DIAMOND HILL LONG SHORT FUND
Diamond Hill Funds · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
DIAMOND HILL LONG SHORT FUND is an actively managed U.S. equity fund. 9% of DIAMX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 94% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of the Diamond Hill Long-Short Fund (the Fund or the Long-Short Fund) is to provide long-term capital appreciation.
The fund employs bottom-up fundamental analysis to identify U.S. equities it believes are undervalued and sells short those it deems overvalued, with security weights determined by conviction level rather than benchmark constraints. Short sales are capped at 40% of net assets. Because returns depend on the accuracy of the manager's valuation estimates and the timing of security selections and exits, performance will diverge from the broader market.
| Share class | Expense ratio |
|---|---|
| DIAMX | 1.70% |
| DHLSX | 1.41% |
| DIAYX | 1.28% |
Portfolio turnover 67.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 58.10% |
| Cash & short-term | 6.47% |
These positions come to 64.57% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Financials | 18.4% |
| Information Technology | 16.3% |
| Health Care | 13.0% |
| Industrials | 11.0% |
| 9 smaller | 41.3% |
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).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
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 |
|---|---|---|---|---|---|
| +14.57% | +39.01% | -8.83% | 7.55% | -4.94% | |
| +14.90% | +40.27% | +39.43% | 7.56% | -4.87% | |
| +15.01% | +40.71% | +40.19% | 7.57% | -4.87% |
These classes hold the same portfolio, so the 49.02pp spread over 5 years is the cost difference between them — roughly 9.80pp 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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| GVMXX | STATE STREET INSTITUTIONAL INVESTMENT TRUSTGVMXX | 6.32% | — | $133.36M | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTDTSM | 5.43% | $477.57 | $114.57M | 239.9K |
| MSFT | MICROSOFT CORPMSFT | 4.93% | $373.02 | $104.07M | 279.0K |
| GOOGL | ALPHABET INCGOOGL | 4.52% | $357.37 | $95.34M | 266.8K |
| META | META PLATFORMS INCMETA | 4.36% | $563.29 | $91.99M | 163.3K |
| AIG | AMERICAN INTERNATIONAL GROUP INCAIG | 3.93% | $74.53 | $82.92M | 1.1M |
| ABT | ABBOTT LABORATORIESABT | 2.89% | $90.74 | $61.07M | 673.1K |
| AON | AON PLCAON | 2.87% | $331.69 | $60.65M | 182.8K |
| S | SENTINELONE INCS | 2.82% | $16.97 | $59.61M | 3.5M |
| AMZN | AMAZON.COM INCAMZN | 2.81% | $238.34 | $59.26M | 248.7K |
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.
Top 10 positions are 40.87% of net assets, top 25 70.31%, across 91 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.
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