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Small 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

Aaron Monroe, 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

Small Cap Fund

Total net assets

$243MM
As of 31 Mar 2024

Inception

29 Dec 2000

Tickers

DHSCX (Investor)
DHSIX (Class I)
DHSYX (Class Y)

Status

Open

Returns

As of 15 Apr 2024 Period and Annualized Total Returns (%) As of 31 Mar 2024 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(29 Dec 2000)		 20Y15Y10Y5Y3Y1Y3MOMarTotal
Investor (DHSCX) 23.98 1.83 9.70 8.01 11.62 6.58 10.23 8.51 23.84 7.01 5.79 1.26
Class I (DHSIX) 24.77 1.93 9.98 8.33 11.94 6.88 10.54 8.82 24.16 7.12 5.81 0.97
Class Y (DHSYX) 24.85 1.93 9.93 8.28 11.99 7.01 10.69 8.97 24.35 7.10 5.79 0.85
Russell 2000 Index — — 8.01 8.05 12.89 7.58 8.10 -0.10 19.71 5.18 3.58 —
Russell 2000 Value Index — — 8.50 7.47 12.10 6.87 8.17 2.22 18.75 2.90 4.38 —
Swipe or scroll right for more data
As of 15 Apr 2024 Period and Annualized Total Returns (%) As of 31 Mar 2024 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(29 Dec 2000)		 20Y15Y10Y5Y3Y1Y3MOTotal
Investor (DHSCX) 23.98 1.83 9.70 8.01 11.62 6.58 10.23 8.51 23.84 7.01 1.26
Class I (DHSIX) 24.77 1.93 9.98 8.33 11.94 6.88 10.54 8.82 24.16 7.12 0.97
Class Y (DHSYX) 24.85 1.93 9.93 8.28 11.99 7.01 10.69 8.97 24.35 7.10 0.85
Russell 2000 Index — — 8.01 8.05 12.89 7.58 8.10 -0.10 19.71 5.18 —
Russell 2000 Value Index — — 8.50 7.47 12.10 6.87 8.17 2.22 18.75 2.90 —
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 shares and Class Y shares include Investor share performance achieved prior to the creation of Class I shares and Class Y shares.

Calendar Year Returns (%)

Year Class I (DHSIX) Russell 2000 IndexRussell 2000 Value Index
2023 23.22 16.93 14.65
2022 -14.77 -20.44 -14.48
2021 32.83 14.82 28.27
2020 -0.28 19.96 4.63
2019 21.75 25.52 22.39
2018 -14.88 -11.01 -12.86
2017 10.95 14.65 7.84
2016 14.45 21.31 31.74
2015 -3.47 -4.41 -7.47
2014 4.86 4.89 4.22
2013 40.08 38.82 34.52
2012 13.17 16.35 18.05
2011 -6.91 -4.18 -5.50
2010 23.39 26.85 24.50
2009 29.43 27.17 20.58

"If a company has the resilience and durability to grow its value over time and is trading below what we believe is a reasonable long-term valuation, it puts patience on our side and allows us to stay rational during challenging environments."

—Aaron Monroe, CFA, Portfolio Manager

Learn more about our philosophy

Statistics

Portfolio Characteristics1 As of 31 Mar 2024

Distribution Frequency Annual
Median Market Capitialization $2.4B
Portfolio Turnover (12 months trailing) 34%
Active Share 98%
Number of Equity Holdings in Portfolio 54

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

vs Russell 2000 Index vs Russell 2000 Value Index
Alpha 2.78% 2.63%
Beta 0.94% 0.92%
R-Squared 89.18% 93.35%
Standard Deviation 23.86%
Sharpe Ratio 0.45

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

vs Russell 2000 Index 89%/78%
vs Russell 2000 Value Index 91%/83%

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Portfolio

Portfolio Guidelines

  • Typically 50—80 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 below $3 billion (or, if greater, the maximum market capitalization of companies generally within the capitalization range of the Russell 2000 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 6.3
Live Oak Bancshares, Inc. Financials 4.1
Allegiant Travel Co. Industrials 4.0
Ashland Global Holdings, Inc. Materials 4.0
First Advantage Corp. Industrials 3.8
FTAI Aviation Ltd. Industrials 3.7
Triumph Financial, Inc. Financials 3.5
Enovis Corp. Health Care 3.4
Bank OZK Financials 3.3
Lancaster Colony Corp. Consumer Staples 3.2
Total as % of Net Assets 39.1%
Fund Holdings - 31 Mar 2024

