Diamond Hill Long Short Fund Class I (DHLSX) is a mutual fund managed by Diamond Hill Capital Management, Inc., that employs a long/short equity investment strategy to seek capital appreciation by investing primarily in domestic and foreign equity securities. The fund maintains long positions in undervalued stocks exhibiting favorable business qualities and short positions in overvalued stocks lacking sustainable competitive advantages; it may also invest in fixed-income securities, derivatives, and other instruments for hedging or income generation. Diamond Hill Capital Management, founded in 1998 and headquartered in Columbus, Ohio, operates globally with a focus on U.S. markets and serves institutional and retail investors through various share classes including Class I (DHLSX), Class Y, and Advisor Class shares. The firm emphasizes a value-oriented, contrarian approach across its product lineup, which includes additional funds such as the Diamond Hill Core Equity Fund, Small Cap Fund, and Strategic Income Bond Fund. In recent developments, Diamond Hill Capital Management expanded its offerings with enhancements to its long/short strategies amid market volatility in 2024-2025 and announced strategic portfolio adjustments to navigate rising interest rates and sector rotations in technology and financials; no major acquisitions or name changes were reported in the past two years.