% 1.05%
R-Squared 90.22% 95.43%
Standard Deviation 23.53%
Sharpe Ratio 0.37

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

vs Russell Midcap Index 95%/104%
vs Russell Midcap Value Index 98%/103%

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Portfolio

Portfolio Guidelines

  • Typically 40–60 positions
  • Maximum position size is 7%
  • Top 10 holdings are typically greater than 25% 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 between $1.5 billion and $20 billion (or, if greater, the maximum market capitalization of companies generally within the capitalization range of the Russell Midcap Index) at the time of purchase.

Top Ten Equity Holdings2 As of 31 Mar 2024

  Sector % of Net Assets
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 5.4
WESCO International, Inc. Industrials 5.0
Post Holdings, Inc. Consumer Staples 4.2
American International Group, Inc. Financials 3.9
Regal Rexnord Corp. Industrials 3.9
Parker-Hannifin Corp. Industrials 3.4
Freeport-McMoRan, Inc. Materials 3.2
Ashland Global Holdings, Inc. Materials 3.1
CubeSmart Real Estate 2.9
Lancaster Colony Corp. Consumer Staples 2.4
Total as % of Net Assets 37.5%
Fund Holdings - 31 Mar 2024

Sector Allocation3 (%) As of 31 Mar 2024

Russell Midcap Index
Russell Midcap Value Index

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHPAX) 0.0356 — — 27 Dec 2023 29 Dec 2023 16.47
Investor (DHPAX) — — 0.3237 13 Dec 2023 15 Dec 2023 16.34
Class I (DHPIX) 0.1885 — — 27 Dec 2023 29 Dec 2023 16.44
Class I (DHPIX) — — 0.3237 13 Dec 2023 15 Dec 2023 16.45
Class Y (DHPYX) 0.2056 — — 27 Dec 2023 29 Dec 2023 16.50
Class Y (DHPYX) — — 0.3237 13 Dec 2023 15 Dec 2023 16.53
Investor (DHPAX) 0.0990 — — 28 Dec 2022 30 Dec 2022 15.40
Investor (DHPAX) — — 0.6617 13 Dec 2022 15 Dec 2022 15.76
Class I (DHPIX) 0.1497 — — 28 Dec 2022 30 Dec 2022 15.45
Class I (DHPIX) — — 0.6617 13 Dec 2022 15 Dec 2022 15.86
Class Y (DHPYX) 0.1681 — — 28 Dec 2022 30 Dec 2022 15.50
Class Y (DHPYX) — — 0.6617 13 Dec 2022 15 Dec 2022 15.93
Investor (DHPAX) 0.0551 — — 29 Dec 2021 31 Dec 2021 18.58
Class I (DHPIX) 0.1100 — — 29 Dec 2021 31 Dec 2021 18.65
Class Y (DHPYX) 0.1303 — — 29 Dec 2021 31 Dec 2021 18.71
Investor (DHPAX) 0.0540 — — 29 Dec 2020 31 Dec 2020 14.21
Investor (DHPAX) — — 0.0211 11 Dec 2020 15 Dec 2020 13.85
Class I (DHPIX) 0.0886 — — 29 Dec 2020 31 Dec 2020 14.27
Class I (DHPIX) — — 0.0211 11 Dec 2020 15 Dec 2020 13.93
Class Y (DHPYX) 0.1033 — — 29 Dec 2020 31 Dec 2020 14.31
Class Y (DHPYX) — — 0.0211 11 Dec 2020 15 Dec 2020 13.99
Investor (DHPAX) 0.0514 — — 27 Dec 2019 31 Dec 2019 14.60
Investor (DHPAX) — — 0.2107 11 Dec 2019 13 Dec 2019 14.51
Class I (DHPIX) 0.0939 — — 27 Dec 2019 31 Dec 2019 14.65
Class I (DHPIX) — — 0.2107 11 Dec 2019 13 Dec 2019 14.60
Class Y (DHPYX) 0.1028 — — 27 Dec 2019 31 Dec 2019 14.69
Class Y (DHPYX) — — 0.2107 11 Dec 2019 13 Dec 2019 14.65
Investor (DHPAX) 0.0613 — — 27 Dec 2018 31 Dec 2018 11.80
Investor (DHPAX) — — 0.2768 12 Dec 2018 14 Dec 2018 12.47
Class I (DHPIX) 0.1017 — — 27 Dec 2018 31 Dec 2018 11.83
Class I (DHPIX) — — 0.2768 12 Dec 2018 14 Dec 2018 12.55
Class Y (DHPYX) 0.1183 — — 27 Dec 2018 31 Dec 2018 11.86
Class Y (DHPYX) — — 0.2768 12 Dec 2018 14 Dec 2018 12.60
Investor (DHPAX) 0.0305 — — 27 Dec 2017 29 Dec 2017 13.73
Investor (DHPAX) — 0.0264 0.1460 13 Dec 2017 15 Dec 2017 13.45
Class I (DHPIX) 0.0663 — — 27 Dec 2017 29 Dec 2017 13.77
Class I (DHPIX) — 0.0264 0.1460 13 Dec 2017 15 Dec 2017 13.53
Class Y (DHPYX) 0.0752 — — 27 Dec 2017 29 Dec 2017 13.81
Class Y (DHPYX) — 0.0264 0.1460 13 Dec 2017 15 Dec 2017 13.57
Investor (DHPAX) 0.0178 — — 28 Dec 2016 30 Dec 2016 12.62
Investor (DHPAX) — — 0.0617 14 Dec 2016 16 Dec 2016 12.63
Class I (DHPIX) 0.0519 — — 28 Dec 2016 30 Dec 2016 12.65
Class I (DHPIX) — — 0.0617 14 Dec 2016 16 Dec 2016 12.69
Class Y (DHPYX) 0.0551 — — 28 Dec 2016 30 Dec 2016 12.68
Class Y (DHPYX) — — 0.0617 14 Dec 2016 16 Dec 2016 12.72
Investor (DHPAX) 0.0372 — — 29 Dec 2015 31 Dec 2015 10.79
Class I (DHPIX) 0.0600 — — 29 Dec 2015 31 Dec 2015 10.81
Class Y (DHPYX) 0.0704 — — 29 Dec 2015 31 Dec 2015 10.83
Investor (DHPAX) 0.0579 — — 29 Dec 2014 31 Dec 2014 10.80
Class I (DHPIX) 0.0717 — — 29 Dec 2014 31 Dec 2014 10.81
Class Y (DHPYX) 0.0725 — — 29 Dec 2014 31 Dec 2014 10.83
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: Small- and mid-capitalization issues tend to be more volatile and less liquid than large-capitalization issues.

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

1 Active Share is relative to the Russell Midcap Index.

2 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.

3 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