DIAMOND HILL CORE BOND FUND
Diamond Hill Funds · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
DIAMOND HILL CORE BOND FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of the Diamond Hill Core Bond Fund (the Fund or the Core Bond Fund) is to maximize total return consistent with the preservation of capital.
The fund invests in a diversified portfolio of investment-grade fixed-income securities, including bonds, mortgage-backed securities, and debt from U.S. and non-U.S. issuers, selected through bottom-up research that evaluates credit risk, interest rate risk, and relative value. The fund maintains average portfolio duration within plus or minus 20% of the Bloomberg US Aggregate Bond Index, allowing modest flexibility around the benchmark. Because security selection depends on the adviser's analysis of individual opportunities rather than index replication, fund performance may diverge from the index.
| Share class | Expense ratio |
|---|---|
| DHRAX | 0.77% |
| DHRIX | 0.48% |
| DHRYX | 0.35% |
Portfolio turnover 18.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 62.15% |
| Bonds | 36.62% |
| Cash & short-term | 1.52% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 62.0% |
| Government | 20.6% |
| Financials | 5.3% |
| Other | 4.7% |
| 12 smaller | 7.4% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: FHF ISSUER TRUST 2024-2, BUILDER CIRCLE MORTGAGE TRUST 2026-RTL1, BAYVIEW STUDENT LOAN CREDIT LINKED NOTES 2026-CRD1, REDWOOD FUNDING TRUST 2026-2, BAY TRUST 2026-MDWS, META PLATFORMS INC, Federal Home Loan Mortgage Corp., ONITY LOAN INVESTMENT TRUST 2026-HB2
Largest exited: DROP MTGE TST, United States Treasury Notes, Oracle Corp., MERCURY FINANCIAL CREDITCARD, Government National Mortgage Association, PROGRESS RESIDENTIAL 2025-SFR1 TRUS, OCWEN LOAN INVESTMENT TRUST 2023-HB, AbbVie Inc.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +3.88% | +13.16% | -21.55% | 3.42% | -5.64% | |
| +4.17% | +14.08% | +5.69% | 3.43% | -5.46% | |
| +4.40% | +14.49% | +6.46% | 3.50% | -5.39% |
These classes hold the same portfolio, so the 28.01pp spread over 5 years is the cost difference between them — roughly 5.60pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 81.7% |
| Floating rate | 13.7% |
| Zero-coupon or unclassified | 4.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.4% |
| 1-3y | 5.5% |
| 3-5y | 9.6% |
| 5-10y | 21.8% |
| 10y+ | 62.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 63% |
| Credit spreads | 37% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.21 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.30 yr | 5% |
| 5 yr | 1.46 yr | 26% |
| 10 yr | 2.64 yr | 47% |
| 30 yr | 1.16 yr | 21% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.18 yr | 6% |
| 5 yr | 1.23 yr | 38% |
| 10 yr | 1.42 yr | 44% |
| 30 yr | 0.38 yr | 12% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.00 | +0.00 | $1.5k | $78 |
| 1 yr | +0.30 | +0.18 | +0.00 | $58.6k | $504 |
| 5 yr | +1.46 | +1.23 | +0.00 | $398.3k | $22 |
| 10 yr | +2.64 | +1.42 | +0.00 | $460.8k | $0 |
| 30 yr | +1.16 | +0.38 | +0.00 | $125.1k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT3.00% · due 2048-02-15 | 3.62% | $117.79M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.00% · due 2034-02-15 | 2.40% | $78.16M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.63% · due 2030-08-15 | 2.16% | $70.15M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT1.63% · due 2050-11-15 | 1.45% | $47.04M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT2.25% · due 2046-08-15 | 1.20% | $39.13M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT1.13% · due 2040-08-15 | 1.16% | $37.58M | — |
| GVMXX | STATE STREET INSTITUTIONAL INVESTMENT TRUSTGVMXX | 1.13% | $36.83M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2038-11-15 | 1.11% | $36.19M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.63% · due 2043-02-15 | 1.10% | $35.88M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT1.38% · due 2040-11-15 | 1.09% | $35.55M | — |
Top 10 positions are 16.44% of net assets, top 25 24.62%, across 400 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free