Sector Allocation3 (%) As of 31 Mar 2024

Russell 2000 Index
Russell 2000 Value Index

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHSCX) 0.6257 — — 27 Dec 2023 29 Dec 2023 23.84
Investor (DHSCX) — — 6.6109 13 Dec 2023 15 Dec 2023 24.06
Class I (DHSIX) 0.7021 — — 27 Dec 2023 29 Dec 2023 24.61
Class I (DHSIX) — — 6.6109 13 Dec 2023 15 Dec 2023 24.89
Class Y (DHSYX) 0.7425 — — 27 Dec 2023 29 Dec 2023 24.68
Class Y (DHSYX) — — 6.6109 13 Dec 2023 15 Dec 2023 24.99
Investor (DHSCX) 0.1529 — — 28 Dec 2022 30 Dec 2022 25.14
Investor (DHSCX) — — 4.4001 13 Dec 2022 15 Dec 2022 25.79
Class I (DHSIX) 0.2361 — — 28 Dec 2022 30 Dec 2022 25.75
Class I (DHSIX) — — 4.4001 13 Dec 2022 15 Dec 2022 26.50
Class Y (DHSYX) 0.2728 — — 28 Dec 2022 30 Dec 2022 25.80
Class Y (DHSYX) — — 4.4001 13 Dec 2022 15 Dec 2022 26.58
Investor (DHSCX) 0.0733 — — 29 Dec 2021 31 Dec 2021 34.67
Investor (DHSCX) — 0.1724 5.8076 13 Dec 2021 15 Dec 2021 33.55
Class I (DHSIX) 0.1840 — — 29 Dec 2021 31 Dec 2021 35.38
Class I (DHSIX) — 0.1724 5.8076 13 Dec 2021 15 Dec 2021 34.34
Class Y (DHSYX) 0.2247 — — 29 Dec 2021 31 Dec 2021 35.43
Class Y (DHSYX) — 0.1724 5.8076 13 Dec 2021 15 Dec 2021 34.44
Investor (DHSCX) 0.0988 — — 29 Dec 2020 31 Dec 2020 30.90
Class I (DHSIX) 0.1918 — — 29 Dec 2020 31 Dec 2020 31.43
Class Y (DHSYX) 0.2252 — — 29 Dec 2020 31 Dec 2020 31.46
Investor (DHSCX) 0.3387 — — 27 Dec 2019 31 Dec 2019 31.18
Investor (DHSCX) — — 1.8274 11 Dec 2019 13 Dec 2019 31.11
Class C (DHSMX) 0.0043 — — 27 Dec 2019 31 Dec 2019 26.29
Class C (DHSMX) — — 1.8274 11 Dec 2019 13 Dec 2019 25.96
Class I (DHSIX) 0.4390 — — 27 Dec 2019 31 Dec 2019 31.71
Class I (DHSIX) — — 1.8274 11 Dec 2019 13 Dec 2019 31.74
Class Y (DHSYX) 0.4824 — — 27 Dec 2019 31 Dec 2019 31.74
Class Y (DHSYX) — — 1.8274 11 Dec 2019 13 Dec 2019 31.80
Investor (DHSCX) — — 2.8330 12 Dec 2018 14 Dec 2018 28.95
Class C (DHSMX) — — 2.8330 12 Dec 2018 14 Dec 2018 24.61
Class I (DHSIX) 0.0937 — — 27 Dec 2018 31 Dec 2018 27.87
Class I (DHSIX) — — 2.8330 12 Dec 2018 14 Dec 2018 29.51
Class Y (DHSYX) 0.1150 — — 27 Dec 2018 31 Dec 2018 27.90
Class Y (DHSYX) — — 2.8330 12 Dec 2018 14 Dec 2018 29.56
Investor (DHSCX) 0.1319 — — 27 Dec 2017 29 Dec 2017 35.84
Investor (DHSCX) — — 2.2463 13 Dec 2017 15 Dec 2017 35.06
Class C (DHSMX) — — 2.2463 13 Dec 2017 15 Dec 2017 30.39
