DIAMOND HILL SHORT DURATION SECURITIZED BOND
Diamond Hill Funds · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
DIAMOND HILL SHORT DURATION SECURITIZED BOND 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
- Short duration
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of the Diamond Hill Short Duration Securitized Bond Fund (the Fund or the Short Duration Securitized Bond Fund) is to maximize total return consistent with the preservation of capital.
The fund invests at least 80% of its net assets in securitized bonds—mortgage-backed securities, asset-backed securities, and collateralized loan obligations—selecting securities through a risk-reward analysis that evaluates credit, interest rate, prepayment, and structural risks, and seeks to exploit inefficiencies in fixed income markets. The fund maintains an average portfolio duration of less than three years under normal conditions, though duration may extend longer during periods of significant volatility. The fund may hold up to 15% in below-investment-grade securities and may invest in individual securities with durations exceeding three years.
| Share class | Expense ratio |
|---|---|
| DHEAX | 0.82% |
| DHEIX | 0.53% |
| DHEYX | 0.40% |
Portfolio turnover 37.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 82.85% |
| Bonds | 10.65% |
| Cash & short-term | 6.10% |
Latest quarter
What changed since the fund's previous filing
Largest new: UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT ×2, FHF ISSUER TRUST 2024-2, ONITY LOAN INVESTMENT TRUST 2026-HB3, PAGAYA AI DEBT GRANTOR TRUST 2026-4, BUILDER CIRCLE MORTGAGE TRUST 2026-RTL1, ACHD TRUST 2026-DS1, REDWOOD FUNDING TRUST 2026-2
Largest exited: LHOME MORTGAGE TRUST 2024-RTL2, Arbor Realty Commercial Real Estate Notes 2016-FL1 Ltd. ×2, SALUDA GRADE ALTERNATIVE MORTGAGE T, PROGRESS RESIDENTIAL 2024-SFR5 TR, DROP MTGE TST, MERCURY FINANCIAL CREDITCARD, CFMT 2023-HB12 LLC
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 |
|---|---|---|---|---|---|
| +5.04% | +24.28% | +3.26% | 0.97% | -0.19% | |
| +5.33% | +25.43% | +25.38% | 1.13% | -0.27% | |
| +5.45% | +25.85% | +26.09% | 0.97% | -0.16% |
These classes hold the same portfolio, so the 22.83pp spread over 5 years is the cost difference between them — roughly 4.57pp 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 | 64.4% |
| Floating rate | 35.4% |
| Zero-coupon or unclassified | 0.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.9% |
| 1-3y | 12.9% |
| 3-5y | 7.3% |
| 5-10y | 28.1% |
| 10y+ | 48.8% |
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 | 60% |
| Credit spreads | 40% |
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 | +0.89 yr |
| High yield | +0.01 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 | 0.04 yr | 3% |
| 1 yr | 0.59 yr | 43% |
| 5 yr | 0.62 yr | 45% |
| 10 yr | 0.10 yr | 7% |
| 30 yr | 0.02 yr | 1% |
| 3 mo | 0.02 yr | 3% |
| 1 yr | 0.29 yr | 33% |
| 5 yr | 0.48 yr | 53% |
| 10 yr | 0.09 yr | 10% |
| 30 yr | 0.02 yr | 2% |
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 | +0.04 | +0.02 | +0.00 | $12.3k | $424 |
| 1 yr | +0.59 | +0.28 | +0.01 | $157.1k | $6.4k |
| 5 yr | +0.62 | +0.48 | +0.00 | $265.5k | $1.5k |
| 10 yr | +0.10 | +0.09 | +0.00 | $48.5k | $0 |
| 30 yr | +0.02 | +0.02 | +0.00 | $10.4k | $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 |
|---|---|---|---|---|
| GVMXX | STATE STREET INSTITUTIONAL INVESTMENT TRUSTGVMXX | 6.10% | $339.71M | — |
| — | N/A5.50% · due 2033-06-27 | 1.29% | $71.73M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT3.63% · due 2028-05-31 | 0.89% | $49.51M | — |
| — | FREDDIE MAC MSCR TRUST MN27.18% floating · due 2041-07-25 | 0.88% | $49.19M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT2.25% · due 2027-08-15 | 0.88% | $48.96M | — |
| — | N/A5.96% · due 2036-06-15 | 0.88% | $48.85M | — |
| — | LIFE 2022-BMR2 MORTGAGE TRUST4.92% floating · due 2039-05-15 | 0.85% | $47.57M | — |
| — | HTAP 2024-26.50% · due 2042-04-25 | 0.68% | $38.12M | — |
| — | N/A9.26% · due 2036-06-15 | 0.68% | $37.95M | — |
| — | Federal National Mortgage Association5.50% · due 2046-03-01 | 0.68% | $37.96M | — |
Top 10 positions are 13.81% of net assets, top 25 22.42%, across 326 issuers.
See more of this fund's book
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