DIAMOND HILL LONG SHORT FUND
Actively managed U.S. stock fund
As of its 2026 Q2 report, DIAMOND HILL LONG SHORT FUND held 91 positions with $2.11B in net assets. Its ten largest holdings made up 40.9% of the fund. The DIAMX share class costs 1.7% a year. Over the 12 months to May 2026, DIAMX returned 7.8%, with dividends reinvested. In 2026 Q2 it added 4 new positions and exited 12.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
GVMXXSTATE STREET INSTITUTIONAL INVESTMENT TRUST | 6.32% | $133.36M | — | — |
TSMTAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD | 5.43% | $114.57M | 239.9K | $477.57 |
MSFTMICROSOFT CORP | 4.93% | $104.07M | 279.0K | $373.02 |
GOOGLALPHABET INC | 4.52% | $95.34M | 266.8K | $357.37 |
4.36% | $91.99M | 163.3K | $563.29 | |
3.93% | $82.92M | 1.1M | $74.53 | |
2.89% | $61.07M | 673.1K | $90.74 | |
AONAON PLC | 2.87% | $60.65M | 182.8K | $331.69 |
2.82% | $59.61M | 3.5M | $16.97 | |
AMZNAMAZON.COM INC | 2.81% | $59.26M | 248.7K | $238.34 |
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 91 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 | 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%.
By sector
- Financials
- 18.4%
- Information Technology
- 16.3%
- Health Care
- 13.0%
- Industrials
- 11.0%
- 9 other sectors
- 41.3%
- Financials
- 18.4%
- Information Technology
- 16.3%
- Health Care
- 13.0%
- Industrials
- 11.0%
- Communication Services
- 10.3%
- Cash
- 6.4%
- Consumer Discretionary
- 5.4%
- International
- 5.4%
- Consumer Staples
- 5.0%
- Energy
- 4.1%
- Materials
- 2.4%
- Real Estate
- 1.5%
- Utilities
- 0.8%
How it has done
DIAMX share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.44%. 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 |
|---|---|---|---|---|---|
| 1.70% | +7.76% | +39.21% | +32.04% | -4.94% | |
| 1.41% | +8.07% | +40.40% | +33.89% | -4.87% | |
| 1.28% | +8.22% | +40.89% | +34.66% | -4.87% |
These classes hold the same portfolio, so the 2.62pp spread over 5 years is the cost difference between them — roughly 0.52pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 1.28% – 1.70%· DIAMX 1.70%
- Portfolio turnover
- 67.00% 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.
4 new
12 exited· the largest 8
Understand how this fund fits with the rest.
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