Class I (DHSIX) 0.2479 — — 27 Dec 2017 29 Dec 2017 36.37
Class I (DHSIX) — — 2.2463 13 Dec 2017 15 Dec 2017 35.69
Class Y (DHSYX) 0.2878 — — 27 Dec 2017 29 Dec 2017 36.38
Class Y (DHSYX) — — 2.2463 13 Dec 2017 15 Dec 2017 35.74
Investor (DHSCX) — 0.0037 0.8550 14 Dec 2016 16 Dec 2016 34.48
Class C (DHSMX) — 0.0037 0.8550 14 Dec 2016 16 Dec 2016 30.39
Class I (DHSIX) 0.0748 — — 28 Dec 2016 30 Dec 2016 34.97
Class I (DHSIX) — 0.0037 0.8550 14 Dec 2016 16 Dec 2016 35.03
Class Y (DHSYX) 0.1014 — — 28 Dec 2016 30 Dec 2016 34.98
Class Y (DHSYX) — 0.0037 0.8550 14 Dec 2016 16 Dec 2016 35.08
Investor (DHSCX) 0.0931 — — 29 Dec 2015 31 Dec 2015 31.09
Investor (DHSCX) — 0.0357 0.3745 16 Dec 2015 18 Dec 2015 30.82
Class C (DHSMX) — 0.0357 0.3745 16 Dec 2015 18 Dec 2015 27.38
Class I (DHSIX) 0.2010 — — 29 Dec 2015 31 Dec 2015 31.49
Class I (DHSIX) — 0.0357 0.3745 16 Dec 2015 18 Dec 2015 31.32
Class Y (DHSYX) 0.2376 — — 29 Dec 2015 31 Dec 2015 31.49
Class Y (DHSYX) — 0.0357 0.3745 16 Dec 2015 18 Dec 2015 31.36
Investor (DHSCX) — 0.0402 1.5337 16 Dec 2014 18 Dec 2014 31.77
Class C (DHSMX) — 0.0402 1.5337 16 Dec 2014 18 Dec 2014 28.48
Class I (DHSIX) 0.0547 — — 29 Dec 2014 31 Dec 2014 33.26
Class I (DHSIX) — 0.0402 1.5337 16 Dec 2014 18 Dec 2014 32.24
Class Y (DHSYX) 0.0978 — — 29 Dec 2014 31 Dec 2014 33.27
Class Y (DHSYX) — 0.0402 1.5337 16 Dec 2014 18 Dec 2014 32.29
Investor (DHSCX) 0.0306 — — 27 Dec 2013 31 Dec 2013 32.57
Investor (DHSCX) — — 2.0559 16 Dec 2013 18 Dec 2013 31.98
Class C (DHSMX) — — 2.0559 16 Dec 2013 18 Dec 2013 29.01
Class I (DHSIX) 0.1081 — — 27 Dec 2013 31 Dec 2013 29.57
Class I (DHSIX) — — 2.0559 16 Dec 2013 18 Dec 2013 32.42
Class Y (DHSYX) 0.1460 — — 27 Dec 2013 31 Dec 2013 32.95
Class Y (DHSYX) — — 2.0559 16 Dec 2013 18 Dec 2013 32.45
Investor (DHSCX) 0.0863 0.1354 0.8175 28 Dec 2012 31 Dec 2012 24.54
Class C (DHSMX) 0.0000 0.1354 0.8175 28 Dec 2012 31 Dec 2012 22.56
Class I (DHSIX) 0.1540 0.1354 0.8175 28 Dec 2012 31 Dec 2012 24.80
Class Y (DHSYX) 0.2034 0.1354 0.8175 28 Dec 2012 31 Dec 2012 24.79
Investor (DHSCX) — 0.0357 0.8484 14 Dec 2011 15 Dec 2011 22.37
Class C (DHSMX) — 0.0357 0.8484 14 Dec 2011 15 Dec 2011 20.72
Class I (DHSIX) 0.0330 — — 28 Dec 2011 29 Dec 2011 23.40
Class I (DHSIX) — 0.0357 0.8484 14 Dec 2011 15 Dec 2011 22.62
