Diamond Hill Research Opportunities Fund Class A (DHROX) is an open-end mutual fund that seeks long-term capital appreciation by investing primarily in U.S. equity securities across all market capitalizations, employing an equity long-short strategy that includes both long positions in undervalued stocks and short positions in overvalued ones; the fund offers Class A shares with a front-end sales load and an expense ratio of approximately 1.80%, targeting individual and institutional investors seeking active management in the alternative investments segment. Managed by Diamond Hill Capital Management Inc., a subsidiary of Diamond Hill Investment Group, Inc., the fund maintains a diversified portfolio with exposure to various sectors, emphasizing intrinsic value investing; it provides daily liquidity, quarterly reporting, and annual dividend distributions with a recent yield around 1.68%. Launched on December 30, 2011, the fund operates from the headquarters of Diamond Hill Investment Group in Columbus, Ohio, serving U.S. markets exclusively with total assets under management for the Class A shares at approximately $7.66 million. In recent developments, Diamond Hill Investment Group announced its acquisition by First Eagle Investments for $473 million in an all-cash deal on December 11, 2025, expected to close by the third quarter of 2026 pending approvals, which will integrate DHROX under a larger entity with over $208 billion in assets while preserving the existing investment teams and strategies. Additionally, the firm launched the active ETF DHLX (Large Cap Concentrated strategy) in September 2025 and seeded the Diamond Hill Securitized Total Return Fund in June 2025, reflecting strategic expansions into ETFs and fixed income offerings amid market volatility.