Diamond Hill Large Cap Fund
DHLAX
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- Diamond Hill Large Cap Fund (DHLAX) is an open-end mutual fund that seeks long-term capital appreciation by investing at least 80% of its net assets in undervalued U.S. equity securities of large-cap companies with market capitalizations of $5 billion or greater, or within the range of the Russell 1000 Index; it employs an intrinsic value investment philosophy, treating each stock as a partial ownership interest in a business, emphasizing a margin of safety, long-term temperament, and convergence of market price with intrinsic value over time. The fund offers Investor Class shares (DHLAX), Class I shares (DHLRX), and Class Y shares, with total net assets exceeding $7 billion across classes and sector allocations led by financial services (approximately 25%), healthcare (15%), industrials (14%), technology (10%), and consumer cyclical (10%); top holdings typically include Berkshire Hathaway Inc Class B, American International Group Inc, Abbott Laboratories, Colgate-Palmolive Co, and Texas Instruments Inc. Managed by Austin Hawley, CFA, since February 2015, the fund is part of the Diamond Hill Funds family advised by Diamond Hill Capital Management, Inc., a subsidiary of Diamond Hill Investment Group, Inc., which was founded in 1990 and is headquartered at 325 John H. McConnell Blvd, Suite 200, Columbus, Ohio. Launched on June 29, 2001, for the Investor Class, the fund targets institutions, high-net-worth individuals, and retail investors primarily in the United States through mutual fund shares available via broker-dealers and platforms like Fidelity and Schwab, with a minimum initial investment of $2,500. It operates within the large value category per Morningstar, focusing on buy-and-hold strategies with higher volatility than category averages (3-year standard deviation of 15.11% vs. 12.89%) but competitive returns, such as 10.38% over five years. In recent developments, Diamond Hill Investment Group announced on December 10, 2025, its agreement to be acquired by First Eagle Investments in an all-cash transaction valued at approximately $473 million, or $175 per share—a 49% premium to the prior closing price—expected to close in the third quarter of 2026 pending shareholder and regulatory approvals; this strategic alliance will combine approximately $208 billion in assets under management while preserving Diamond Hill's investment teams, philosophy, Columbus headquarters, and brand. Additionally, effective September 29, 2025, the related Diamond Hill Large Cap Concentrated ETF (DHLX) acquired the assets and assumed the historical performance of the Diamond Hill Large Cap Concentrated Fund (incepted February 2021), enhancing the firm's large-cap offerings with a more focused portfolio of quality U.S. large-cap companies at attractive valuations. The fund remains distributed by Foreside Financial Services, LLC, with net expense ratios of 0.96% for Investor shares and 0.67% for Class I shares.