Investor (DHSCX) 0.0000 — — 29 Dec 2010 30 Dec 2010 25.89
Investor (DHSCX) — — 0.4062 15 Dec 2010 16 Dec 2010 25.64
Class C (DHSMX) 0.0000 — — 29 Dec 2010 30 Dec 2010 24.23
Class C (DHSMX) — — 0.4062 15 Dec 2010 16 Dec 2010 24.01
Class I (DHSIX) 0.0000 — — 29 Dec 2010 30 Dec 2010 26.11
Class I (DHSIX) — — 0.4062 15 Dec 2010 16 Dec 2010 25.86
Investor (DHSCX) 0.0000 — — 29 Dec 2009 30 Dec 2009 21.54
Class C (DHSMX) 0.0000 — — 29 Dec 2009 30 Dec 2009 20.33
Class I (DHSIX) 0.0109 — — 29 Dec 2009 30 Dec 2009 21.63
Investor (DHSCX) 0.1157 — — 29 Dec 2008 30 Dec 2008 16.12
Investor (DHSCX) — 0.0259 — 15 Dec 2008 16 Dec 2008 16.14
Class C (DHSMX) 0.0000 — — 29 Dec 2008 30 Dec 2008 15.33
Class C (DHSMX) — 0.0259 — 15 Dec 2008 16 Dec 2008 15.25
Class I (DHSIX) 0.1892 — — 29 Dec 2008 30 Dec 2008 16.13
Class I (DHSIX) — 0.0259 — 15 Dec 2008 16 Dec 2008 16.23
Investor (DHSCX) 0.0754 — — 27 Dec 2007 28 Dec 2007 22.63
Investor (DHSCX) — 0.0087 1.4881 11 Dec 2007 12 Dec 2007 22.90
Class C (DHSMX) 0.0000 — — 27 Dec 2007 28 Dec 2007 21.54
Class C (DHSMX) — 0.0087 1.4881 11 Dec 2007 12 Dec 2007 21.73
Class I (DHSIX) 0.1770 — — 27 Dec 2007 28 Dec 2007 22.67
Class I (DHSIX) — 0.0087 1.4881 11 Dec 2007 12 Dec 2007 23.04
Investor (DHSCX) 0.0850 — — 28 Dec 2006 29 Dec 2006 25.03
Investor (DHSCX) — 0.3490 0.1743 11 Dec 2006 12 Dec 2006 25.33
Class C (DHSMX) 0.0000 — — 28 Dec 2006 29 Dec 2006 24.00
Class C (DHSMX) — 0.3490 0.1743 11 Dec 2006 12 Dec 2006 24.21
Class I (DHSIX) 0.1870 — — 28 Dec 2006 29 Dec 2006 25.08
Class I (DHSIX) — 0.3490 0.1743 11 Dec 2006 12 Dec 2006 25.47
Investor (DHSCX) 0.0070 — — 29 Dec 2005 30 Dec 2005 23.95
Investor (DHSCX) — — 0.2145 6 Dec 2005 7 Dec 2005 23.95
Class C (DHSMX) 0.0000 — — 29 Dec 2005 30 Dec 2005 23.08
Class C (DHSMX) — — 0.2145 6 Dec 2005 7 Dec 2005 23.08
Class I (DHSIX) 0.0370 — — 29 Dec 2005 30 Dec 2005 23.99
Class I (DHSIX) — — 0.2145 6 Dec 2005 7 Dec 2005 24.01
Investor (DHSCX) — — 0.3245 13 Dec 2004 14 Dec 2004 20.94
Investor (DHSCX) — 0.0880 — 16 Dec 2003 17 Dec 2003 16.36
Investor (DHSCX) — 0.0181 — 17 Dec 2002 18 Dec 2002 11.12
Investor (DHSCX) 0.0058 — — 28 Dec 2001 31 Dec 2001 12.29
Investor (DHSCX) — 0.2456 — 17 Dec 2001 18 Dec 2001 12.08
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 2000 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