Diamond Hill Small-Mid Cap Fund
DHMYX
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- Diamond Hill Small-Mid Cap Fund (DHMYX) is an actively managed open-end mutual fund that seeks long-term capital appreciation by investing at least 80% of its net assets in U.S. equity securities of small- and mid-cap companies, typically with market capitalizations between $500 million and $10 billion at the time of purchase, or within the range of the Russell 2500 Index; the fund employs an intrinsic value investment philosophy, treating each stock as a partial ownership interest in a business, focusing on long-term fundamentals and purchasing undervalued companies with a margin of safety. Portfolio manager Chris Welch, CFA, who has managed the fund since December 2005, oversees a diversified portfolio emphasizing sectors such as industrials (23.60%), financial services (16.75%), and healthcare (11.46%), with top holdings including Red Rock Resorts Inc., Mr. Cooper Group Inc., and Wesco International Inc.; as of recent data, the fund manages approximately $896 million in total net assets, with Class Y shares at $400 million, a net expense ratio of 0.80%, and a minimum initial investment of $500,000, available primarily to U.S. investors. Launched on December 30, 2011, with Class Y inception tied to prior Investor share performance, the fund is domiciled in the United States and advised by Diamond Hill Capital Management, Inc., headquartered in Columbus, Ohio. The fund operates within the small value segment of the Morningstar category, benchmarking against the Russell 2500 Index, with a portfolio turnover of around 22% and active share relative to the benchmark; it targets institutional and high-net-worth investors seeking exposure to undervalued small- and mid-cap U.S. equities across industries, maintaining cash equivalents (approximately 2.84%) and minimal non-U.S. stock exposure (1.10%). In recent developments, Diamond Hill Capital Management, the fund's investment adviser founded around 1990-2000 and based in Columbus, Ohio, announced in December 2025 its agreement to be acquired by First Eagle Investments in an all-cash transaction valued at approximately $473 million, representing a 49% premium to Diamond Hill's share price and expected to close by Q3 2026 pending approvals, enhancing distribution and resources while preserving the intrinsic value philosophy and Columbus headquarters; additionally, in September 2025, Diamond Hill launched its first active ETF, DHLX (Large Cap Concentrated ETF), by converting a mutual fund strategy, expanding equity offerings with intraday liquidity and daily transparency for 20-30 high-conviction holdings managed by Austin Hawley, CFA. These strategic moves reflect Diamond Hill's evolution amid $32.8 billion in firm-wide assets under management as of mid-2025, with no reported changes to the Small-Mid Cap Fund's operations or portfolio approach.