DIAMOND HILL LARGE CAP FUND
Actively managed U.S. stock fund
As of its 2026 Q2 report, DIAMOND HILL LARGE CAP FUND held 51 positions with $2.88B in net assets. Its ten largest holdings made up 39.2% of the fund. The DHLAX share class costs 0.98% a year. Over the 12 months to May 2026, DHLAX returned 4.3%, with dividends reinvested. In 2026 Q2 it added 3 new positions and exited 5.
The investment objective of the Diamond Hill Large Cap Fund (the Fund or the Large Cap Fund) is to provide long-term capital appreciation.
The fund invests in large-cap U.S. equities that the adviser believes are undervalued based on fundamental analysis of earnings, revenue growth, operating margins, and competitive dynamics. Portfolio construction relies on individual stock selection rather than index weighting, with position sizes reflecting the adviser's conviction level. Because returns depend on the adviser's ability to identify undervalued securities and time their exit as they approach estimated fair value, performance will diverge from broad market benchmarks.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
N/A | 5.33% | $153.55M | — | — |
4.90% | $141.25M | 1.5M | $91.68 | |
4.73% | $136.28M | 272.3K | $500.39 | |
4.37% | $125.82M | 1.4M | $90.74 | |
AONAON PLC | 4.04% | $116.26M | 350.5K | $331.69 |
3.80% | $109.42M | 1.5M | $74.53 | |
3.38% | $97.46M | 437.3K | $222.88 | |
2.89% | $83.31M | 801.3K | $103.96 | |
2.87% | $82.66M | 412.0K | $200.62 | |
MSFTMICROSOFT CORP | 2.86% | $82.39M | 220.9K | $373.02 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 51 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 99.64% |
| Cash & short-term | 5.68% |
These positions come to 105.33% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
By sector
- Financials
- 22.7%
- Health Care
- 18.4%
- Industrials
- 14.4%
- Consumer Staples
- 10.1%
- 7 other sectors
- 34.3%
- Financials
- 22.7%
- Health Care
- 18.4%
- Industrials
- 14.4%
- Consumer Staples
- 10.1%
- Information Technology
- 9.1%
- Energy
- 6.6%
- Cash
- 5.4%
- Real Estate
- 4.6%
- Consumer Discretionary
- 3.7%
- Communication Services
- 2.6%
- Materials
- 2.3%
How it has done
DHLAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 10.76%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.98% | +4.30% | +36.94% | +23.65% | -9.67% | |
| 0.69% | +4.59% | +38.13% | +25.47% | -9.60% | |
| 0.56% | +4.68% | +38.63% | +26.21% | -9.59% |
These classes hold the same portfolio, so the 2.56pp spread over 5 years is the cost difference between them — roughly 0.51pp a year — not a difference in what they own.
Fees & fund details
DIAMOND HILL LARGE CAP FUND is an actively managed U.S. equity fund. 7% of DHLAX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 100% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.56% – 0.98%· DHLAX 0.98%
- Portfolio turnover
- 45.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
5 exited
Understand how this fund fits with the rest.
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